The Nearmap (ASX: NEA) share price jumped 14% after giving an update at its annual general meeting (AGM).
Nearmap is a leader of aerial imagery technology and location data, providing frequently-updated, high-resolution aerial imagery. It currently operates in Australia, New Zealand and the United States. It’s one of the ten largest aerial survey companies in the world by annual data collection volume.
Nearmap’s AGM Presentation
The company first went through the highlights of what happened during FY19 and some of the numbers in the FY19 result.
Nearmap said it expanded its product suite which included the commercial availability of 3D in MapBrowser, made progress in ‘Artificial Intelligence’, accelerated growth in North America, reinforced its leadership in Australia & New Zealand and strengthened all areas of the company.
One of the main things that Nearmap is working on is investing to develop the next generation camera system which will allow for even faster and a more efficient capture program.
In North America the company achieved 76% growth of its annualised contract value with the North America business now representing a third of the company’s total portfolio.
There had been enough growth for Nearmap to decide to open a second office in New York and its capture program has expanded into Canada, a second capture has recently been completed there.
In Australia and New Zealand the company grew the annualised contract value by 19% compared to FY18. The company sold New Zealand content to the first domestic customers in FY19.
In regards to FY20 guidance, Nearmap Chairman Peter James said:
“We have a proven business model, an outstanding team, world class technology and a balance sheet to support the execution of our strategy.
“We will continue to execute on our growth initiatives and expect FY20 group annualised contract value to be in line with consensus forecasts of between $116 million to $120 million.”
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