Nearmap.com reports 2000% soar in FY11 revenue

Perth-based geospatial mapping company, nearmap.com, has reported a 2000 percent year-on-year growth in revenue for FY11 (July-June) to the ASX.

Revenue for FY11 exceeded $3.5 million supported by a strong customer retention rate of 95 percent, with majority of licensees renewing contracts for two years.

The Government sector, which accounts for 70 per cent of the company’s existing customers, continues to be a strong area of growth with the Department of Climate Change & Energy Efficiency (DCCE) renewing its $1 million license for a further 12 months.

The strong revenue growth announcement comes at a pivotal time for the company as it embarks to restructure its monetisation model and maximise existing and emerging revenue streams for the capture, processing and serving of high quality and current photomaps.

Simon Crowther, nearmap.com Chief Executive Officer, said: “Our focus going forward is to effectively monetise all of our content across multiple platforms including web, mobile, mobile apps and our APIs.”

While continuing to grow its heritage government and mining sector client base, nearmap.com is investing in emerging revenue streams, such as the SME and consumer sectors.

“We are actively developing new subscription models and products to support this strategy and to address the significant demand we are experiencing for our content from multiple sectors from SMEs through to the Federal Government,” said Crowther.

Beyond refining its license model for SMEs to make it easier for business users to cost-effectively access and subscribe to relevant parts of the content, nearmap.com is developing desktop and mobile applications and e-commerce facilities to unlock the potential of the technology for the SME market.

The company’s renewed direction holds it in good stead to make another strong return in FY12.