Nearmap Ltd (ASX: NEA) has reported a market update for its performance in 1HFY20. The company’s closing Annualised Contract Value (ACV) grew by 23% on pcp to $96.6 million and its revenue grew by 31% on pcp to $46.4 million. However, the company has revised its full year FY20 ACV guidance to $102 million to $110 million, reduced from previous guidance of $116 million to $120 million.
- The decrease in guidance is due to downgrade/churn and deal timing events for a small number of major NA customer;
- However, the company remains confident that it will continue to deliver 20-40% YoY ACV growth.
At AEST 12:57PM, the stock was trading at $1.860 per share, down by 23.457% from its previous close.