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LONDON (Alliance News) - 1Spatial PLC Tuesday maintained its outlook for its full year, as it reported a widened loss for its first half, on expectations of a greater second half weighting compared to the previous year and a strong sales pipeline.
The IT software, consultancy and support company reported a pretax loss of GBP1.5 million for the half year to end-July, widened from a loss of GBP684,000 a year before, as revenue fell to GBP8.4 million from GBP10.1 million.
It attributed much of the decline to the strengthening of sterling against the euro and Australian dollar, a greater second half weighting of its service delivery revenue, an expected second half weighting of deals and licence revenue, and its exit from low-margin revenue in Australia.
Despite the fall in revenue, 1Spatial said it believes it is still on track for an overall increase on revenue and earnings before interest, tax, depreciation and amortisation and other exceptional items in the full financial year.
During the period 1Spatial acquired a 47% stake in Laser Scan Inc in February, and 100% of Enables IT Group PLC in July. It said it identified a number of other opportunities which would help it "satisfy its strategic ambition", and a selection of these remain under review.
"Looking ahead, the board remains confident and believe that the company's stated strategy positions 1Spatial for future, scalable growth in an exciting market space," said Chief Executive Officer Marcus Hanke in a statement.
Shares in 1Spatial were down 5.9% at 5.76 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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