Technology commercialisation firm ipernica has bounced back from a $7.4 million loss in financial year 2010 to lodge a $1.6 million net profit, on the back of strong contributions from its intellectual property division and its acquisition of mapping services company nearmap.com.
Total income from its continuing operations was $17 million, up from $1.5 million in FY2010.
ipernica said it had achieved its two core goals over the year; a bottom line profit and generating positive cashflow, while continuing to invest in building the capacity of nearmap.com.
Total contract value of nearmap.com subscribers reached $8.3 million at June 30.
Nearmap.com chief executive Simon Crowther said the company’s focus would be on monetising its mapping services content across a range of platforms.
“We are actively developing new subscription models and products to support this strategy and t oaddress the significant demand we are experiencing for our content in multiple sectors, from SMEs to the federal government,” Mr Crowther said in a statement.
At 12:40PM (WST) ipernica’s stock was steady at 6 cents.