1Spatial plc - Interim Results

1Spatial, a global leader in providing Location Master Data Management (LMDM) software and solutions, is pleased to announce interims results for the year six months ended 31 July 2020.

Financial Highlights

  • Solid progress against a backdrop of Covid-19, with Group revenues up 8% to £11.7m (H1 2020: £10.9m), including full six-month contribution from Geomap-Imagis
  • Solutions revenues up 21% to £10.1m (H1 2020: £8.3m)
  • Adjusted EBITDA steady at £1.7m (H1 2020: £1.7m)
  • Positive operating cashflow of £1.7m (H1 2020: outflow £1.9m)
  • Net cash position of £3.4m at 31 July 2020 (31 January 2020: £3.9m) following the payment of £0.6m deferred consideration for the acquisition of Geomap-Imagis

£m

Half-year to

Half-year to

 

31 July 20

31 July 19

% change

 

 

   

Revenue

11.7

10.9

8%

Gross profit

6.1

5.7

6%

Adjusted EBITDA *

1.7

1.7

1%

Operating loss

(0.8)

(0.6)

23%

Loss after tax

(0.7)

(0.6)

16%

Operating cash inflow/(outflow)

1.7

(1.9)

n/a

* Adjusted for strategic, integration, other irregular items and share-based payments 

Operational Highlights

  • US$2.6m 5-year contract with the US State of Michigan
  • Further wins across all geographic markets, including the Environment Agency and Greater London National Underground Asset Register in the UK
  • Expansion contracts with existing customers, including Google and Northern Gas Networks
  • Migrations from Elyx to Esri platform commenced in France with seven projects now underway
  • Launched 1Data Gateway, the first 1Spatial cloud-based offering
  • Some delay to customer decision making due to Covid-19, but overall the business remained resilient

  Current trading and Outlook

  • Trading in H2 has begun in line with management’s expectations, including winning new contract with the US Geological Survey
  • We are seeing an increased number of sales opportunities, both from our direct sales activities and via partners
  • While decision-making may continue to be protracted in the short-term, the breadth of our opportunity, combined with the quality of our offering and people, mean we are increasingly confident with regards to the long-term future of 1Spatial
  • The Board has reinstated full year guidance, expecting H2 revenues to be at a similar level to H1

Commenting on the results, 1Spatial CEO, Claire Milverton, said:

“We continued to make progress with our strategy in the first half of the year, delivering a robust trading performance against the backdrop of Covid-19, expanding our existing customer relationships, winning new strategic accounts and continuing to enhance the capabilities of our Location Master Data Management offering. We are pleased to present these results, where we have delivered positive free cash flow in the first six months, demonstrating the Group’s strengthening financial position. 

“We have entered the second half of the year with an increased order book of contracted revenues, providing us with a good level of revenue visibility. The breadth of our opportunity combined with the quality of our offering and people, mean we are increasingly confident with regards to the long-term future of 1Spatial.”

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

The Company will host an analyst presentation at 11am today and for those wishing to register, please email  Email Contact

For further information, please contact:

1Spatial plc

01223 420 414

Claire Milverton / Andrew Fabian

 
   

Liberum (Nomad and Broker)

020 3100 2000

Neil Patel / Cameron Duncan/Ed Phillips / Miquela Bezuidenhoudt

 
   

Alma PR

020 3405 0205

Caroline Forde / Justine James / Harriet Jackson

Email Contact

 

About 1Spatial plc

1Spatial plc is a global leader in providing Location Master Data Management (LMDM) software and solutions, primarily to the Government, Utilities and Transport sectors. Our global clients include national mapping and land management agencies, utility companies, transportation organisations, government and defence departments.

Today - as location data from smartphones, the Internet of Things and great lakes of commercial Big Data increasingly drive commercial decision-making - our technology drives efficiency and provides organisations with confidence in the data they use.

We unlock the value of location data by bringing together our people, innovative solutions, industry knowledge and our extensive customer base.  We are striving to make the world more sustainable, safer and smarter for the future. We believe the answers to achieving these goals are held in data. Our 1Spatial Location Master Data Management (LMDM) platform incorporating our 1Integrate rules engine delivers powerful data solutions and focused business applications on-premise, on-mobile and in the cloud. This ensures data is current, complete, and consistent through the use of automated processes and always based on the highest quality information available.

1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with operations in the UK, Ireland, USA, France, Belgium, Tunisia and Australia.

For more information visit  www.1spatial.com




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