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LONDON (Alliance News) - 1Spatial PLC Wednesday expressed confidence for its future as it reported a narrowed pretax loss for its most recently ended financial year.
For the year to end-January the IT software company reported a pretax loss of GBP793,000, narrowed from a pretax loss of GBP1.5 million in the previous year, on revenue of GBP20.7 million, up from GBP19.6 million.
1Spatial said its revenue was boosted by the inclusion of GBP3.2 million in revenues from its acquisition of Enables IT in July.
The company also bought a 47% stake in its Americas distributor Laser Scan Inc in February 2015, and following the year end exercised its option to buy a further 26% of Laser Scan, bringing its total holding in the company to 73%.
The company said it enters its next financial year with an order backlog of GBP8 million, and a healthy pipeline of sales opportunities, supported by the strengthening of its relationship with core partner Environmental Systems Research Institute and the launch of a new product that runs on ESRI' platform.
"Our 1Integrate for ArcGIS product, which has been developed on the ESRI platform, was launched globally in January 2016 and the feedback from this has been very positive, generating a significant pipeline of opportunities," said Chief Executive Officer Marcus Hanke in a statement.
"The company continues to follow its stated strategy and looks forward to the future with confidence," Hanke added.
Shares in 1Spatial were up 1.0% at 5.30 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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