Technology commercialisation firm ipernica has bounced back from a $7.4 million loss in financial year 2010 to lodge a $1.6 million net profit, on the back of strong contributions from its intellectual property division and its acquisition of mapping services company nearmap.com.
Total income from its continuing operations was $17 million, up from $1.5 million in FY2010.
ipernica said it had achieved its two core goals over the year; a bottom line profit and generating positive cashflow, while continuing to invest in building the capacity of nearmap.com.
Total contract value of nearmap.com subscribers reached $8.3 million at June 30.
Nearmap.com chief executive Simon Crowther said the company's focus would be on monetising its mapping services content across a range of platforms.
"We are actively developing new subscription models and products to support this strategy and to address the significant demand we are experiencing for our content in multiple sectors, from SMEs to the federal government," Mr Crowther said in a statement.
At 12:40PM (WST) ipernica?s stock was steady at 6 cents.
IPR Price at posting:
6.0¢ Sentiment: None Disclosure: Held
