1Spatial backs outlook as interim loss widens amid revenue advance

(Alliance News) - 1Spatial PLC on Monday expressed confidence in its full-year outlook, as it posted a widened interim pretax loss despite a top-line gain.

The Cambridge, England-based software company focuses on master location data management. For the six months that ended July 31, the company booked GBP17.7 million in revenue, up 9.3% from GBP16.2 million the year prior.

This represented "a stronger revenue mix", according to 1Spatial, with GBP10.7 million of the total being recurring revenue, versus GBP8.9 million on-year. Annualised recurring revenue totalled GBP19.9 million in the first half, 11% ahead of GBP17.9 million the previous year.

Meanwhile, pretax loss widened to GBP314,000 from GBP162,000, and net borrowings ticked up to GBP2.5 million at the end of the first half versus GBP900,000 on year.

The weaker bottom line amid the revenue gain can be attributed to increased costs. 1Spatial faced increased administrative expenses, up 4.6% to GBP8.8 million from GBP8.4 million. Finance costs were also higher, up 35% at GBP319,000 from GBP237,000.

1Spatial shares fell 1.3% to 53.80 pence on Monday afternoon in London.

The firm noted a good start to the second half, citing a GBP1 million contract with UK Power Networks, and an enterprise agreement with the California Department of Transportation.

It reiterated "confidence" in its full-year outlook, with a "robust" order book and second-half weighting thanks to European work.

"As we look ahead, our focus remains on accelerating [software as a service] adoption, converting our robust pipeline and deepening our presence in the substantial US market," said Chief Executive Claire Milverton.

By Holly Munks, Alliance News reporter

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