LONDON (Alliance News) - 1Spatial PLC said Wednesday said it increased its stake in US distributor Laser Scan Inc, and said it anticipates meeting market expectations for its full year on good progress in its second half.
According to a forecast provided by Morningstar, N+1 Singer expects 1Spatial to report a pretax profit of GBP2.4 million for the year to end-January, swinging from a pretax loss of GBP1.5 million the year before.
1Spatial said that it ended its most recent year with a strong order book and pipeline of opportunities for the coming year. The spatial software and services company added that a number of contracts it secured will provide incremental revenue for the year to end-January 2017 and beyond.
At the end of February the company exercised its call option to buy a further 26% stake in Laser Scan for USD1.3 million, taking its total holding in the company to 73%. Laser Scan is the sole distributor of 1Spatial's geospatial products and services in the Americas, and 1Spatial believes the acquisition will strengthen its position in the US market.
Under an agreement, 1Spatial has the right to buy the remainder of Laser Scan by the end of February 2017.
"The second half of the year has continued to be one of operational progress against our stated aims," said Chief Executive Officer Marcus Hanke in a statement. "The acquisition of a controlling interest in our US distributor LSI further strengthens our excellent platform for growth in this significant market."
Shares in 1Spatial were untraded Wednesday morning, it last closed at 5.03 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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1Spatial Holdings (SPA)