Nearmap shoots skywards after flagging contracts on track

Nearmap shares have soared after the company finally offered the market some financial guidance for the current year.

Nearmap chairman Peter James told shareholders in Sydney on Thursday that the company expects “annualised contract value to be in line with consensus forecasts of between $116 million and $120 million.”

The stock jumped as much as 18 per cent to a high of $2.95 before closing at $2.84.

“This is a business that is profitable, while growing strongly,” said Nearmap chief executive Dr Rob Newman.

And he said it will be difficult for any of its rivals to catch up.


Related posts

Make a comment