The Aerometrex Ltd (ASX: AMX) share price is trading flat today despite the company's release of a positive update on its MetroMap service. At the time of writing, the Aerometrex mapping share price is hovering at $1.31, after pulling back from $1.35 in early trade. This compares to the All Ordinaries Index (ASX: XAO) which is 0.9% higher at 6,442 points.
Let's take a look at the company's MetroMap developments.
What is MetroMap?
Aerometrex's flagship service, MetroMap, is an online imagery web-serving application that offers high-quality imagery to a subscriber base. Each year, MetroMap provides its users up to four captures of each major capital city, and regional towns.
The company operates in an array of sectors including government, urban planning, construction, mining, transport, telecommunications, insurance and marketing.
Aerometrex estimates the addressable market opportunity for its service to be roughly between $75 million to $85 million annually.
MetroMap developments
The Aerometrex share price is flat today despite the company advising it has rolled out its MetroMap aerial imagery capture program to cover over 75% of the Australian population. The company said it flew over every capital city as well as 49 regional cities and towns within three months.
The increased coverage has been using Aerometrex's large-format aerial camera system, MetroCam. This is a high-resolution camera that captures high-quality images at a 5cm pixel size. The company said its system is a 36:1 pixel ratio improvement on the best available commercial satellite imagery.
In addition, Aerometrex implemented a processing workflow and software system for its MetroCam service. The new system, called Pixel Cruncher, is designed to speed orthophoto processing by 800%. The critical component will see processing times reduce substantially to 12 to 24 hours, as opposed to one week.
What did the CEO say?
Aerometrex Managing Director, Mark Deuter, commented on MetroMap's new developments. He said:
We have clearly demonstrated our ability to scale up MetroMap to a massive capture and processing program while still maintaining accuracy and further improving the quality and resolution of the product. Turnaround times for image processing are the equal if not better than any comparable product in the market.
We are very pleased to be providing the same quality and resolution of imagery to regional cities and towns as our major capital cities. The value of our MetroMap offering is increasing daily and is being appreciated by our subscribers.
About the Aerometrex share price
The Aerometrex share price has risen 87% since falling to its 52-week low of 70 cents in March. Although materially higher of late, the Aerometrex share price is down over 30% since the start of the calendar year and nearly 50% from its all-time high achieved in February.
