Ann: FY21 preliminary results, exceeds recently upgraded guidance, page-37

From the smh

July 13, 2021 — 11.15am

Nearmap set to beat FY21 guidance

ByAlex Druce

Aerial mapping firm Nearmap is set to outperform full-year guidance for annual contract value (ACV) as it gears up for a patent infringement fight in the US.

The billion-dollar tech stock this morning said its 2021 ACV portfolio closed at $133.8 million on a constant currency basis,a 26 per cent rise on a year ago and exceeding its upgraded guidance of $128 million to $132 million.

Nearmap upgraded its guidance in May in what appeared to be an attempt enhance its case against ashort seller attackearlier this year by Beijing-based J Capital Research, which alleged the company had used accounting tricks to boost its sales figures.

The company said the expected 2021 result was driven by record incremental ACV growth in North America to $US44.5 million, an increase of 54 per cent for the year.

Meanwhile, Nearmap’s ACV portfolio in Australia rose 7 per cent to $69.1 million, driven by strong SME portfolio growth.

Chief executive and managing director Dr Rob Newman said it had been an unprecedented year with record performance delivered in a challenging economic environment.

“The strong growth from new and existing customers across our core industry verticals validates our refined go-to-market strategy in North America and gives us good momentum going into FY22,” he told investors this morning.

“Given strong customer demand, we will expand our coverage footprint in the United States in FY22, delivering even more content and value for our customers.”

Nearmap also told investors it has engaged patent litigators to vigorously defend the claims of patent infringement made by Eagle View Technologies and Pictometry International Corp and maintains the claims are “fundamentally without merit”.

Eagleview, which dominates the US market for aerial mapping, commenced legal action in the US District Court in Utah in May, alleging Nearmap has infringed its patents relating to aerial roof reports - a lucrative market in the US.

Shares in the company closed at $1.985 on Monday. The firm has lost 10.6 per cent of its value in 2021.

Nearmap this morning also announced that a prototype of HyperCamera3, the Company’s next-generation proprietary camera system, has been tested in flight, representing a significant technological breakthrough. Commercial roll-out remains on track for FY22.

The company will report results on August 18.