Aerometrex reports recurring revenue growth

By on 2 March, 2021

Aerometrex reports recurring revenue growth

Aerometrex Limited has announced its results for the half year ended 31 December 2020 (H1 FY21), a period that saw the company’s focus on growth investments drive a 99% increase in MetroMap subscription revenue.

Aerometrex managing director Mark Deuter said: “In line with our strategy, we focused on scaling our MetroMap subscription product and were pleased to have made significant progress over the first half, increasing our ARR by 99% to reach $3.3 million by December. MetroMap subscription revenue grew by $1.3 million, which represents growth of 727% on the same time last year.

“Our revenue mix is diversifying, with MetroMap now providing 17.6% of group revenue, up from 1.8% in H1 FY20.

“We continued to generate strong cash flow from operations of $2.3 million, up 41.4% over H1 FY20, which was reinvested in line with our growth strategy. We finished the period with a strong balance sheet which can support our growth strategy, with $16.3 million cash and undrawn debt facilities of $4.1 million.”

Operational performance

The strong MetroMap performance was underpinned by the signing of both annual and multi-year contracts with enterprise clients, following targeted marketing campaigns to drive awareness of the subscription business. The company made strategic investments into acquiring datasets of $2.2 million during the half, with coverage of over 75% of the Australian population during the first three months alone. The company also invested into a dedicated customer support team.

Revenue from the aerial photography & mapping business declined to $2.5 million (H1 FY20: $3.4 million), with clients choosing to undertake smaller projects compared to last year due to COVID-19 uncertainty. Larger projects were typically delayed but are expected to re-appear in the second half of the financial year as economic conditions improve.

The 3D business experienced a reduction in revenue to $711k (H1 FY20: $1.7 million), with a significant portion of the Dec 2019 revenue derived from the Western Sydney Digital Twin project and Pau project (France). The number of projects undertaken declined as some projects were put on hold and no international projects were undertaken, due to COVID-19. The US office opened in Denver in February 2020 and captures across several cities took place to create US datasets.

LiDAR contributed 42% of operating revenue during the half, with revenue declining to $3.5 million (H1 FY20: $4.2 million) due to smaller projects being undertaken. Investments were made to underpin future growth, including the acquisition of a fourth sensor plus upgrades of existing sensors to the latest technology.

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