Aerometrex shares gain 11pc on Q3 revenue bounce
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Aerial mapping company Aerometrex (ASX:AMX) says its annual recurring revenue from its MetroMap service nearly quintupled in the third quarter, compared to a year ago.
AeroMetrex made $4.3 million in annual recurring revenue from MetroMap in the three months to March 31, up 28 per cent from the second quarter and 398 per cent from the third quarter of fiscal 2020.
The MetroMap website providers subscribers with precision aerial imagery that’s updated four times each year for Australian capital cities and annually for major regional and rural centres.
Aerometrex said it has added several subscribers including Melbourne Water, Jemena gas, SA Water and SA Power Networks this year.
“MetroMap has been our primary sales focus for the past 18 months and we are delighted to be rapidly gaining market share across such a wide variety of enterprise customers, from energy and water utilities, to government agencies, insurance and major engineering clients,” said Aerometrex managing director Mark Deuter.
At lunchtime Aerometrex shares were up 11.1 per cent to 95c – but still down 22 per cent for the year.