MetroMap and US Operations deliver strong revenue growth.
Aerometrex Limited (ASX: AMX) today announced its results for the half year ended 31 December 2021 (1H22) delivering strong revenue growth in its key service lines of MetroMap, LiDAR and its 3D operations in the US.
Commenting on the half year results, Aerometrex Acting CEO Mr David Byrne said:
“We are pleased with the continued growth of MetroMap reflected in the increase in statutory revenue which was up 80.4% on the same time last year to $2.72M and the growth in the annual recurring revenue which was up 81.4% year on year to $6.01M.
The strategy of focusing on the MetroMap subscription business sees this revenue stream now contribute 24.0% of the group revenue, up from 17.6% for the same period last year.
We are also extremely pleased with the contribution that the US operations have made in this half year with revenue contribution of $620k, up from zero in the prior corresponding period.
While the revenue to date is still relatively small, we have made significant strides in growing the awareness and potential of our world leading 3D business within the US.
The revenue was derived from a combination of project and off-the-shelf data sales including the delivery of the San Francisco data models to Google.
We ended the half with $12.27M in cash with undrawn debt facilities available to fund growth initiatives and momentum for the second half.”
AMX strategy to convert MetropMap to subscription based appears to be progressing well while their US 3D offering is showing potential.
Not held on SM but held in RL
https://www.asx.com.au/asxpdf/20220214/pdf/455y9cjj8xhrgh.pdf
