(Alliance News) - 1Spatial PLC on Thursday expressed confidence going forward after its loss narrowed slightly in its most recently ended financial year.
The mapping software provider reported a pretax loss of GBP1.7 million for the year to the end of January, compared to a GBP1.8 million loss the year earlier, as revenue grew by a third to GBP23.4 million from GBP17.6 million.
1Spatial reported new customer wins in all geographies, with land & expand strategy driving continued expansion of existing customer engagements.
The company said it has responded swiftly to Covid-19, moving to remote working across all operations and supporting customers remotely.
Thus, trading in the new financial year has been in line with management's expectations, 1Spatial said, with all existing customer implementations and contracts progressing to plan, and newly secured contracts progressing as anticipated.
The sales pipeline is healthy, the company noted; however, as decision-making is likely to be protracted in the current environment and the timing of new sales hard to predict, 1Spatial withdrew its market guidance for the current financial year.
"The year has seen good growth in our customer base, demonstrating the strength of our offering and providing the opportunity for additional expansion of these relationships in the year ahead," said Chief Executive Claire Milverton.
"We have a substantial order book of contracted future revenue, a wide range of customers in stable industry segments and a strong balance sheet. While the timing of new sales is hard to predict in the current environment, we are confident we have the resources to withstand the current challenges and are on the right track to deliver sustainable growth at scale in the medium to longer-term," added Milverton.
AIM-listed 1Spatial shares were trading 2.4% higher in London on Thursday at 21.51 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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1Spatial Holdings (SPA)