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These are absolutely dreadful results. No doubt TW and his nifty gang have bailed already.
1Spatial closing in on 3p, after kitchen-sinking its balance sheet with losses of £15m. Even without the kitchen sinking, 1Spatial would make a loss of £4m-£5m. The main problem is the high costs of hiring talent., it is costing them £65k per head. Also, admin costs account for over 50% of total costs. I did some research last week, here http://bit.ly/2rb0x7Q In it, I stated 3 scenarios, they are: Best-Case Scenario; - I give a 20% chance for 1 Spatial to produce a £2m operating profit, which would help the share price to rocket up to 6 pence. Normal-Case Scenario; - I give a 30% probability for the company to be cash neutral meaning it makes enough to cover capex and acquisitions. That imply a fair valuation on today’s market value. Worst-Case Scenario; - 50/50 odds for the firm to raise more cash, while it continues to make losses for shareholders. The amount of financing is unclear, but a share price of 3 pence or lower is a real outcome. The worst-case is becoming apparent because cash balance fell to £1.3m.
I have been trying to tell everyone about the stock all year ... I see nonsense written time after time , normally by those holding a large handful of shares ... the reality is usually written in black and white ... 18 Million Loss ..!!!!
nothing unusual, aim results are ok , so big drop in sp
yesterday was a big sell off due to leaking rns news revealed today. a Shocker and unlike other outlets cannot be twisted into anything more positive.
results seam ok, lets see if market likes , never know in aim ,
Disposal and closure of loss-making businesses - Sale of Avisen UK Limited in December 2016 for £0.1m receivable in December 2017 - Closure of Storage Fusion Limited in December 2016 · Investment in US business with key hires in sales, including Sheila Steffenson, who was made President of the US business subsequent to the year end, and pre-sales. Sheila has significant experience in the US Geospatial market and working with our key customers and partners such as US Census Bureau and ESRI. · Global launch of the Group's "1Integrate for ArcGIS" product, which runs on the ESRI platform. · Further delivery on the US Census Bureau contract providing core infrastructure spatial technology enabling the Census team to lay the foundations for the 2020 decennial census. · 1Spatial's unique 1Integrate product was patented in the US in January 2017. Post period-end · Disposal of significant share of loss-making business Enables IT Inc. in March 2017 for £0.1m receivable in March 2019. · Renewal of £3m banking overdraft facility with Natwest Bank plc which should provide a sufficient working capital for the business for the foreseeable future. · In April 2017, the Group exercised its final option to acquire the remaining 27% of 1Spatial Inc. for US$0.9m (£0.7m) through the issue of shares taking its ownership to 100%. This acquisition positions the business to focus on the US market which is a growth market for 1Spatial working alongside key customers and partners such as US Census and ESRI. · In April 2017 1Spatial acquired the 51% of Sitemap Ltd that it did not already own for £0.2m through the issue of shares. Commenting on the results Executive Chairman Andy Roberts, said: "1Spatial is well-positioned in a very viable and interesting part of the market and has developed a unique patented technology that we now need to fully extend and exploit. We have a strong management team, which combined with our in-depth subject matter expertise and technology-led solutions and services, gives the business the opportunity to develop into a significant force in the market. Early trading in Q1 2018 has been strong, and our workforce is fully informed, motivated and energised. This financial year is focused on establishing a sound growth platform for the future, in order to fully maximise the opportunity presented by our technology and leverage the key partnerships that we are now fully engaged with. I am confident that we are now well placed to grow a substantial, profitable and cash-generative business out into the future."
RNS Number : 9299F 1Spatial Plc 23 May 2017 23 May 2017 1Spatial plc (AIM: SPA) ("1Spatial", the "Company" or the "Group") Final results for the year ended 31 January 2017 The Board of directors of 1Spatial (the "Board"), the global spatial software and solutions company which manages the world's largest spatial data is pleased to announce the Company and consolidated group's (the "Group") audited final results for the year ended 31 January 2017. Highlights Financial highlights Continuing operations · Revenues from continuing operations of £22.1m (2016: £18.3m), reflecting a full year's inclusion of Enables IT UK acquired in July 2015 and 1Spatial Inc., control of which was acquired in February 2016 · Recurring revenues of 40% (2016: 41%) providing visibility of earnings · Gross profit margin of 44% (2016: 58%) · Decrease in adjusted* EBITDA on prior year, down £3.3m to £0.4m loss (2016: £2.9m profit) · Increase of £14.8m in operating loss, from £0.7m to £15.5m · Trading update on 20 December 2016 to revise outlook Discontinued operations · Loss from discontinued operations of £3.5m (2016: £0.6m profit) All operations · Loss after tax of £18.3m (2016: £12k profit) · Impairments of continuing operations totalling £9.4m: £5.1m of goodwill, £1.5m of acquired intangibles (customer lists and software) and £2.8m of capitalised development costs · Impairments of discontinued operations totalling £1.8m: £0.9m of goodwill and £0.9m of capitalised development costs · Net funds of £0.6m (2016: £5.0m) · Overdraft facility of £3m renewed in May 2017 · Raised £0.9m in the year to pay the second tranche of capital for 1Spatial Inc. (previously LSI) *Adjusted for strategic, integration, other one-off items and share-based payment charge Operational highlights · Significant Board changes during the year including the following: - Andy Roberts appointed Chairman in September 2016, becoming Executive Chairman from 30 December 2016 - Claire Milverton (CFO) appointed Acting CEO from 30 December 2016 - Nicole Payne appointed FD in March 2017 - Marcus Hanke no longer CEO from 30 December 2016 - Marcus Yeoman (Non-Executive Director) resigned and Mike Sanderson (Executive Director) retired in January 2017 · Disposal and closure of loss-making businesses - Sale of Avisen UK Limited in December 2016 for £0.1m receivable in December 2017 - Closure of Storage Fusion Limited in December 2016 · Investment in US business with
Got that wrong, big shake out thousands of pounds. MMs don't buy shares for thousands, hopefully the trading statement will be negative and the price drops under 3p then I will be buying again. 2018 is the year this share will really move upwards.
£940 odd pounds worth. Dear oh dear!
Hopefully the MM's shaking the tree before tomorrow and scaring a few people into selling...
1Spatial is a phoenix rising from the ashes with its extraordinary sales growth. But the problem is it never made a penny in profit for shareholders. One obvious reason with most “techies” is the cost of hiring to find talent proves expensive. Although I regard the firm ability to find new businesses, it’s an employee-base business. Think of Premier League Football where the players get all the dough, but leaves the club (vis-à-vis Billionaires owners) with the losses. For more graphic and interesting explanation, here is the post: http://bit.ly/2rb0x7Q
For those who do not know about the size of the market that 1spatial are in. Checkout STATESCOOP.com.
hxxp://www.worldhighways.com/categories/traffic-focus-highway-management/features/1spatial-works-with-arizona-to-visualise-road-changes/
If you type in 1spatial on the search box you will be amazed at the information that comes up. 23May update and results, which will be either a small lose due to lags in contracts and investment in the company or a small gain due to ongoing sales of software. The future for this company is massive due to the size of the market that they are in which is starting to take off.
cant find that, but in past always in may so maybe soon
Has anyone got an idea of when the final results are due? I looked back and see that the RNS was on the 4th May last year
I hope so as the chart is looking sweet!!