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Aerometrex (ASX:AMX) has confirmed its sale of three aircraft considered non-core for A$850,000 as part of a divestment. The $30 million market cap company’s shares jumped 3.4% on the news in the second hour of trade on Monday.
On the chopping block were three Cessna 404s; a 404 Teledyne Continental plane engine and “various” parts and spares. The ultimate goal behind the sale was the ‘optimisation’ of Aerometrex’s existing MetroMap capture program.
(The Cessna 404, sometimes called the ‘Titan,’ is Cessna’s largest plane model and works as a twin piston. The Australian website ‘aviation trader’ lists one for $785,000.)
MetroMap is, to put it in a perhaps less tantalising way than described on Aerometrex’s MetroMap website, an aerial imagery service useful to developers, city planners, and so on. (Consider that Aerometrex is just a play on ‘aero metrics.’)
Back in January, however, Aerometrex discovered it could viably outsource the actual capturing of that imagery. The company writes it updates MetroMap quarterly.
Now MetroMap is being largely conducted by another player, Aerometrex doesn’t need three planes and an engine devaluing and taking up space.
“The divestment of these non-core assets is in alignment with previous announcements to the market following the decision to outsource a significant portion of the MetroMap capture program as announced in January 2024,” Aerometrex MD Steve Masters said.
“This divestment is aligned to our strategy to enhance our operational focus and to drive value for shareholders.”
All in all, however, management expects a neutral effect on the balance sheet.
AMX last traded at 30.5cps.
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