Nearmap Ltd Rise in global subscriptions and average revenue per subscription
Rise in global subscriptions and average revenue per subscription: Nearmap Ltd (ASX: NEA) stock price plunged 7% on August 28, 2017 owing to volatility while the group had released a decent result for the financial year ended 30 June 2017 (FY17) with total revenue of $41.1 million, up 31% on the prior year. EBITDA of $6.0 million was delivered within guidance. Further, statutory loss after tax was $(5.3) million against FY16 figure of $(7.1) million. NEA’s global subscriptions surged to over 7,800, with group average revenue per subscription (ARPS) increasing to about $6,000. Group Annualised Contract Value (ACV) was $47.0 million, up 29% on the prior comparative period; and the portfolio lifetime value has increased to $365.5 million from $223.9 million at 30 June 2016. The group made significant progress in the year with Australian business continuing to grow strongly under new leadership. NEA has also captured and published content from 12 major US cities from its target of 50% US population coverage. Going forward, the target has been said to capture five major metropolitan cities in Australia. HyperCamera2 capture in the US has also increased the frequency with which areas are being captured in the United States from 2 to 3. In Australia, NEA has increased the frequency of capture in regional centres and expanded the footprint to areas of urban development.
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