nearmap surges to record high

The company is the best performing stock on the Uncapped 100 after reporting cash receipts up sharply in the September quarter.

Mapping solutions company nearmap (NEA) is the best performing stock on the Uncapped 100 this morning after management reported its fourth consecutive quarter of positive cash flows.

Cash receipts from customers were up 77% to $4.6 million for the September quarter compared with the same time last year, and recorded net operating cash inflows of $2.1 million when the company had a net outflow of $200,000 in the first quarter of 2012-13.

The stock surged 13.4% to a record high of 46.5 cents at 12 noon AEST; and if it closes at this level, today’s gain would be its best one-day advance in four months.

However, there are already high expectations for the stock. The company is forecast to deliver its maiden profit this financial year of $4.7 million on sales of $19.5 million. This puts the stock on a 2013-14 price-earnings of 23.5 times.

nearmap is an Uncapped 100 stock.

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