1Spatial expects to report 'significant' FY progress

(Sharecast News) - Data management software firm 1Spatial now expects to report "significant progress" against all key financial metrics for the year ended 31 January, providing it with "a strong platform" for further growth.

1Spatial said on Monday that total full-year revenues would be no less than £29.8m, up from £27.0m a year earlier, with approximately 50% represented by recurring revenue. Within recurring revenues, term licence revenue increased by approximately 80% to £5.2m.

Despite the impact of inflationary cost increases, adjusted underlying earnings were guided to be no less than £4.9m, up from £4.2m, while pre-tax profits were seen £700,000 higher at £900,000.

The AIM-listed group also said it had generated cash from operations of £5.3m, up from £2.5m, while net cash was predicted to be no less than £3.0m at 31 January 2023 - an increase from £2.3m at 31 July 2022.

Chief executive Claire Milverton said: "Our strong performance in the year, fuelled by a number of contract wins, demonstrates that 1Spatial and location data sits right at the heart of the digital transformation taking place across multiple sectors.

"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."

As of 0900 GMT, 1Spatial shares had slipped 5.99% to 48.88p.

Reporting by Iain Gilbert at Sharecast.com