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LONDON (Alliance News) - 1Spatial PLC on Tuesday said its loss narrowed in 2018 financial year following reduction in costs and increase in revenue.
For the year ended January 31, the software company reported a pretax loss of GBP2.0 million, significantly narrowed compared from GBP15.9 million loss recorded the year before. In 2017 financial year, it recorded a big increase in amortisation and impairment of intangible assets on top of a rise in one-off costs.
1Spatial cut its administrative costs by half to GBP10.8 million from GBP23.9 million the prior year.
Meanwhile, revenue from continuing operations came in 12% higher year-on-year at GBP16.9 million versus GBP15.1 million. Revenue increased across all territories and across all revenue streams, the company said.
Licence revenue grew 73% to GBP2.5 million from GBP1.5 million a year earlier, while Service revenue was 9.0% higher at GBP7.2 million versus GBP6.6 million. Support & Maintenance revenue was also up by 2.0% to GBP7.2 million from GBP7.0 million.
"We have achieved significant progress on our turnaround strategy which is clearly evidenced by increased revenues, improved profitability and cash generation," said Chief Executive Claire Milverton.
"Next year will be about maintaining the strong financial and operating disciplines that we adopted this year, but also about forging ahead with customer and market-led innovation, where we believe we can significantly enhance the value of the group into the future," Milverton added.
Shares in 1Spatial were trading 0.2% higher at 3.26 pence each on Tuesday.
