ipernica 1H loss shrinks 19%

Technology company ipernica (ASX:IPR), operator of the nearmap.com aerial mapping service, has reported a 19 per cent smaller net loss of $3.5m for 1H11

Technology and IP commercialisation company ipernica (ASX:IPR) slimmed its 1H loss 19 per cent to $3.5 million, from strong revenue gains.

The company reported revenue of $1.6 million for the half-year, up 57 per cent year-on-year, thanks to customer gains for its nearmap.com aerial mapping service.

The company added 28 new subscription customers across local, state and federal government, and received new orders in the commercial sector.

Each one of its existing customers also renewed their annual subscriptions, ipernica said.

Legal fees and R&D costs meanwhile decreased, while employee benefits and office lease expenses grew.

The company ended the quarter with cash and cash equivalents of $7.5 million – down from nearly $13.6 million at the end of 1H10.

During the half, Simon Crowther started his tenure as CEO, while nearmap's founder, Stuart Nixon, was appointed to the ipernica board with a brief to focus on technology innovation.

Last week, two new non-executive directors – Bradley Rosser and Robert Newman – also joined the board.

The company's second half results will be bolstered by the $7 million it will receive in payment for helping Melbourne's Financial Systems Technology defend its patents against alleged infringement by Oracle.

IPR shares grew 4.76 per cent during Friday's trading to $0.088.

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