Last checked at 7 Mar 2019 07:00
7 March 2019
1Spatial plc (AIM: SPA)
("1Spatial", the "Company" or the "Group")
Trading Update
Continued strategic progress with earnings at least in line with expectations
1Spatial, the global leader in geospatial software solutions and Location Master Data Management, is pleased to provide an update on the business for the financial year ended 31 January 2019.
Claire Milverton, CEO, commented; "I am delighted to announce another year of core growth for the Group including some significant new contract wins as well as some successful renewals, often involving an increased scope of work. Consequently, it is now expected that adjusted EBITDA will be at least in line with market expectations."
Financial progress
The Board is pleased to report that the Group generated revenues in line with market expectations and adjusted EBITDA at least in line with market expectations, due to our strategy to expand the breadth and depth of our client service proposition combined with a rigorous approach to cost control. Cash at the year-end was £6.4m.
We are especially pleased with the financial result given the unprecedented shutdown of the US Government for a number of weeks at the end of our financial year, which did impact our ability to deliver services over this period to a number of our key US customers.
As shareholders will be aware, we are building a business based on high quality, predictable revenue via term licence sales; a strategy which we adopted in June 2018 and a switch from perpetual licence sales, giving the Group a longer-term view on revenue streams.
Customer Highlights
The Group has been, and remains, focussed on solutions in three key sectors: Government, Utilities and Transport. We look to do this in multiple geographies and with ever increasing scale as the applicability of our service proposition grows. Since the Half Year results in October 2018 we have won a significant number of new contracts in both the UK and US, which put us in an improved position for the current financial year and continues to support our Land and Expand approach.
Andy Roberts, Chairman, commented:
"This had been a sound year for 1Spatial. We have achieved a good financial result through a very clear strategic focus, operating improvements, and cost and cash control.
We have also achieved some notable client wins in the period, established a clear technology roadmap for the Group and deepened our ties with our key partners - particularly Esri. As a result, we are now well placed to align all our geographies behind the core strategy, and seek to drive out higher levels of profitable growth into the future."
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For further information, please contact:
1Spatial plc 01223 420 414
Andrew Roberts / Claire Milverton
FTI Consulting LLP 020 3727 1000
Dwight Burden / Alex Le May
N+1 Singer 020 7496 3000
Shaun Dobson / Lauren Kettle (Corporate Finance)
Tom Salvesen (Corporate Broking)
LEI Code: 213800VG7OZYQES6PN67
About 1Spatial
1Spatial is a software solutions provider and global leader in managing geospatial data. We work with our clients to deliver real value by making data current, complete and consistent through the use of automated processes - ensuring that decisions are always based on the highest quality information available.
Our unique, rules-based approach delivers enterprise-scale, cross-platform, automation to all stages of the data lifecycle. It builds confidence in the data while reducing the time and cost of stewardship. Our global clients include national mapping and land management agencies, utilities, transportation organisations, government departments, emergency services, defence and census bureaus.
A leader in our field, we have a wealth of experience and a record of continual innovation and development. We partner with some of the leading technology vendors including, Esri and Oracle.
For more information visit www.1spatial.com