Last checked at 20 Dec 2016 07:00
20 December 2016
1Spatial plc (AIM: SPA)
("1Spatial", the "Group" or the "Company")
Trading Update and Divestment
The Board of Directors of 1Spatial (the ''Board''), the AIM Spatial Data company today announces the following trading update covering the second half performance to date and the outlook for the full year ending 31 January 2017.
While 1Spatial's sales pipeline and order book remain robust, due to a number of factors, including transitioning the business model to one of annualised revenues and the extension of the industry sales cycles, timing of certain key contracts are now expected to fall into 2017. As a consequence, the Company now expects to deliver a marginal Adjusted EBITDA loss for the full year ending 31 January 2017. The Company anticipates ending the financial year comfortably within its current banking facilities.
1Spatial has taken a proactive approach to the short term challenge it faces, assessing both the cost base and assets of the Company, as management seek to preserve cash and maintain its core focus.
As part of its ongoing strategic review of its assets, 1Spatial today announces the sale of its Avisen business for a consideration of £0.1m receivable in 12 months' time and the closure of Storage Fusion. For the full year ended 31 January 2016, Storage Fusion generated revenue of £0.2m and an operating loss of £0.3m. For the full year ended 31 January 2016, Avisen generated revenue of £1.4m and an operating profit of £0.3m. The anticipated exceptional costs associated with the actions are expected to be insignificant.
For further information, please contact:
1Spatial plc | 0203 427 5004 |
Marcus Hanke / Claire Milverton | |
N+1 Singer | 020 7496 3000 |
Shaun Dobson / Lauren Kettle | |
FTI Consulting | 020 3727 1000 |
Dwight Burden / Alex Le May | 1spatial@fticonsulting.com |
About 1Spatial
1Spatial helps its customers to manage some of the World's largest geospatial data sets - helping them collect, store, manage, repurpose, distribute 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, Australia and the United States. To find our more, visit www.1spatial.com