nearmap continues to grow sales and cashflows

nearmap ltd (ASX: NEA) is pleased to announce that it has continued to grow sales and cashflows, generating its fourth consecutive period of positive cashflows over the September 2013 quarter.
The company today released its quarterly cash receipts and operating cash flows for the three months ended 30 September 2013 (1Q14).
Cash receipts from customers were up 77% to $4.6 million (1Q13: $2.6 million). In addition, the company generated $2.1 million of net operating cash inflows (1Q13: net outflow of $0.2 million).
Underlying this growth has been continued momentum in new customer subscriptions. In addition, nearmap has continued to experience high renewal rates from existing paying customers, many opting to renew for multiple years.
Commenting on the company’s cash flow performance over the September 2013 quarter, nearmap Chief Executive Officer Simon Crowther said, “This is a pleasing result as we are still testing and refining our core mapping subscription products. We are adding new subscribers daily and importantly for a subscription model, existing customers are renewing, many for multiple years.
“We have an exciting three to six months ahead as we continue to develop and explore new sectors and market opportunities that will support our evolution as a data business.
“We have now achieved our fourth straight quarter of positive cashflows. With no debt and a growing cash balance that currently stands at $15.4 million.
“We remain focused on refining and executing the business model in Australia, whilst evaluating market opportunities outside of Australia,” added Mr Crowther