Last checked at 7 Mar 2017 07:00
7 March 2017
1Spatial plc (AIM: SPA)
("1Spatial", the "Group" or the "Company")
Company Update
Focused strategy to deliver long term, sustainable growth
The Board of 1Spatial, the global spatial software, service and data quality company which manages the world's largest spatial data, today issues an update on the business.
Background
Following the Board changes announced in December and January the Company has undertaken a full strategic review in order to develop a clear focus for the Group. Our key objective is to concentrate the entire group toward its target market as a systems integrator - spatial software and services, and network managed services. The Enables brand will be retained in the Group as the brand for network managed services. Thus far, we have restructured the Board and the Company, in order to deliver sustainable cost savings. These have largely been achieved through the disposal of loss making divisions, a thorough review of operations and the establishment of a new operating structure with clear market alignment and full P&L responsibility.
Board of Directors
The Board of directors now comprises Andy Roberts as Executive Chairman, Claire Milverton Acting CEO, and Nicole Payne who has been appointed as Acting Finance Director and will join the 1Spatial plc Board at the next Board meeting. Nicole has been Group Financial Accountant within 1Spatial for the last two years having previously worked at Broadcom Europe Limited, prior to which she trained and qualified with Deloitte. Nick Habgood is the Senior Non-Executive Director and in due course we will appoint a further Non-Executive Director to the Board.
Patent Award
The Company has extensive software technology combined with deep subject matter expertise, and we are delighted to announce that we have now recently been awarded a full US patent for a method (and system) allowing any changes made to a database to be validated using logical business rules stored in a rules database. This is of substantial significance for our 1Integrate technology suite.
Enables IT US
As part of the restructuring process Enables IT's US business has been sold to its US operating management as a standalone business. This disposal does not impact in any way Enables UK which has been profitable and cash generative and is being retained as a significant part of the group.
Andy Roberts, Executive Chairman of 1Spatial said:
Having achieved the short term management objectives, cost reductions and strategic goals, we are now concentrating our H1 activity in improving project delivery and efficiency and closing our pipeline of opportunities and partner deals to drive profitable growth across the Group. We will next update the market in May 2017 with the 2016 results and a comprehensive business update."
For further information, please contact:
1Spatial plc | 0203 427 5004 |
Claire Milverton | |
FTI Consulting | 0203 727 1000 |
Dwight Burden / Alex Le May | |
N+1 Singer | 020 7496 3000 |
Shaun Dobson / Lauren Kettle |
About 1Spatial
1Spatial plc is a group of market leading software and solutions companies trading under the brands 1Spatial and EnablesIT
1Spatial
1Spatial manages the world's largest spatial data and works with users and creators of the largest geospatial databases, helping them collect, store, manage and interpret location-specific information.
1Spatial's clients include national mapping and cadastral agencies, utility and telecommunications companies, and government departments including emergency services, defence and census bureaus.
A leader in the field, 1Spatial has over forty years' experience and a record of continual innovation and development. Today, with an ever increasing reliance on spatial and location-critical data, demand for our expertise has never been greater.
1Spatial operates globally, and has a portfolio of customers both in the Commercial and Government sector, with headquarters in Cambridge, UK and offices in the US, France, Belgium, Ireland and Australia.
Enables IT
EnablesIT provides IT Managed Services. It offers public, private and hybrid cloud offerings with everything from Backup-as-a-Service through to managed desktops. Their end-to-end IT capability provides everything from consultancy and project management, to the installation of physical infrastructure.
Clients trust Enables IT to manage their systems and secure their data. From Healthcare to Education and from Financial Services to Legal, leading organisations rely on EnablesIT to ensure their IT is an asset, not a liability.
To find our more, visit www.1spatial.com