well... here's what i think..., page-4

Have listened to Simon Crowther's AGM presentation on Nearmap and found it big on padding and lacking in detail. OK so he hasn't been CEO for very long.

He began by highlighting achievements thus far which included:

a 12 month operational track record (so had the previous prime minister)

a successful business model...which brought in 3.5 m (and what was the outgoing?)

we have a US patent application (no mention of when this is likely to be approved?)

we have been appointed to the Fed Govt Geospatial supply panel (perhaps we can help the MDBA appoint foreign competitors)

we have reseller agreement going through with Sensis (sensis is still powered by google last time i looked, hopefully this will change)

Simon highlighted our three distinct revenue streams:
Govt....Commercial....Media

At one point of his presentation he said he was going to concentrate on extending the commercial side of the business going forward in 2011.shades of a politician in his useage of going forward, lost count how many times he repeated that phrase) During question time he stated State and Federal Government licenses are what we are really targeting at the moment, and earlier in his presentation he said the main reason for his appointment was to progress the media opportunity. He said he was currently developing a strategy that would be announced in the near future. I expect we are all anxious to hear that?

OK so we have three streams of income generation, the one currently targeted earning 3.5m/annum, one currently earning 750k, and about to get a kick from 'boots on the ground', and one in the strategic development stage.

I was surprised that since he highlighted and reviewed the year to date, that when questioned about the MBDA contract going to a foreign competitor, he knew very little about that, citing it was before his time. He then said he had made contact with a representative of the MBDA. Strange that we wasn't briefed beforehand, as Stuart Nixon certainly highlighted his sentiments on this issue to all and sundry. What was the contract worth to Nearmap? 26m if i recall, a drop in the bucket when you are earning 3.5m/ annum.

So was I impressed? Not yet. But I'm hoping I am.

Cheers

mrdin

Well someone did request opposing views....