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- Aerial mapping company Aerometex (AMX) has highlighted some solid annual growth despite the COVID-19 pandemic in a trading update today
- The company expected revenue for the 2020 financial year to land somewhere between $19 million and $20 million
- When compared to 2019’s $16.1 million in revenue, this is an increase of between 18 per cent and 30 per cent
- While most of the growth came from the LiDAR and Aero3Dpro services, Managing Director Mark Deuter says the company invested a lot into its MetroMap aerial imagery data service
- The fruit from this investment will be reaped in years to come, Mark says
- Aerometrex’s purchase of Spookfish is also nearly complete
- Shares Aerometrex gained over 13 per cent today, closing worth $1.44 each
Aerial mapping company Aerometex (AMX) has highlighted some solid annual growth despite the COVID-19 pandemic in a trading update today.
Aerometrex’s full annual report is slated for the end of August 2020, but the company whet investors’ appetites today by saying it expected full-year revenue to land between $19 million and $21 million for the 2020 financial year.
This represents growth of between 18 per cent and 30 per cent compared to 2019’s revenue result of $16.1 million. The majority of the annual growth comes from Aerometrex’s Light Detection and Ranging, or LiDAR, services, and its Aero3Dpro full 3D modelling product.
Aerometrex Managing Director Mark Deuter said the company’s MetroMap aerial imagery data service was a key focus over the 2020 financial year.
“FY20 marks a substantial change in the scale of operations as the business has invested heavily in its subscription service MetroMap, proprietary camera system MetroCam, LiDAR capability and expansion of 3D into international markets,” Mark said.
“Despite these investments, the normalised earnings before interest, taxes, depreciation and amortisation (EBITDA) result, after adjusting for one-off transaction items associated with the listing of the company, is expected to remain positive in the $4 million to $5 million range owing to substantial earnings from our project-oriented mapping and LIDAR business,” he said.
Mark said the benefits of investing in its technology will be reaped over the years to come.
The recent Spookfish buyout is mostly complete, according to Aerometrex, with the full transition of Spookfish customers to Metromap expected to be completed by the end of July.
Aerometex bought Spookfish for $1.5 million in late-April.
Most of the revenue stream will be recognised in the 2021 financial year and thereafter, however, meaning it won’t show up in the upcoming annual report.
Looking ahead, Aerometrex said it has seen little impact to trading activity from the coronavirus crisis, with strong demand continuing across all divisions in Australia.
The company has established its base in Denver, Colorado, and is recruiting and training a sales workforce despite the pandemic.
Shareholders seemed impressed with today’s trading update, with Aerometrex shares closing 13.39 per cent higher at $1.44 each. The company has a $135.94 million market cap.
