Nearmap Ltd [ASX:NEA] is an aerial imagery business that is based New South Wales.
The company works with software and mapping, and has developed technology to take crystal clear images.
The stock is up 20.81% for the day.
What caused the Nearmap’s share price increase?
Today Nearmap announced that the company ended 30 June with a contracted value of $66.2 million.
This is up 41% from last year. Definitely a good explanation as to why the share price of Nearmap has climbed so rapidly.
‘We are encouraged by these results and the progress we are making in building our subscription bases both in the US and Australia,’ said CEO Rob Newman.
To further support its strong sales figures, Nearmap stated that its contracted value rose to $12.9 million in the United States, an increase of 143% since last year.
This is the first time that Nearmap grew quicker in the United States than in Australia.
A great sign for the company.
What does the future hold for Nearmap?
Nearmap is expecting to report their 2018 financial year results in August.
Judging by the preliminary figures Nearmap released, it would be safe to assume that their investors will be happy with the results.
Editor, Money Morning
PS: Nearmap has seen substantial growth as well as loss over the past few months. Despite this, the potential for increase is now higher than ever. Our Money Morning editor, Sam Volkering, argues that the biggest potential gains can be found in the sector with the biggest potential risk — small-cap stocks. If you’re interested in learning more, check out his free report ‘Top Three Aussie Small-cap Stocks’, downloadable here.