Last checked at 25 Apr 2014 07:00
25 April 2014
1Spatial plc (AIM: SPA)
("1Spatial", the "Company" or the "Group")
Trading update
1Spatial, the Spatial Big Data Company which manages the world's largest spatial data, is pleased to provide a trading update for the 12 months ended 31 January 2014 ahead of its full year results to be announced on 13 May 2014.
The Company produced a solid performance over the year and confirms that Adjusted* EBITDA and overall results for the year will be in line with market expectations. The Company enters the new financial year with a strong order back-log in excess of £7m and a significant pipeline of opportunities.
Following the placing and the acquisition of Star-Apic in June 2013, the company maintains a strong balance sheet position with year-end cash at 31 January 2014 of £11.1m, following the payment of £0.6m to purchase the final 10% of Star-Apic in January 2014, which was acquired ahead of plan.
Key events that took place during the year ended 31 January 2014 were as follows:
- Raised £17.1m through an over-subscribed placing of shares to fund future growth
- Completed the strategically important acquisition of Star-Apic
- Established a world-wide organisational infrastructure
- Broadened and enhanced our core off-the-shelf product offerings and commenced the integration of Star-Apic product and service offerings into our range
- Continued success with existing customer base; Ordnance Survey Great Britain contract extension announced in January 2014 valued at £2m and the US Census contract extension valued at £1.3m, announced in November 2013
- Success in new geographies and new sectors such as Smart Cities, for example in the municipalities of Rabat, Tangier and Tetouan in Morocco who have implemented our Elyx Smart City solution to manage the water, sewage and electricity networks for the municipalities.
- Strengthened our Board of directors with the appointment of David Richards as Deputy Non-Executive Chairman. David is the CEO of WANdisco plc and brings 15 years' experience of the software industry to the Board.
- Post period-end: Rebranded the Group globally as 1Spatial from 1 February 2014
Against this backdrop and with a strong order back-log and significant pipeline of opportunities across a number of geographies and industry verticals, the Board remains confident in the Company's future trading prospects. 1Spatial is entering an exciting period of growth well-funded and with the structure in place to evolve and execute our strategy. 2014/15 will see us continue to develop our product and service offerings and to develop new geographic and industry markets.
*Adjusted refers to before integration, strategic and other one-off items
Marcus Hanke, Chief Executive of 1Spatial said:
"The year ended 31 January 2014 has been one of building. Our results were in line with expectations and show good growth. At the same time, we raised significant funding, completed a major acquisition and set in place the structure to support greater future growth.
We have a strong team in place and an exceptional product offering. The Company has an impressive and growing customer base and a healthy pipeline of opportunities. The Board looks forward to the future with confidence."
For further information, please contact:
1Spatial plc | 0203 427 5004 |
Marcus Hanke / Claire Milverton | |
FTI Consulting | 020 3727 1000 |
Sophie McMillan / Alex Le May | |
N+1 Singer | 020 7496 3000 |
Shaun Dobson / Matt Thomas |
About 1Spatial
1Spatial manages the world's largest spatial big 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 France, Belgium, Ireland, and Australia. To find out more, visit www.1spatial.com