Mapping services firm nearmap says its move to a subscription-based content model is proving successful, with the Perth-based company racking up its third consecutive quarter of positive cash-flow.
Perth-based nearmap released its quarterly growth figures for the three months ended June 30, with cash receipts up 183 per cent to 4.95 million.
The company also generated $3.18 million of net operating cashflows, up from $850,000 in the fourth quarter of 2012.
nearmap chief executive Simon Crowther said the growth came on the back of new customer sales through the company’s subscription model, which was launched late last year.
“While this result only reflects a three-month period, it bodes well in terms of sustainable recurring revenues,” Mr Crowther said in a statement.
“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.”
Mr Crowther said nearmap was also about to launch new products that will launch its unique PhotoMaps content.
“These products will enhance nearmap’s appeal to a broader group of specific content users.”
nearmap shares were down 3.2 per cent on the ASX today, finishing trade at 30 cents.