(Alliance News) - 1Spatial PLC on Monday said it will report increased revenue for its latest year, and expects its momentum to continue into financial 2025.
Shares in 1Spatial dropped 13% to 53.99 pence each in London on Monday morning.
The Cambridge-based data management software company expects to report pretax profit of around GBP1.0 million for its financial year ended January 31, unchanged from the previous year.
Net cash was GBP1.1 million at January 31, down from GBP3.1 million one year prior. 1Spatial said this reflects increased investment into the business, targeted restructuring activities and the timing of certain working capital flows, which have reversed since the year ended.
More positively, 1Spatial said it expects to report revenue of at least GBP32.1 million. This would be a 7.0% increase from GBP30 million the year before.
As for adjusted earnings before interest, tax, depreciation and amortisation, 1Spatial expects growth of 10% to GBP5.5 million in financial 2024 from GBP5.0 million in financial 2023.
Looking ahead, 1Spatial said it ended the year with significant momentum, having successfully closed a number of high value, multi-year contracts across all territories.
"These agreements provide a strong foundation for the sustained growth of our Enterprise operations in [financial 2025]", the firm said.
1Spatial added that it continues to invest in its software as a service-based solutions, notably 1Streetworks in the UK alongside NG911 in the US.
"Trials for both these products have progressed well over the last 12 months, resulting in the first 12-month licence for 1Streetworks with UK Power Networks and five annual NG911 SaaS licences," it explained.
Chief Executive Officer Claire Milverton commented: "We had a great year with our enterprise business, gaining more customers and sales worldwide. Our recurring revenue grew, setting us up for long-term success. Our new SaaS products are a game-changer for our financial performance and I am proud of the 1Streetworks deal with UK Power Networks, a leading utility company.
"With our strong enterprise business and profitable SaaS solutions, we are ready to grow and succeed in the market."
1Spatial will publish its full year results on April 24.
By Sabrina Penty, Alliance News reporter
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1Spatial Holdings (SPA)