Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Aerial imaging company Nearmap’s share price is up 15 per cent following its AGM today
  • At the meeting, company Chairman Peter James told shareholders the 2019 financial year was one of execution for the group, after excelling in AI production
  • Successful tech work saw the company grow its presence in North America, Australia and New Zealand
  • Shares in the ASX 200-lister are now trading for $2.86 cents each

The Australian market is responding positively to ASX 200-lister Nearmap following its Annual General Meeting today.

Shares in the aerial imaging company are up over 15 per cent and trading for $2.86 just before midday.

Addressing shareholders, company Chairman Peter James said the 2019 financial year was one of “execution” for Nearmap.

“We expanded the product suite which included commercial availability of 3D in MapBrowser [and] made progress in Artificial Intelligence,” Peter said.

The MapBrowser program provides an online map interface which allows users to virtually visit sites. Through the program changes to the landscape can be observed over time and information is available about the scenes.

Nearmap’s MapBrowser program. Image Sourced from Nearmap

The company is continuing to integrate Artificial Intelligence (AI) into its MapBrowser program. The commercialisation of this is set for the second half of next year.

Over the financial year, growth was recorded across North America, Australia and New Zealand. As the company expands globally, Peter said it puts the business in a strong position to “deliver sustainable long-term growth”.

Ventures in North America now make up over a third of the company’s total portfolio after increasing contract value in the continent by 76 per cent.

Nearmap is currently implementing new high-quality imaging technology across its global operations.

The company advised it remains well funded still after a $70 million equity raise in 2018.

During the 2020 financial year, Nearmap expects its contract value will fall between $116 million and $120 million.

Shares in the ASX 200-lister are trading for $2.86 cents each at 1:40 pm AEDT.

NEA by the numbers
More From The Market Herald

" Appen (ASX:APX) positioned to weather pandemic, reaffirms guidance

Data annotation and artificial intelligence company Appen (ASX:APX) has today reaffirmed its guidance for the 2020…

" Appen (ASX:APX) sailing through COVID-19 storm unaffected

Appen (ASX:APX) has reaffirmed its yearly financial guidance and expects only a negligible impact from the…

" Appen (ASX:APX) downgrades earnings guidance as growth stutters

Machine learning and AI specialist Appen (ASX:APX) has downgraded its 2020 earnings guidance due to the…

" MSL Solutions (ASX:MSL) wins Stadiums Queensland contract

Sports, leisure and hospitality SaaS technology provider MSL Solutions (ASX:MSL) has signed a five-year contract with…