(Alliance News) - 1Spatial PLC on Monday said it expects to report significant growth for the year ended January 31, "providing a strong platform for further growth in future years".
The Cambridge, England-based location master data management software and solutions provider said it expects revenue of at least GBP29.8 million, increasing 10% from GBP27.0 million the year prior.
The company said around 50% of revenue will be recurring, up from 45% a year ago, with term license revenue increasing by 79% to GBP5.2 million, from GBP2.9 million in financial 2022.
1Spatial also expects adjusted earnings before interest, tax, depreciation and amortisation to be at least GBP4.9 million, compared to GBP4.2 million the year before, while profit before tax is forecast to be GBP900,000, multiplying from GBP200,000.
Net cash is expected to be at least GBP3.0 million at January 31, down slightly from GBP3.2 million the year before, after the final payment of GBP300,000 in deferred consideration for the company's acquisition of Geomap Imagis.
The company said it is confident that the past year's progress will continue, due to a strong sales pipeline and order book, as well as the increase in recurring revenue.
Chief Executive Officer Claire Milverton said: "We had a good end to our financial year and this momentum has continued into FY2024. Whilst cognisant of inflationary pressures, we believe the investments we are making in our people and technology will enable us to capitalise on the significant market opportunity and, we look to the future with confidence."
1Spatial posts full year results on April 26.
1Spatial shares were down 3.9% trading at 50.00 pence per share on Monday afternoon in London.
By Harvey Dorset, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
1Spatial Holdings (SPA)