TIDMSPA
RNS Number : 1122H
1Spatial Plc
23 March 2020
23 March 2020
("1Spatial", the "Group" or the "Company")
Trading Update
Solid strategic and financial progress
1Spatial, (AIM: SPA), a global leader in Location and Geospatial
Software Solutions and Location Master Data Management (LMDM),
today provides an update on trading for the financial year ended 31
January 2020.
The Board is pleased to report on another year of solid
strategic progress and strengthening financials, delivering
double-digit revenue and adjusted EBITDA* growth.
The Company expects to report revenue and adjusted EBITDA for
the year ended 31 January 2020 in-line with consensus expectations,
with revenues of no less than GBP23.0m (FY19: GBP17.6m) and
adjusted EBTIDA* of at least GBP3.0m (FY19: GBP1.2m). Revenues
include recurring software revenues of GBP9.5m (FY19: GBP7.5m).
The Company was Free Cash Flow positive in H2, with a gross cash
balance at 31 January 2020 of GBP5.1m (GBP3.9m net of loans) (31
July 2019: GBP4.0m, GBP3.3m net of loans) not withstanding some
delay in cash collection at year end, and exceptional cash
outgoings of GBP1.0m relating to the acquisition and integration of
Geomap-Imagis ("GI").
Following the acquisition of GI in May 2019, the Company expects
to report an amortisation of acquired intangibles charge of
approximately GBP0.8m for FY20. This charge has no impact on Group
cash flow.
A key focus in the year was the successful integration of the
acquisition of GI in France and closer integration with the Esri,
Inc platform, the global market leader in GIS software. These
initiatives have increased new customer wins and cross-selling to
existing customers in France in the second half of the year.
The US division was a strong growth driver for the Group,
securing contracts with five US State Departments for Transport,
and has a growing pipeline of additional customer opportunities for
the year ahead, demonstrating the potential for this market.
Importantly, the Group increased R&D investment in the year,
and in March 2020 the Company announced the launch of 1Data
Gateway, a web based Portal through which cloud-versions of its
Apps will be accessible, with the first App being in relation to
Data Supply Chain Management.
COVID-19
Coronavirus (COVID-19) continues to have an unprecedented impact
globally and we have updated our business continuity plans
accordingly. We have always made use of remote working and have now
extended this to all our staff. So far we are continuing business
as usual, signing and delivering on contracts. We have seen little
disruption in the day to day business in our key territories which
include the UK, US, France, Belgium and Australia but we are
cognisant that this could change. If in the coming months we were
to see some slow- down in our customer win rate and activities,
then we would take appropriate action.
Given our high level of recurring revenue, our strong backlog of
contracted future revenue, and our software supporting mission
critical operations at many of our customers, we believe our
business to be well positioned to withstand this period.
We continue to monitor the situation closely as it develops and
will update investors further at the time of our Final Results, to
be released in May 2020.
Claire Milverton, CEO of 1Spatial, commented, "This has been
another year of strategic progress for 1Spatial, delivering growth
in multiple geographies while investing for the future. The team
completed the acquisition and successful integration of
Geomap-Imagis, which was both immediately earnings enhancing and
strategically important, strengthening our position in France and
Belgium as well as our relationship with Esri Inc. The US division
has been an excellent growth driver and we are encouraged by the
scale of the opportunity it represents, demonstrated by the growing
pipeline of opportunities. We secured a greater number of new
customers in the year across the Group, indicating a growing
ability to deliver on our sales pipeline.
"Our focus on transitioning the business model away from the
perpetual software licence model towards higher margin, recurring
software revenues is resulting in an increased quality of earnings.
While cognisant of the rapidly evolving situation with COVID-19,
our high levels of recurring revenues, strong balance sheet and
wide spread of customers provide the business with a level of
resilience and we are confident in our ability to work through
these challenging times ."
* Adjusted for strategic, integration, other irregular items and
share-based payment charge
For further information, please contact:
1Spatial plc 01223 420 414
Claire Milverton / Nicole Payne
N+1 Singer 020 7496 3000
Shaun Dobson / Tom Salvesen /
Alex Bond
Alma PR 020 3405 0205
Caroline Forde/ Justine James/Harriet 1spatial@almapr.co.uk
Jackson
1Spatial plc
1Spatial provides software and services for the management of
geospatial data, for industries where the accuracy of location and
geospatial data is key. The Group's patented core rules-engine,
1Integrate, ensures that the underlying data is current, complete
and consistent using automated processes. This ensures that
decisions are always based on the highest quality information
available.
Today - as location data from smartphones, the Internet of
Things and great lakes of commercial Big Data increasingly drive
commercial decision-making - 1Spatial's technology is used by a
wide range of commercial and government organisations, including
utilities businesses, national mapping and land management
agencies, transportation organisations, government departments,
emergency services, defence, census bureaus and facilities
management companies.
1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with
operations in the UK, Ireland, France, Belgium, Australia and
USA.
To find out more, visit www.1spatial.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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March 23, 2020 03:00 ET (07:00 GMT)
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