Why Nearmap shares have smashed the market in 2019
James Mickleboro | March 13, 2019
The Nearmap Ltd (ASX: NEA) share price has surged 92% higher this year thanks largely to an impressive half year result in February. In the first half of FY 2019 Nearmap achieved revenue of $36.3 million, up 46% on the prior corresponding period. This strong half was driven by growing demand for its offering in both the Australia and U.S. markets. The company finished the period with annualised contract value (ACV) of $78.3 million, 44% higher than the same time last year. The doubling of its ACV in the United States and a 23% increase in Australia drove the impressive ACV growth. This ultimately left Nearmap with a total subscriber lifetime value of $1.07 billion, which was an increase of 123% on the prior corresponding period. With the company looking at expanding into other territories, I suspect this strong growth could continue in the second half and into FY 2020.
