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(Alliance News) - Location data software provider 1Spatial PLC on Monday reported first half revenue growth and a narrowed loss, as it nears the end of a three-year turnaround plan.
In the six months to July 31, 1Spatial's pretax loss narrowed to GBP666,000 from GBP826,000 in the first half of last year.
Revenue climbed by 23% year-on-year to GBP10.9 million from GBP8.8 million. 1Spatial's existing business experienced a 1.1% year-on-year revenue rise to GBP8.9 million from GBP8.8 million with newly-acquired Geomap-Imagis contributing GBP2.0 million during the half. The firm acquired Geomap for EUR7.0 million in May.
The company said its adjusted earnings before interest, taxation, depreciation and amortisation more than doubled year-on-year to GBP1.7 million from GBP600,000. The performance measure does not include acquisition costs, share-based payment charges and other one-off items.
Chief Executive Claire Milverton said: "Today's results demonstrate that 1Spatial is coming to the end of the three-year turnaround phase of our vision for the business. We have improved visibility of recurring revenues and growth in profits.
"We are improving our technology and customer service proposition, and the acquisition of Geomap, coupled with the significant commercial partnership with Esri Inc, has allowed us to align our French & Belgian business to the rest of the group, thereby executing on one of the last major strategic issues of the turnaround."
So far this year, the company has secured contract wins in "target sectors" including government, utilities and transportation.
1Spatial contract wins include a road and street management solutions deal with county councils in France, worth EUR400,000, and a software and a services contract of GBP900,000 to support Ireland's Property Registration Authority.
1Spatial explained: "The start of the second half has seen continued progress against our growth strategy and additional new contract wins in our target sectors of government, utilities and transportation. This underpins the group's confidence of delivery on market expectations for the full year. We remain aware of the wider geo-political issues, but diversified portfolio of solutions, including some market-leading IP assets gives us confidence for the future."
Shares in 1Spatial were 5.1% higher at 35.74 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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