Shares of Nearmap Limited [ASX:NEA] increased in value by over 21% yesterday, after releasing its preliminary full-year results for 2018.
The aerial imagery company’s shares are currently trading at $1.35 — 23.5 cents up from the prior trading day.
Nearmap is a software and mapping company which has developed technology to provide the most current, high-resolution images of urban and regional areas in both Australia and the US.
Nearmap’s preliminary results for 2018
The company is expecting its annualised contract value (ACV) to be above guidance at $66.2 million, up 41% from the previous year.
Nearmap said that its US operations experienced its largest annual ACV growth ever, more than doubling in size, increasing by 143% to 12.9 million.
Chief Executive Officer of Nearmap, Rob Newman, said:
‘We are encouraged by these results and the progress we are making in building our subscription bases both in the US and Australia. Having invested in market leading technologies, expanded our sales and marketing capabilities and built a highly scalable model, we are pleased to deliver record growth.’
What can you expect to see next from Nearmap?
It’s no wonder why investors are excited by the good news — who isn’t excited by a business more than doubling in size!
The company has experienced incredible growth since the beginning of the year, increasing over 87%. If they continue with this sort of momentum, Nearmap could be a stock worth keeping an eye on.
Nearmap will report its 2018 full-year results on 22 August.
For Money Morning
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