1Spatial (AIM: SPA) Announces Final Results for the year ended 31 January 2021

Final results for the year ended 31 January 2021

1Spatial, a global leader in Location Master Data Management (LMDM) software and solutions, is pleased to announce audited final results for the year ended 31 January 2021.

Highlights

 

31 January

2021

£m

31 January

2020

£m

Change

%

Revenue

24.6

23.4

+5

Gross margin (%)

53

52

+1pp

Adjusted EBITDA*

3.6

3.2

+12

Adjusted EBITDA* margin (%)

14.8

13.8

+1.0pp

Operating loss

(1.2)

(1.5)

-19

Loss before tax

(1.4)

(1.7)

-17

Loss per share – basic and diluted (p)

(1.0)

(1.4)

-29

Operating cash generated

4.0

0.6

+596

Free cash flow**

0.9

(2.4)

n/a

Group financial highlights

  • Recurring Revenue up 10% to £10.6m (FY20: £9.6m) and 43% of total revenue (FY20: 41%)

  • Annualised Recurring Revenue (“ARR”) *** up 10% to £11.2m (FY20: £10.2m)

  • Operating cash generated increased by 596% to £4.0m (FY20: £0.6m)

  • Gross cash at year-end up £2.2m to £7.3m (FY20: £5.1m)

  • Net cash at year-end of £4.3m (FY20: £3.9m)

    *Adjusted EBITDA is a company-specific measure which is calculated as operating loss before depreciation (including right of use asset depreciation), amortisation and impairment of intangible assets, share-based payment charge and strategic, integration, other non-recurring items

    ** Free cash flow is defined as net increase/ (decrease) in cash for the year before cash flows from the acquisition of subsidiaries, cash flows from new borrowings and repayments of borrowings and cash flow from new share issue.

    *** Annualised Recurring Revenue is the annualised value at the year-end of committed recurring contracts for licences and support & maintenance

    Group operational highlights

  • Robust response to Covid-pandemic with successful remote working for all employees and continued interaction with customers and prospects

  • Completed integration of Geomap-Imagis acquisition

  • New customer wins in all regions, including multi-year contracts with the State of Michigan (US), Environment Agency (UK), US Geological Survey (US), Seine Grand Lacs (France), the State of California's Office of Emergency Services (US)

  • 29% revenue growth in the US

  • Land and expand strategy driving revenue growth from existing customers, including Northern Gas Networks (UK), Google and a large French water utility company

  • Award of first Esri Network Utility Model migration in the UK

  • Continued R&D investment in innovative solutions with successful release of cloud-based 1Data Gateway solution

  • Progress on partner strategy with prestigious partner award from Esri and a new partnership engagement with Ordnance Survey

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