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July 25th, 2013
Australia’s nearmap Gains Profits on Subscriptions

Underlying this growth has been new customer sales following the successful launch of nearmap’s subscription based content model towards the end of last year.

Commenting on the company’s cash flow performance over the June 2013 quarter, nearmap Chief Executive Officer Simon Crowther said, “While this result only reflects a three month period, it bodes well in terms of sustainable recurring revenues. We have seen new customer sales continue from the March quarter into the June quarter. At the same time, subscription renewals continue at good levels.”

“In terms of our current product range, we have been enhancing our product features and are about to launch new products that will leverage nearmap’s unique PhotoMapsTM content. These products will enhance nearmap’s appeal to a broader group of specific content users.

“At the same time, we have enhanced the site technology so that we can offer new subscription plans that we aim to launch over the next couple of months. These plans will cater for new users and broaden the appeal of nearmap.

“Having focused all of our attention on executing the business model in Australia and putting in place foundations for growth, we are now just starting to evaluate new market opportunities outside of Australia,” added Mr Crowther.

nearmap’s balance sheet further strengthened over 4Q13. The company continued to be debt free, and its cash balance at the end of the quarter stood at $13.39 million, up $3.16 million over the past three months.

The company expects to release its 2013 full year results on 29 August 2013.