1Spatial H1 in line with forecasts despite increase in losses

Data company 1Spatial increased its losses during the first half of the year but said the results were in line with expectations as part of its brand consolidation.During the six months ended 31 July, loss before tax increased to £0.68m from £0.37m same time last year, but revenues rose to £10.1m from £7.6m.The company said it increased its market reach and strengthened its relationships with key partners during the period.Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) jumped to £1.1m from £0.35m. The EBITDA excluded strategic, integration and other exceptional items.Spatial said it is focused in the US market by building relationships with Census and other government and regional bodies. It also re-branded its French and Belgium businesses. The French business was relocated to new premises in Paris, while it hired more staff to its Belgium branch.However, loss per share slightly increased from 0.11p to 0.12p and cash and equivalents were reduced to £10.1m compared to £14.7m same time last year.Chief executive Marcus Hanke said: "We now have a very strong platform for long term sustainable growth, both organically and through acquisitions."The foundations are in place to maintain our progress, and deliver full year results in line with our expectations. The board looks forward to the future with confidence."N+1 Singer analysts said they remain "optimistic on the group's growth prospects, which potentially could be significantly amplified by recent partnerships".Shares were up 1.92% to 6.37p at 15:55 on Friday.