TIDMSPA
RNS Number : 4510J
1Spatial Plc
27 April 2022
27 April 2022
1Spatial plc
("1Spatial", the "Group" or the "Company")
Final results for the year ended 31 January 2022
1Spatial, (AIM: SPA), 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 2022.
-- Significant high-value contracts signed in FY 2022 combined
with strong growing pipeline of prospects
-- Organic revenue growth with higher levels of recurring
revenue achieved from new customer wins and expansion contracts in
all regions
-- Continued R&D investment in innovative solutions creating
market leading Location Master Data
Management ("LMDM") solution
Financial highlights
31 January 31 January Change
2022 2021
GBPm GBPm %
Group revenue 27.0 24.6 +10
Recurring revenue 12.2 10.6 +15
Term licences revenue 2.9 1.1 +167
Group Total ARR* 13.4 10.7 +26
Term licences ARR* 4.1 1.6 +160
Committed services backlog 12.5 5.5 +129
Group gross profit 13.9 13.1 +6
Adjusted EBITDA* 4.2 3.6 +15
Adjusted EBITDA* margin (%) 15.5 14.8 +0.7pp
Operating profit/(loss) 0.4 (1.2) n/a
Profit/(loss) before tax 0.2 (1.4) n/a
Earnings/(loss) per share - basic
and diluted (p) 0.2 (1.0) n/a
Net cash*** 3.2 4.3 -24
* Adjusted EBITDA is a company-specific measure which is
calculated as operating profit/(loss) before depreciation
(including right of use asset depreciation), amortisation and
impairment of intangible assets, share-based payment charge and
strategic, integration, and other non-recurring items
** Annualised Recurring Revenue is the annualised value at the
year-end of committed recurring contracts for term licences and
support & maintenance
*** Net cash is gross cash less bank borrowings but excludes
lease liabilities
Operational highlights and Outlook
-- 37% revenue growth in the US at constant currency
-- Reporting first Group profit before tax for over a decade
-- Trading in the current financial year has started positively
and, while cognisant of inflationary cost pressures, the Board
remains confident in delivering results for FY 2023 in line with
current expectations
Commenting on the results, 1Spatial CEO, Claire Milverton, said:
" This year has been one of solid organic growth, fuelled by a
number of landmark wins, including high profile and national level
contracts in each of our target markets.
"It is extremely encouraging to see such positive early
indicators of the success of our strategic growth plan. We have
exited the year with increased levels of recurring revenues, an
expanded customer base and a partner network stronger than we have
ever had - all of which provide us with a valuable base on which to
expand in the year ahead.
"With the validation and sharing of location data sitting at the
heart of many areas of digital transformation, we are seeing a
growing number of opportunities entering our sales pipeline across
all our regions and markets. This healthy sales pipeline and
increased levels of recurring revenue provide the Board with
confidence that the Group's progress over the last year is set to
continue in the coming year and beyond. "
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
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 / Miquela Bezuidenhoudt
Alma PR 020 3405 0205
Caroline Forde / Justine James / Hannah Campbell 1spatial@almapr.co.uk
About 1Spatial plc
Unlocking the Value of Location Data
1Spatial plc is a global leader in providing Location Master
Data Management (LMDM) software, solutions and business
applications, primarily to the Government, Utilities and Transport
sectors via the 1Spatial platform. Our solutions ensure data
governance, facilitating the efficient, effective and sustainable
operation of customers around the world. Our global clients include
national mapping and land management agencies, utility companies,
transportation organisations, government and defence
departments.
Today, when using and sharing trusted data provides significant
opportunities for businesses and governments to deliver against
important sustainability and Net Zero goals, our vision is clear -
to make the world safer, smarter and more sustainable by unlocking
the value in data, enabling better decisions and greater
insights.
The 1Spatial platform is a comprehensive set of data and system
agnostic LMDM software components which helps ensure master data is
compliant, current, complete, consistent, and coordinated - and
that customers can be confident it will remain that way as it
evolves. It allows them to master their data on any device,
anywhere, anytime and can be deployed as SaaS in the cloud,
on-premise, or as a hybrid of both.
1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with
operations in the UK, Ireland, USA, France, Belgium, Tunisia, and
Australia.
www.1spatial.com
Chairman's Report
1Spatial has enjoyed a successful first year of its three-year
growth plan. Expansion has been seen in all parts of the business,
delivering across all three of our strategic growth pillars:
Innovation, Customer Relationships and Smart Partnerships. We have
seen substantial financial growth, exceeding our revenue and sales
forecasts for the year, which has provided a solid basis for
long-term success.
Digital transformation, combined with government initiatives
such as increased infrastructure investment and the launch of
sustainability programmes, are driving a substantial need for data
management tools, particularly those capable of managing complex
location data. With its enterprise grade software and over 30
years' heritage in location data, 1Spatial sits at the heart of
this rapidly increasing demand, as evidenced by the significant
high-profile wins in the year, which in turn are elevating our
profile on the global stage. These wins highlight the quality of
1Spatial's world-class technology and geospatial expertise, and the
ability of the business to scale through the sale of repeatable
business applications and software solutions.
Financials
Our key financial objectives for the year were to grow recurring
revenues, while generating funds to be reinvested into the
business. I am pleased to report that our financial performance
exceeded expectations this year, with sales orders being
considerably higher than our expectations. We have also returned to
organic revenue growth, with increased revenue across all regions
and sectors in which we operate. Our first recorded operating
profit and profit before tax for over a decade represents a
positive financial milestone and is particularly pleasing given the
accelerated transition we are achieving in our business model
towards term and SaaS based subscription licenses.
Operational successes
This year has been a year of investment for 1Spatial, to provide
a platform for scalable growth as we develop our people and build
out our technology offering. We are successfully building
repeatability into our solutions and have invested in Cloud
delivery, which will increase our addressable market significantly
in future years. We have won several new landmark customers,
including high profile and national level digital transformation
initiatives and signed two of our largest ever deals. Growth in the
US has been pivotal to this year's successes, which alongside our
strengthened partnerships and substantial customer wins has
significantly expanded our horizons of opportunity.
People
We have invested in the expansion of our senior leadership team
to ensure we have the depth of management to deliver our strategy
and have been delighted by the immediate positive impacts the new
team members have made. Our priority continues to be the wellbeing
of our teams around the world, providing them with the best
environment to continue to deliver the high-quality service our
customers expect of 1Spatial.
World events continue to be challenging and worrying for many.
We do not have any operations in Russia or the Ukraine and no
customers in those regions.
Environmental, Social and Governance (ESG)
Like many businesses, ESG is very important for 1Spatial as we
strive to make the world safer, smarter and more sustainable for
the future. Whilst we are still in the early stages of implementing
ESG initiatives across the Group, we have already taken steps to
address key areas within ESG over the past few years. During the
year we engaged with a third party with expertise in this area, to
help us consolidate all of our initiatives and define and create
our full ESG strategy, which is set out in more detail in the
Annual Report.
Given the nature of what we do, we have a low impact on the
environment, but we are always aiming to improve and offset our
carbon footprint by initiatives such as donating to the Woodland
Trust to offset travel.
Outlook/Summary
We have entered the new financial year in a significantly
stronger position. With a strong sales backlog and increased levels
of recurring revenue, I am confident the Group's success over the
past 12 months is set to continue.
We anticipate scalable growth in three key areas. Firstly, we
expect the US to continue to accelerate in the coming years and
become a substantial part of our Group revenues in the future.
Secondly there is significant growth potential from new
partnerships, targeting the government and large enterprise digital
transformation opportunities. Thirdly, the commercialisation of our
cloud-based platform planned in the second half of the year
enabling us to launch Validation as a Service (VaaS) offerings and
other targeted SaaS business applications such as 1Streetworks/TMPA
should be a transformational opportunity for scalable growth.
The Board is confident that the inflationary pressures being
felt by all businesses in the current environment are being well
managed.
We believe the investments we have made over the past year in
our people and technology position us well to take advantage of the
huge opportunity that is ahead. The significant number and range of
new wins in the year provides the Board with confidence that
1Spatial is in an excellent position to continue its upward
trajectory and we expect a successful continuation of the execution
of our growth strategy.
Finally, I would like to thank all our staff for their
contribution and fortitude through the pandemic.
Andy Roberts
Non-Executive Chairman
CEO's Review
This year has been one of solid organic growth, fuelled by a
number of landmark wins, including high profile and national level
contracts in each of our target markets, as we conclude what has
been a transformative first year of our three-year growth plan. We
have expanded our product offering and delivered growth in
revenues, term licence revenue, ARR and adjusted EBITDA as we
successfully transition our business model. It is encouraging to
see a strong performance in all regions, with growth in the UK and
North America particularly noteworthy.
We help over 1,000 customers, spanning key sectors such as
government, utilities and transportation make better business
decisions and move towards a smarter world, through improved
accuracy and sharing of location data. While this is already an
extensive customer base, we believe, as leaders in location data
validation and sharing, we are just at the start of our growth
journey.
The demand for up-to-date location data has never been greater,
due to the acceleration in digital transformation taking place
across all industries. Location data is a vital element in the
delivery of faster and safer services, and because it is
increasingly being used as the main point of reference when
connecting multiple systems, it needs to be accurate and shareable.
Our rules engine, 1Integrate, and cloud portal, 1Data Gateway, are
recognised, both by our customers and a growing number of
influential partners, as powerful tools to ensure good quality data
and trust when sharing data.
This fast-growing industry need has led to growth in our
customer numbers and revenues and created a record pipeline of
opportunities as we enter the new financial year.
Top line growth and a return to profits
The success of our strategy and the growth in our market can be
seen in our strong financial performance during the year,
particularly in H2 FY 2022, which has seen the Group secure its
largest contracts to date, providing a strong platform for growth
in future years.
I am pleased to report our first operating profit and profit
before tax for over a decade, representing a significant shift from
an operating loss of GBP1.2m in the prior year. We have seen
organic growth in revenues, recurring revenues and adjusted EBITDA
profit levels, whilst at the same time, increasing investment in
the business as part of the three-year growth plan. Group revenue
increased by 10% to GBP27.0m from GBP24.6m in FY 2021 with
double-digit growth in recurring revenue year on year. The order
book of committed revenue increased by 129% to GBP12.5m and term
licence ARR increased by 160% to GBP4.1m.
US delivering on its promise
A key success is the Group's expansion across North America,
which presents a major opportunity for the business going
forward.
We have successfully sold and implemented 1Integrate and 1Data
Gateway in key US States including California and Michigan. We
secured several landmark contracts in the year, most notably four
new wins with US States to support delivery of their Next
Generation 911 Emergency Services system.
US legislation requires all States to upgrade their emergency
services, building digital platforms and incorporating the use of
GIS data, to support NG 911 services and ensure a modern and safe
emergency response system. Key challenges to meeting these
requirements have been the completeness and accuracy of the GIS
data, the need to integrate other data from multiple sources such
as road traffic information, and the fact that location data is
constantly changing. Our Next Generation 911 solution, now being
implemented in seven US States, ensures that emergency services are
using validated, integrated and up to date data and ultimately,
that the teams on the ground are able to respond to incidents more
quickly and with greater confidence in data quality.
Typical ARR per State for our NG911 solution is initially around
US$0.1-0.2m and we expect total ARR for this solution across the US
to grow to over $1m in FY23. We are growing our sales team to
support this opportunity in other States.
Following the passing of a $2.2 trillion reconciliation bill in
the US in November 2021, which includes $500 million of funding to
support NG 911 deployments, alongside the digitalisation of 911
systems across America, we are seeing significant new opportunities
where we can bring our unique technology and solutions to help
providers achieve faster response times.
The development of our cloud platform means we will soon be able
to offer a 'light version' NG911 SaaS solution aimed at the
hundreds of counties and cities within each State, considerably
increasing our addressable opportunity.
There is also sizeable opportunity for growth within each State
by launching additional solutions, including for example Highway
Performance Monitoring Systems (HPMS) and Crash Reporting. We have
already seen success in Michigan where we have doubled the initial
ARR through the upsell of additional solutions.
This all contributes to a high-margin medium-term opportunity,
based around our own IP and channels to market, that can transform
the economics of our US operation. Further out we have the
opportunity for expansion into Canada and Latin America.
Major contract wins
In the UK, we have continued to deliver top and bottom line
growth through new multi-year contracts with government bodies.
These include an GBP8m multi-year contract in partnership with a
consortium to deliver a significant digital transformation
programme for a department of the UK Government, and a GBP6.5m
contract for the UK Government's Geospatial Commission supporting
Atkins to deliver the National Underground Asset Register. These
contracts contribute GBP1.7m to Annualised Recurring Revenue.
Successes such as these, and the considerable size of our sales
pipeline, give us the confidence to continue to invest in the
business, to ensure we have the right structure to deliver on the
growing opportunity as we move into the second year of our
three-year growth plan. We have made a number of senior
appointments across the Group to ready the business for this next
phase of growth, expanded our sales and delivery teams and invested
in the Cloud to increase our addressable market.
Strategic review
We are building our highly scalable business on three pillars:
Innovation, Customer Relationships and Smart Partnerships and I am
proud to say we made considerable progress against all three
throughout the year.
1. Innovation
Innovation lies at the heart of 1Spatial. We use our patented
software to audit and automatically correct location data, keeping
it accurate and up to date. Our automated software is able to
handle huge volumes of complex data allowing our customers not only
to ensure accuracy but also save significant amounts of time and
money, giving them the ability to solve complex challenges in the
management of their spatial and non-spatial data.
During the year, we were granted a UK Patent for Modification
and Validation of Spatial Data, recognising its power as a tool to
ensure good quality data and facilitate trust when sharing data.
The patent protects the use of 1Spatial's Rules Engine technology,
which is used in 1Integrate, further strengthening the Group's
international patent coverage, which includes a US patent for
Modification and Validation of Spatial Data.
The 1Spatial Platform for Location Master Data Management can be
split into two key areas:
-- Data Management Solutions - Managing data to ensure it is correct, consistent and compliant
-- Business Applications - Utilising trusted data through
business applications to solve specific business challenges
Data management solutions
Key development initiatives during the year were to ensure that
our solutions meet the rising demand for integration with a
cloud-enabled world. This also included improvements to data
security and the ability to make our customer deployments simpler
than ever.
The innovation in both 1Integrate and 1Data Gateway throughout
the year have provided a vehicle for further growth and
accessibility of our solutions and the development team continue to
assess the products against both the customer and market needs so
that we are always at the forefront in our market sectors.
1Integrat e
1Integrate is our patented no-code rules engine - this continues
to be enhanced to make it more powerful and more capable for
automated data validation and processing. During the year
1Integrate was successfully upgraded to include access to more data
types. This included access to more data store formats and access
to data over the web such as Esri's Web Feature Services.
1Integrate is also now packaged with a Repository Synchronisation
Tool making it simpler for our customer teams to collaborate; and
faster to build, test and deploy rules across the organisation.
We continued to add further support for 3D data which was used
in a pilot project with a National Mapping Agency. This pilot
project was focused on automating the import of geospatial data
into a 3D database, and automatically validating against the
project's data specification using 1Integrate 3D. The rules inspect
the building information, finding and correcting any overlaps,
overhangs and any misalignments. The current and correct data was
then loaded into the central databank, where the data was made
available to the National Mapping Agency stakeholders.
1Data Gateway
1Data Gateway is our self-service web-portal for spatial data
validation, processing and analytics. During the year we have made
several upgrades including enhancements to our APIs, which allow
systems to talk to each other, so our customers can analyse the
results from 1Data Gateway with their own BI tools such as Esri
ArcGIS Dashboard.
Business applications
We provide two types of business applications to meet our
customer's needs. Applications can either plug directly into the
1Spatial Platform or alternatively can plug into the 1Spatial
Platform whilst also utilising the benefits of the Esri
technology.
Applications plugged directly into the 1Spatial Platform
This year we focused on the development of two types of
applications on the 1Spatial Platform. These are Validation
Applications and Specific Business Applications
-- Validation Applications
These applications validate data to a pre-defined set of rules
and provide back a report of the errors. The first of these
applications is NG911 and HPMS which are being sold in the US. We
also have identified a number of other similar solutions across our
territories which will be brought to market in FY23. We are also
looking to deploy a number of these solutions to the 1Spatial cloud
in FY23 so they can be offered as Validation as a Service (Vaas)
solutions.
-- Specific Business Applications
This year, we also focused on building targeted solutions on the
platform, such as 1Streetworks (previously known as Traffic
Management Plan Automation ("TMPA")), which is currently being
tested at selected customers.
Both the Validation Applications (VaaS) and Specific Business
Applications such as 1Streetworks should provide the Group with
potential exciting new "go to" market models, lowering the price
point for new customers onto the platform planned in the second
half of FY23.
-- Launch of 1Spatial cloud platform
We have now finalised the majority of the development on the
1spatial cloud platform which will allow us to sell the cloud
solutions noted above. The multi-tenancy SaaS platform will be more
cost effective for 1Spatial as we will be managing fewer
deployments and the elastic nature of the platform architecture is
more cost efficient.
Applications using the benefits of Esri technology
During the year we have continued to invest in the business
applications built on Esri technology. These include ArcOpole Pro,
the application to help local authorities manage assets and urban
planning, and 1Water to manage Water Networks. In addition, we have
also developed 1Telecomms this year which will address the Telecoms
sector. These business applications provide solutions to targeted
needs that are not fulfilled by the Esri Platform.
2. Customer relationships
We continued to strengthen our relationships with existing
customers throughout the year and secured new customer wins across
all territories. Our aim is to be our customers' strategic partner
and advisor in LMDM. We typically expand our customer relationships
over time, as we identify additional areas our software and
expertise can support our customers.
The success of our customer focus, combined with ongoing
transition to term licencing, can be seen in the 26% growth in
Annualised Recurring Revenue driven both by new customer wins and
expansion of existing customer accounts.
Land and expand
The Group delivered new customer wins including multi-year
licence contracts in the year across all regions, with the USA
performing particularly well.
New customer wins include:
-- National Underground Asset Register (NUAR) - Supporting the
Government to build back better, greener and levelling up the North
- GBP6.5 million (GBP1.5m licence over 3 years).
-- Department of the UK Government - Multi-year digital
transformation programme - GBP8.0 million (GBP6.0m
licence over 5 years).
-- HM Land Registry - Single digital register across England and
Wales - GBP0.5 million (GBP0.4m licence
over 3 years).
-- Four new contracts for NG 911 solutions in the US, with the
States of Montana, Georgia, Minnesota and Arizona, demonstrating
1Spatial's unique technology and the replicability of this
solution. Each with ARR of average US$0.15 million plus services of
US$0.1 million.
-- Our first term licence in France, with VINCI Highways, to
supply 1Telecomms, a 1Spatial app built on
the Esri platform.
Customer expansion contracts in the period, included:
-- Department of Environment, Food and Rural Affairs (DEFRA) to
support the Land Management System, operated DEFRA's Rural Payments
Agency (RPA), in partnership with Version 1 - GBP1.2 million over 5
years.
-- Another contract win with DEFRA and RPA to support its field
collection system - GBP0.5 million (GBP0.4m
licence over 2 years).
-- Multi-year framework agreement with Land and Property
Services in Northern Ireland in partnership with Version 1, to
support the Department of Finance's ongoing programme of Digital
Transformation.
-- Managed service for a major utility organisation in France in
support of the deployment of 1Water - EUR0.3 million.
-- Additional services and licences for Google Real Estate and
Workplace Services - US$0.9 million (US$0.3m licence).
-- In France, 29 existing customers have completed or commenced
migration from the Group's legacy Elyx platform, to Esri-supported
solutions, including 1Water.
3. Smart partnerships
We believe partnerships will play an important role in providing
us with the reach to capitalise on the opportunity ahead. We have
secured many of our largest contracts via our partners this
year.
In order to accelerate this new business channel, we hired a new
Head of Global partners during the year. Key focus areas in the
year have been to identify and extend our relationships with large
global corporates where location data management forms part of a
larger customer bid and also to extend our technology partnership
with Esri.
Large global corporates
We are increasingly being selected as the data integrity
provider within a consortium, cleansing the data before passing it
back through wider systems. The depth of our data domain expertise
and the enterprise grade of our software means we are one of the
few technology partners able to work on the scale that our partners
need.
New partners we have won and commenced work with this year
include Atkins, Qinetiq and Landmark. We also strengthened our
longstanding partnership with both Version1 and Ordnance
Survey.
Technology partnership - Esri
Our long-term partnership with Esri is a key differentiator for
us in many markets and provides a major opportunity as we build our
own IP solutions. Esri is the global market leader in GIS with a
network of over 2,700 partners around the world. We were pleased to
receive the prestigious "Web GIS Transformation Award' award at the
global 2021 Esri Partner Conference. This award builds on the close
collaboration between 1Spatial and Esri, with 1Spatial having
received Esri Utility Network Management Specialty designation,
recognising 1Spatial's knowledge and expertise within utilities and
the implementation of Water Solutions. Last year 1Spatial announced
the collaboration with Esri UK and Northern Gas Networks to lead
the UK's first ArcGIS Utility Network Migration.
We continue to build 1Spatial business applications on the Esri
platform and during FY23 we are looking to internationalise a
number of these.
Corporate activity
We will continue to identify potential strategic and bolt-on
acquisitions to complement our organic growth.
People
The success of our business is a tribute to our employees'
commitment and knowledge. We are passionate about looking after our
staff to ensure each individual can realise their potential. We
continue to invest in our people, providing them with the tools and
training to support and allow them to realise this, with clear
alignment to our Group strategy. During the year, following
employee consultation, we launched our new 1Spatial values which we
believe reflect the ethos of the company. These values are: We
Respect, We Innovate, We Collaborate, We Trust and We Care.
We have added new people to the senior team to enable us to
capitalise on the significant growth opportunities in the market.
This includes a Global Chief Commercial Officer, Global Head of
Marketing and Global Head of Partners. We have also bolstered the
development teams with new product owners and technical leads to
ensure that we can align to our strategy to increase technology
sales of both our core data management solutions as well as our
business applications.
Communication with our staff and maintaining wellbeing is
crucial, especially in the current macroeconomic environment. We
actively promote the importance of mental health and as part of our
commitment to their well-being, we rolled out initiatives such as
well-being months, mental health awareness training, mental health
first aiders and internal events and initiatives to encourage staff
to take time out from their working day.
We are always looking at ways to ensure equality and diversity
across our company and an inclusive, welcoming working environment
for everyone. Over the past year, we have created global
initiatives to celebrate: International Women's Day, World Food
Day, Diwali, Thanksgiving, Mental Health Awareness Week, Earth Day
and Health and Happiness month.
The teams continue to show ingenuity and commitment day-to-day,
for which the Board and I thank them wholeheartedly. Whilst we are
much better connected across all geographies as a result of the
pandemic requiring colleagues to connect online, we were delighted
to hold our first face to face Group sales meeting since the start
of the pandemic in Cambridgeshire in February 2022 with all
regional managers and sales teams joining. The event was a huge
success, setting us up for a successful FY23.
Strategic priorities for the year ahead
Our focus will remain on the three pillars of our growth strateg
y . We are now well positioned to capitalise on the opportunity in
front of us, particularly with a focus on growth in North America,
where we will invest in the expansion of our sales and marketing
resources.
The expansion of the 1Spatial Cloud platform will be a key
strategic focus for the Group as the platform will enable us to
increase our addressable market and existing customer demand for
web-based access to our solutions. We anticipate that this,
alongside new Validation as a Service (VaaS) solutions and SaaS
based solutions such as 1Streetworks/TMPA, will be transformational
for the Group in future years.
We will continue to invest in the business and its people to
support our expanded customer base, while maintaining our focus on
the financial goals of increased revenue growth, underpinned by
growing annual recurring revenue and continue our trajectory of
increased profitability at adjusted EBITDA level and higher cash
generation over the long-term.
Current trading and outlook
It is extremely encouraging to see such positive early
indicators of the success of our strategic growth plan. We have
exited the year with increased levels of recurring revenues, an
expanded customer base and a partner network stronger than we have
ever had - all of which provide us with a valuable base on which to
expand in the year ahead.
Location data underpins decision-making in every state, country
and government entity and commercial businesses today across the
globe. With the validation and sharing of location data sitting at
the heart of many areas of digital transformation, we are seeing a
growing number of opportunities entering our sales pipeline across
all our regions and markets.
This healthy sales pipeline and increased levels of recurring
revenue provide the Board with confidence that the Group's progress
over the last year is set to continue in the coming year and
beyond.
Trading in the new financial year has begun positively and is in
line with Board expectations, with several new contracts secured
and growth in the sales pipeline.
While cognisant of inflationary cost pressures, the Board
remains confident in delivering results for FY 2023 in line with
current expectations.
We believe the investments we are making in our people and
technology put us in the right place to capitalise on this
supportive market backdrop, and we are confident in our ambition
and ability to deliver on our key priorities.
Claire Milverton
Chief Executive Officer
CFO Review
Summary
The Group delivered a solid financial performance in the year,
growing revenues, recurring revenues and adjusted EBITDA* profit
levels, whilst increasing investment in the business as part of the
three-year growth plan. The Group has also reported its first
operating profit and profit before tax for over a decade,
representing a significant shift from an operating loss of GBP1.2m
in the prior year.
Revenue
Group revenue increased by 10% (13% at constant currency) to
GBP27.0m from GBP24.6m in FY 2021.
Recurring revenue
The business strategy is to grow revenue from repeatable
business solutions on long-term contracts, including transitioning
towards selling only recurring term licences, rather than one-off
perpetual licences, aiming to increase the proportion of revenue
from recurring term licences compared to services. As a result, the
business achieved a growth in revenue of 13% (excluding the impact
of the reduction in perpetual licence revenue), and recurring
revenue, as a percentage of total revenue, increased to 45% (FY
2021: 43%).
Revenue by type is shown below:
Revenue by type
FY 2022 FY 2021 % change
Recurring revenue ** 12.18 10.60 15%
Services 12.36 11.10 11%
Revenue (excluding perpetual
licences) 24.54 21.70 13%
Perpetual licences 2.49 2.90 (14%)
Total revenue 27.03 24.60 10%
Percentage of recurring revenue 45% 43%
* Adjusted EBITDA is a company-specific measure, which is
calculated as operating profit/(loss) before depreciation
(including right of use asset depreciation), amortisation and
impairment of intangible assets, share-based payment charge and
strategic, integration, and other non-recurring items
** Recurring revenue comprises term licences and support and
maintenance revenue.
ARR
The Annualised Recurring Revenue ("ARR") (annualised value at
the year-end of committed recurring contracts for licences and
support and maintenance) increased in the year by 26% (at constant
currency) from GBP10.7m to GBP13.4m as at 31 January 2022. The
growth rates varied by region as shown in the table below and in
the regional revenue analysis with the UK/Ireland region growing at
the fastest rate of 55%, boosted by the large strategic contract
wins in H2 FY 2022. The Group increased term licence ARR by 160% to
GBP4.1m (FY 2021: GBP1.6m). While some of this contracted revenue
relates to future years beyond FY 2023, it forms a strong platform
for recurring revenue for the business. The overall renewal rate
improved to 93% (FY 2021: 90%).
ARR by region
FY 2022 FY 2021 % growth
UK/Ireland 5.93 3.82 55%
Europe 4.79 4.71 2%
US 1.40 1.14 23%
Australia 1.32 1.01 31%
-------- -------- ---------
Total ARR 13.44 10.68 26%
-------- -------- ---------
Committed revenue
The level of committed revenue (revenue for future services,
licences and support contracts contracted at the balance sheet
date) increased significantly in the year from the business focus
of extending the commitment periods and duration of contracts, as
well as signing some higher value service contracts. The level of
committed project services revenue increased by 129% (at constant
currency) from GBP5.5m to GBP12.5m.
The strong pipeline of prospects, coupled with the increased ARR
and committed revenue, means that the Group starts the current
financial year with a higher proportion of current year revenue
already committed at the start of the year and a strong likelihood
of achieving further progress on its three year plan revenue growth
targets. With the business focus on developing, marketing and
selling repeatable software solutions under a SaaS model, there is
an increased level of revenue visibility, which allows the Board to
plan future investment with confidence.
Regional revenue
Revenue growth by region is shown in the table below:
Regional revenue
% change
(constant
FY 2022 FY 2021 % change fx)
UK/Ireland 9.93 8.44 18% 18%
Europe 10.88 11.15 (2%) 2%
US 3.72 2.91 28% 37%
Australia 2.50 2.10 19% 19%
-------- -------- --------- -----------
Total revenue 27.03 24.60 10% 13%
-------- -------- --------- -----------
Revenue (at constant currency) grew organically in all regions.
Revenue in the US, which now represents 14% of Group revenue (FY
2021: 12%), had the highest growth rate at 28% (37% at constant
currency). It was also pleasing to see strong growth in the
Australian region of 19%. The UK/Ireland region returned to growth
with double-digit growth of 18%. Revenue in the European business
grew organically by 2% at constant currency, having been impacted
by the reduction in one-off legacy Elyx licences sold in FY 2021 as
the business evolves towards more term licences.
Gross profit margin
The gross margin reduced to 52% compared to 53%, impacted partly
by the Board's decision to increase sales and delivery capacity in
order to aim to secure higher value contracts, and increased
spending on R&D, which is included within the cost of sales.
Furthermore, the prior year benefitted (within the cost of sales)
from grants given by overseas governments (GBP0.3m) as part of
business Covid-19 support schemes. On a like-for-like basis, (i.e.
excluding the impact of this benefit), the gross margin was at a
similar level to the prior year (52%). Going forward, the
management team are focused on driving improvements to gross margin
through revenue growth of higher margin term licences.
Adjusted EBITDA*
The adjusted EBITDA* increased by 15% to GBP4.2m from GBP3.6m in
the prior year resulting in a higher EBITDA margin of 15.5% (FY
2021: 14.8%). Cost management remains an important focus and
expenses are constantly reviewed to ensure the level is appropriate
for the structure of the business during this growth phase.
Operating profit/(loss) and profit/(loss) before tax
The Group achieved an operating profit of GBP0.4m and profit
before tax of GBP0.2m, representing a significant shift from an
operating loss of GBP1.2m and loss before tax of GBP1.4m for the
prior year.
Taxation
The net tax charge for the period was GBP43k (FY 2021: credit
GBP0.3m).
Balance sheet
The Group's net assets increased to GBP15.1m at 31 January 2022
(2021: GBP14.7m), mainly due to the overall profit after tax offset
by currency losses in reserves.
Trade and other receivables increased in the year to GBP12.3m
(FY 2021: GBP10.9m), mainly due to increased accrued income at year
end following contract wins in Q4. Trade and other payables were at
a similar level to the prior year at GBP13.3m (2021: GBP13.4m).
Cash flow
Operating cash inflow (before strategic, integration and other
non-recurring items) reduced to GBP2.8m (2021: GBP4 .2m) primarily
due to the working capital requirements on larger contracts signed
in H2. As part of the three-year growth plan, the Group invested
free cash in expanding the sales and delivery team and cloud
technology and this impacted the operating cash flow and free cash
flow as shown below.
Operating cash flow FY 2022 FY 2021
GBP'000 GBP'000
-------- --------
Cash generated from operations 2,497 3,983
Add back: Cashflow on strategic, integration
and other non-recurring items 294 173
-------- --------
Cash generated from operations before
strategic, integration and other non-recurring
items 2,791 4,156
-------- --------
Free cash flow FY 2022 FY 2021
GBP'000 GBP'000
-------- --------
Cash generated from operations before
strategic, integration and other non-recurring
items 2,791 4,156
Net interest paid (134) (179)
Net tax received 176 484
Expenditure on product development and
intellectual property capitalised (2,449) (2,120)
Purchase of property, plant and equipment (164) (192)
Lease payments (1,088) (1,069)
-------- --------
Free cash flow before strategic, integration
and other non-recurring items (868) 1,080
Cashflow on strategic, integration and
other non-recurring items (294) (173)
-------- --------
Free cash flow * (1,162) 907
-------- --------
* 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.
Investment in R&D
Development costs capitalised in the year increased to GBP2.4m
(FY 2021 GBP2.1m) as the business has increased its investment in
its technology and business solutions. Amortisation of development
costs was GBP1.7m (FY 2021 GBP1.9m).
Financing
The Group's financial position is supported by long-term bank
loans. At the end of January 2022, the remaining principal balance
outstanding was GBP2.4m (2021: GBP3.0m). The amount repayable in FY
2023 is approximately EUR0.6m (GBP0.5m). With a gross cash position
of GBP5.6m at 31 January 2022 (FY 2021: GBP7.3m), a growing EBITDA
and positive operating cash generation, the business is in a
healthy financial position, which gives the Board the confidence to
continue to invest in its three-year growth plan.
Going forward, the Board and management teams are focused on
increasing revenues, in particular recurring revenues, whilst
improving the Group's profitability and cash generation.
Andrew Fabian
Chief Financial Officer
Key Performance Indicators
Key income statement KPIs are set out below. There are no
non-financial KPIs.
2022 2021 Change Change
Revenue growth GBPm GBPm GBPm %
Term licence revenue 2.9 1.1 1.8 167%
Recurring revenue 12.2 10.6 1.6 15%
Total revenues 27.0 24.6 2.4 10%
Gross profit margin 52% 53% -1% -2%
Adjusted * EBITDA 4.2 3.6 0.6 15%
Profit/(loss) before tax 0.2 (1.4) 1.6 n/a
Free cash flow ** (1.2) 0.9 (2.1) n/a
* Adjusted EBITDA is a company-specific measure which is calculated
as operating profit/( loss) before depreciation (including
right of use asset depreciation), amortisation and impairment
of intangible assets, share-based payment charge and strategic,
integration, and 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.
Environmental, Social and Governance
ESG - OUR FUTURE
At 1Spatial, supporting the environment, our people and our
planet are fundamental to what drives us as a business. Our purpose
of making the world safer, smarter and more sustainable underpins
everything that we do.
Smarter data, smarter future
Environmental, Social and Governance (ESG) considerations are an
important part of our sustainable growth strategy and commitment to
Net Zero. These considerations are already reflected in the
policies and principles that govern our business.
We are developing an ESG strategy that will set out our target
outcomes and the actions we expect to take to deliver these. We
believe ESG should be incorporated into our culture and
decision-making at all levels, and aim to continuously measure,
benchmark, monitor and report on our activities to the management
team and Board.
Materiality assessment
We have actively engaged with our stakeholders in the first
phase of ESG strategy development process. Their input will help us
map and prioritise areas that are of high importance. These
material issues will inform our strategic objectives and help us to
track and report on our overall performance.
We consulted with the following stakeholder groups:
1. Customers
2. Employees
3. Board members and senior management
4. Shareholders
5. Partners
6. Suppliers
The process
Firstly we conducted a preliminary desktop review, including a
peer analysis, an assessment of our current practices, processes
and policies, an industry benchmarking exercise and a customer
requirements analysis to map the significant ESG issues in our
industry.
Through this process we identified an initial list of 13 issues
that are of high importance and relevance to our industry and
business.
These issues are listed below, in no particular order of
importance:
-- Leadership and business ethics
-- Employee experience
-- Supply chain management
-- Material use and waste
-- Compliance and regulation
-- Diversity, equality and inclusion
-- Energy and climate impact
-- Data privacy and security
-- Environmental stewardship
-- Health and safety
-- Nurturing and developing talent
-- Digital capabilities
-- Community impact
The next step will be the prioritisation of a core set of issues
that will guide the development of our ESG strategy, with
associated goals and targets that will be communicated to our
stakeholders.
Consolidated statement of comprehensive income
For the year ended 31 January 2022
Note 2022 2021
GBP'000 GBP'000
----------------------------------------- ----- --------- ---------
Revenue 3 27,027 24,600
Cost of sales (13,078) (11,451)
----------------------------------------- ----- --------- ---------
Gross profit 13,949 13,149
Administrative expenses (13,534) (14,395)
----------------------------------------- ----- --------- ---------
415 (1,246)
Adjusted EBITDA * 4,182 3,632
Less: depreciation (198) (202)
Less: depreciation on right of
use asset 11 (989) (1,106)
Less: amortisation and impairment
of intangible assets 6 (2,254) (2,806)
Less: share-based payment charge (326) (272)
Less: strategic, integration
and other non-recurring items 4 - (492)
----------------------------------------- ----- --------- ---------
Operating profit/(loss) 415 (1,246)
Finance income 14 39
Finance costs (209) (226)
----------------------------------------- ----- --------- ---------
Net finance cost (195) (187)
Profit/(loss) before tax 220 (1,433)
Income tax (charge)/credit 5 (43) 308
Profit/(loss) for the year 177 (1,125)
Profit/(loss) for the year attributable
to:
Equity shareholders of the Parent 177 (1,125)
177 (1,125)
========================================= ===== ========= =========
Other comprehensive (expense)/income
Items that may subsequently be
reclassified to profit or loss:
Actuarial gains/(losses) arising
on defined benefit pension, net
of tax 113 (15)
Exchange differences arising
on translation of net assets
of foreign operations (246) 148
Other comprehensive (loss)/income
for the year, net of tax (133) 133
Total comprehensive gain/(loss)
for the year 44 (992)
----------------------------------------- ----- --------- ---------
Total comprehensive gain/(loss)
attributable to the
equity shareholders of the Parent 44 (992)
Note 2022 2021
GBP'000 GBP'000
Loss per ordinary share attributable
to the owners of the Parent during
the year (expressed in pence
per ordinary share):
Basic earnings/(loss) per share 15 0.2 (1.0)
Diluted earnings/(loss) per share 15 0.2 (1.0)
* Adjusted EBITDA is a company-specific measure which is calculated
as operating profit/(loss) before depreciation (including right
of use asset depreciation), amortisation and impairment of intangible
assets, share-based payment charge and strategic, integration,
and other non-recurring items (see note 4)
Consolidated statement of financial position
As at 31 January 2022
Note 2022 2021
GBP'000 GBP'000
-------------------------------------- ----- --------- ---------
Assets
Non-current assets
Intangible assets including goodwill 6 15,003 15,187
Property, plant and equipment 350 392
Right of use assets 11 1,747 2,694
Total non-current assets 17,100 18,273
-------------------------------------- ----- --------- ---------
Current assets
Trade and other receivables 7 12,271 10,890
Current income tax receivable 124 164
Cash and cash equivalents 8 5,623 7,278
Total current assets 18,018 18,332
-------------------------------------- ----- --------- ---------
Total assets 35,118 36,605
-------------------------------------- ----- --------- ---------
Liabilities
Current liabilities
Bank borrowings 9 (531) (470)
Trade and other payables 10 (13,284) (13,418)
Lease liabilities 11 (748) (925)
Deferred consideration 12 (340) -
Total current liabilities (14,903) (14,813)
-------------------------------------- ----- --------- ---------
Non-current liabilities
Bank borrowings 9 (1,861) (2,542)
Lease liabilities 11 (976) (1,743)
Deferred consideration 12 (27) (390)
Defined benefit pension obligation (1,276) (1,606)
Deferred tax 13 (970) (776)
Total non-current liabilities (5,110) (7,057)
-------------------------------------- ----- --------- ---------
Total liabilities (20,013) (21,870)
-------------------------------------- ----- --------- ---------
Net assets 15,105 14,735
====================================== ===== ========= =========
Share capital and reserves
Share capital 14 20,150 20,150
Share premium account 14 30,479 30,479
Own shares held 14 (303) (303)
Equity-settled employee benefits
reserve 3,930 3,604
Merger reserve 16,465 16,465
Reverse acquisition reserve (11,584) (11,584)
Currency translation reserve 86 332
Accumulated losses (43,641) (43,931)
Purchase of non-controlling interest
reserve (477) (477)
-------------------------------------- ----- --------- ---------
Total equity 15,105 14,735
====================================== ===== ========= =========
Consolidated statement of changes in equity
For the year Share Share Own Equity-settled Merger Reverse Currency Purchase of Accumulated Total
ended 31 capital premium shares employee reserve acquisition translation non-controlling losses equity
January 2022 account held benefits reserve reserve interest
GBP'000 reserve reserve
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Balance at 31
January 2020 20,150 30,479 (303) 3,332 16,465 (11,584) 184 (477) (42,791) 15,455
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Comprehensive
loss
Loss for the
year - - - - - - - - (1,125) (1,125)
Other
comprehensive
loss
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Actuarial
gains arising
on defined
benefit
pension - - - - - - - - (15) (15)
Exchange
differences
on
translating
foreign
operations - - - - - - 148 - - 148
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Total other
comprehensive
(loss)/income - - - - - - 148 - (15) 133
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Total
comprehensive
loss - - - - - - 148 - (1,140) (992)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Transactions
with owners
Recognition of
share-based
payment
expense - - - 272 - - - - - 272
- - - 272 - - - - - 272
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Balance at 31
January 2021 20,150 30,479 (303) 3,604 16,465 (11,584) 332 (477) (43,931) 14,735
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Comprehensive
profit/(loss)
Profit/(loss)
for the year - - - - - - - - 177 177
Other
comprehensive
profit/(loss)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Actuarial
gains arising
on defined
benefit
pension - - - - - - - - 113 113
Exchange
differences
on
translating
foreign
operations - - - - - - (246) - - (246)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Total other
comprehensive
(loss)/income - - - - - - (246) - 290 (133)
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Total
comprehensive
loss - - - - - - (246) - 290 44
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Transactions
with owners
Recognition of
share-based
payment
expense - - - 326 - - - - - 326
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
- - - 326 - - - - - 326
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Balance at 31
January 2022 20,150 30,479 (303) 3,930 16,465 (11,584) 86 (477) (43,641) 15,105
--------------- -------- -------- ------- --------------- -------- ------------ ------------ ---------------- ------------ --------
Consolidated statement of cash flows
For the year ended 31 January 2022
Note 2022 2021
GBP'000 GBP'000
Cash flows from operating activities
Cash generated from operations 8 (a) 2,497 3,983
Interest received 12 39
Interest paid (146) (218)
Tax paid (24) -
Tax received 200 484
--------------------------------------- ------
Net cash generated from operating
activities 2,539 4,288
--------------------------------------- ------ --------- ---------
Cash flows from investing activities
Purchase of property, plant and
equipment (164) (192)
Expenditure on development costs
and other intangibles 6 (2,449) (2,120)
Net cash used in investing activities (2,613) (2,312)
--------------------------------------- ------ --------- ---------
Cash flows from financing activities
New borrowings - 1,800
Repayment of borrowings (423) (146)
Repayment of lease obligations 11 (1,088) (1,069)
Payment of deferred consideration
on acquisition 12 - (585)
Net cash used in financing activities (1,511) -
--------------------------------------- ------ --------- ---------
Net (decrease)/increase in cash
and cash equivalents (1,585) 1,976
Cash and cash equivalents at start
of year 7,278 5,108
Effects of foreign exchange on
cash and cash equivalents (70) 194
--------------------------------------- ------ --------- ---------
Cash and cash equivalents at end
of year 8 (b) 5,623 7,278
======================================= ====== ========= =========
Notes to the financial statements
For the year ended 31 January 2022
1. Basis of preparation
The preliminary information of 1Spatial plc have been prepared
in accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006. The "requirements
of the Companies Act 2006" here means accounts being prepared in
accordance with "international accounting standards" as defined in
section 474(1) of that Act, as it applied immediately before IP
completion day (end of transition period), including where the
company also makes use of standards which have been adopted for use
within the United Kingdom in accordance with regulation 1(5) of the
International Accounting Standards and European Public Limited
Liability Company (Amendment etc.) (EU Exit) Regulations 2019. The
consolidated financial statements have been prepared under the
historical cost convention.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Group's accounting policies.
The results shown for the year ended 31 January 2022 and 31
January 2021 are audited. The consolidated financial information
contained in this announcement does not constitute statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts of the Company in respect of the financial
year ended 31 January 2022 were approved by the Board of directors
on 26 April 2022 and will be delivered to the Registrar of
Companies in due course. The report of the auditors on those
accounts was unqualified and did not contain an emphasis of matter
paragraph nor any statement under Section 498 of the Companies Act
2006.
2. Going concern
The Board used as its basis for the going concern review the
budget for the FY23 year, rolled out to 31 July 2023 using part of
its forecast for FY 2024, so that a full 12-month period from the
date of signing the FY22 Annual Report and Accounts is considered.
Due to the uncertainty from potential macro-economic impacts, in
addition to applying the normal sensitivities to cash flows, the
going concern review also included a reverse-stress test to
demonstrate that even if new business and renewals are severely
impacted by further pandemic lockdowns, or global knock-on impacts
from the war in Ukraine, the finances of the Group are in a robust
position.
The year ended 31 January 2022 saw a record year for new
business, including signing the two highest value contracts in the
Group's history, and there was a strong performance in all regions.
In addition, FY 2022 was a year of increased revenue, double-digit
growth in recurring revenue, and increased adjusted EBITDA*, with a
cash conversion of around 60%. Furthermore, ARR increased to
GBP13.4m and committed service revenue increased to GBP12.5m. We
have entered the new year with a record level of contracted future
revenue, a wide range of customers in stable industry segments of
Government, Utilities and Transport and growing proof of delivery
in all regions. This provides a solid financial foundation for the
achievement of the current year's revenue target.
The operating cash flow was positive but was impacted by working
capital requirements on larger projects and the decision to invest
in growing the business for the longer term. The Group started the
current financial year on 1 February 2022 with cash of GBP5.6m and
debt of GBP2.4m, giving net funds (before lease liabilities) of
GBP3.2m.
The growth of the pipeline of new business opportunities, and
accelerated win rate in recent months, provides the Board with
confidence that 1Spatial is on a path of further profitable growth.
The Board has concluded, after reviewing the work performed and
detailed above, that the Group has adequate resources to continue
in operation for at least 12 months from the date of approval of
the financial statements. Accordingly, they have adopted the going
concern basis in preparing these financial statements.
3. Segmental information
The chief operating decision-maker has been identified as the
Board of Directors, which makes the Group's strategic decisions.
The Group is now focused on developing and selling repeatable
solutions and recurring term licences globally, with associated
support services. As such, the Board considers that the Group
operates with only one segment and one CGU under one global
strategy and the results are accordingly presented as group results
only.
The following table provides an analysis of the Group's revenue
by type.
Revenue by type
2022 2021
GBP'000 GBP'000
Term licences 2,940 1,100
Support & maintenance - own 7,350 7,800
Support & maintenance - third party 1,890 1,700
Recurring revenue 12,180 10,600
Services 12,357 11,100
Perpetual licences - own 800 1,400
Perpetual licences - third party 1,690 1,500
Total revenue 27,027 24,600
The Group's operations are located in the United Kingdom, Europe
(Ireland, France and Belgium) the United States, Tunisia and
Australia. The following table provides an analysis of the Group's
revenue by geographical destination.
Revenue by region
2022 2021
GBP'000 GBP'000
UK 8,903 7,160
Europe 11,583 11,460
US 3,721 2,908
Rest of World 2,820 3,072
--------- ---------
Total revenue 27,027 24,600
--------- ---------
The Board assesses the performance of the Group based on a
measure of adjusted EBITDA. 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, and other non-recurring items (see note 4).
As these are non-GAAP measures, they should not be considered as
replacements for IFRS measures. The Group's definition of these
non-GAAP measures may not be comparable to other similarly titled
measures reported by other companies.
The following table provides an analysis of the Group's revenue
by country of domicile, split by whether the revenue is recognised
at a point in time or over time.
2022 2021
GBP'000 GBP'000
UK/Ireland 9,926 8,443
At a point in time 2,257 1,081
Over time 7,669 7,362
-------------------- --------- ---------
Europe 10,875 11,150
At a point in time 1,796 1,687
Over time 9,079 9,463
-------------------- --------- ---------
United States 3,721 2,908
At a point in time 1,286 987
Over time 2,435 1,921
-------------------- --------- ---------
Australia 2,505 2,099
At a point in time 1,040 742
Over time 1,465 1,357
-------------------- --------- ---------
27,027 24,600
==================== ========= =========
As at 31 January 2022, costs to obtain and fulfil a contract of
GBP169,000 were included in other receivables (2021: GBP197,000).
Amortisation of costs to obtain and fulfil a contract for the year
ended 31 January 2022 were GBP54,000 (2021: GBP109,000). The Group
has no significant concentration risk with no major customers
representing more than 10% of Group revenue. (2021: nil).
The Group has significant contract balances (both assets and
liabilities), which arise out of the ordinary course of its
operations. Contract assets include accrued income, which arises
where chargeable work is performed, and the revenue is recognised
based upon satisfaction of performance obligations in advance of
invoicing the client. This can arise because, particularly for some
larger projects, client invoicing may be in stages and linked to
project milestones. Once an invoice is raised then the related
accrued income will be reduced by the invoiced amount.
Significant contract liabilities arise when a client has been
invoiced annually in advance (for example, for annual support and
maintenance contracts) and the revenue is recognised on a monthly
basis over the year. In that case, the initial invoiced amount is
fully deferred and then released to the profit and loss over the
course of the contract.
The following table provides an analysis of the Group's
non-current assets by location.
2022 2021
GBP'000 GBP'000
UK/Ireland 6,800 6,772
Europe 7,645 8,741
United States 2,650 2,755
Rest of World 5 5
Total 17,100 18,273
=============== ========= =========
4. Strategic, integration and other non-recurring items
There were no charges for strategic, integration and other
non-recurring items, in the year .The following charges were
included in this category for the prior year:
2022 2021
GBP'000 GBP'000
Costs associated with the acquisition and integration
of Geomap-Imagis - 555
Net credits associated with the disposal of
Enables IT - (63)
Total - 492
======================================================= ========== =========
There was a cash impact in FY 2022 of GBP294,000 (2021:
GBP173,000) relating to the provision made in the prior year.
Amendments to Geomap-Imagis Share Purchase Agreement (SPA)
The final step in the integration of Geomap-Imagis ("G-I"),
which was acquired in May 2019, was completed in March 2021. As
part of the restructuring, two of the G-I founders and former
directors left the business and the parties amended the original
SPA as explained below.
Under the original terms, the Group agreed to pay the vendors
consideration, which included EUR1,166,999 to be satisfied by the
issue by 1Spatial of ordinary shares (the "Consideration
Shares").
Of the consideration to be satisfied by the issue of the
Consideration Shares, EUR726,459 was satisfied immediately upon
Completion, with the balance of EUR440,540 originally to be
satisfied on 30 March 2023 (the "Deferred Share Consideration
Amount"). Accordingly, on Completion the Company issued to the
vendors 1,902,686 new ordinary shares (the "Initial Consideration
Shares"), subject to a lock up obligation until 31 December
2021.
In connection with completion of the integration of G-I, the
Group entered into an Amendment Agreement with two GI founders and
former directors in March 2021 to amend the terms of the original
agreement primarily as follows:
-- Release 1,765,173 of the Initial Consideration Shares (the
"Released Shares") from the above-mentioned
lock up obligation; and
-- pay out in cash to certain of the vendors, at the earlier
date of 10 September 2022, EUR408,701 of the Deferred Share
Consideration Amount.
The balance of consideration EUR31,839 is to be issued in shares
on 30 March 2023.
5. Income tax charge/(credit)
2022 2021
GBP'000 GBP'000
Current tax
UK corporation tax on income for year (172) (187)
Foreign tax 40 73
Adjustments in respect of prior years (19) (268)
--------------------------------------------------- --------- ---------
Total current tax credit (151) (382)
--------------------------------------------------- --------- ---------
Deferred tax (note 13)
Origination and reversal in temporary differences 123 (111)
Effect of tax rate change on opening balance 71 11
Adjustments in respect of prior years - 174
Total deferred tax charge 194 74
--------------------------------------------------- --------- ---------
Total tax charge/(credit) 43 (308)
--------------------------------------------------- --------- ---------
Factors affecting the tax charge/(credit) for the year:
The differences between the standard rate of corporation tax in
the UK and the actual tax charge/(credit) are explained below:
2022 2021
GBP'000 GBP'000
Profit/(loss) on ordinary activities before tax 220 (1,433)
--------------------------------------------------- --------- ---------
Profit/(loss) on ordinary activities before tax
multiplied by the effective rate of corporation
tax in the UK of 19% (2021: 19%) 42 (272)
Effect of:
Expenses not deductible for tax purposes 55 22
Adjustment in respect of R&D tax credits (238) (191)
Effect of movement in deferred tax rate 71 27
Utilisation of losses not previously recognised
for tax purposes (348) (170)
Deferred tax not recognised on losses carried
forward 418 440
Adjustments in respect of prior years (19) (94)
Differences in tax rates applicable to overseas
subsidiaries 37 (70)
Other differences 25 -
Total credit for year 43 (308)
--------------------------------------------------- --------- ---------
The relevant deferred tax balances have been measured at 25% for
the current year-end, being the tax rate enacted by the reporting
date (2021: 19%).
A change to the UK corporation tax rate was substantively
enacted as part of the Finance No. 2 Bill 2021 (on 24 May 2021) to
increase the main rate of UK corporation tax to 25% with effect
from 1 April 2023. As such, the relevant deferred tax balances for
UK group companies have been measured at 25% for the current
year-end, being the tax rate enacted by the reporting date (2021:
19%) for temporary differences expected to reverse after 1 April
2023.
6. Intangible assets including goodwill
Goodwill Brands Customers Software Development Intellectual Total
and costs property
related
contracts
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 February
2021 17,447 464 4,764 6,757 19,285 72 48,789
Additions - - - 26 2,423 - 2,449
Effect of foreign
exchange (253) (14) (217) (209) (480) - (1,173)
------------------------
At 31 January
2022 17,194 450 4,547 6,574 21,228 72 50,065
------------------------ --------- --------- ----------- --------- ------------ ------------- ---------
Accumulated impairment
and amortisation
At 1 February
2021 11,548 252 3,641 4,696 13,454 11 33,602
Amortisation - 42 153 360 1,693 6 2,254
Effect of foreign
exchange (218) (3) (154) (98) (321) - (794)
At 31 January
2022 11,330 291 3,640 4,958 14,826 17 35,062
------------------------ --------- --------- ----------- --------- ------------ ------------- ---------
Net book amount
at
31 January 2022 5,864 159 907 1,616 6,402 55 15,003
======================== ========= ========= =========== ========= ============ ============= =========
Net book amount
at
31 January 2021 5,899 212 1,123 2,061 5,831 61 15,187
======================== ========= ========= =========== ========= ============ ============= =========
The net book amount of development costs includes GBP6,402,000
(2021: GBP5,831,000) internally generated capitalised software
development costs that meet the definition of an intangible asset.
The amortisation charge of GBP2,254,000 (2021: GBP2,806,000) is
included in the administrative expenses in the statement of
comprehensive income.
The key assumptions used in the value in use calculations were
the pre-tax discounts rate applied (13%) and growth assumptions.
Sales forecasts and their corresponding costs for the Group in
relation to the business applications for the five-year period
ending 31 January 2027 are forecast to increase by 9% p.a. overall.
No impairment is required as no individual asset has a higher
carrying value than its value in use.
Goodwill Brands Customers Software Development Website Intellectual Total
and costs costs property
related
contracts
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 February
2020 17,291 452 4,579 6,487 16,932 30 66 45,837
Additions - - - 75 2,039 - 6 2,120
Written-off - - - - - (30) (30)
Effect of foreign
exchange 156 12 185 195 314 - - 862
At 31 January
2021 17,447 464 4,764 6,757 19,285 - 72 48,789
---------------------
Accumulated
impairment
and amortisation
--------------------- --------- --------- ----------- --------- ------------ --------- ------------- ---------
At 1 February
2020 11,363 204 3,113 4,185 11,374 30 8 30,277
Amortisation - 47 422 445 1,889 - 3 2,806
Written-off - - - - - (30) - (30)
Effect of foreign
exchange 185 1 106 66 191 - - 549
At 31 January
2021 11,548 252 3,641 4,696 13,454 - 11 33,602
--------------------- --------- --------- ----------- --------- ------------ --------- ------------- ---------
Net book amount
at
31 January 2021 5,899 212 1,123 2,061 5,831 - 61 15,187
===================== ========= ========= =========== ========= ============ ========= ============= =========
Impairment tests for goodwill
Goodwill is assessed for the Group as a whole as the Group
operates with one segment and one CGU. The Group moved from two
CGUs to one in FY 2021 as the Group manages its operations under
one global strategy and the European acquisition in 2019 is now
fully integrated into the business. All aspects of the business are
focusing now on growing recurring revenue of repeatable solutions
using technology that will be deployed globally under a single
strategy. Products developed by regional development teams are
marketed globally.
2022 2021
Total Total
Goodwill GBP'000 GBP'000
Opening carrying value 5,899 5,928
Effect of foreign exchange (35) (29)
Closing carrying value 5,864 5,899
========= =========
Basis for calculation of recoverable amount
The Group has prepared, and formally approved, a five-year plan
for its CGU (based on a formal 2-year plan extended for three more
projected years). The detailed plan put together by the management
team and the Board makes estimates for revenue and gross profit
expectations. This is from both contracted and pipeline revenue
streams. It also takes account of historical success of winning new
work and has been prepared in accordance with IAS 36: 'Impairment
of Assets'.
The key assumptions used in the value in use calculations were
the pre-tax discount rates applied (13%) and the growth
assumptions. Growth in sales and corresponding costs for the
five-year period has been forecast at 9% and 7% per annum
respectively.
The rates used in the above assumptions are consistent with
management's knowledge of the industry and strategic plans going
forward. The assumptions noted above have been given in terms of
revenue and overhead percentage growth. For 2023 and subsequent
years, the assumption has been provided in terms of growth on the
prior year EBITDA. The terminal growth rate of 2% does not exceed
the long-term growth rate for the business in which the CGUs
operate. The discount rate used is pre-tax and reflect specific
risks relating to the Group. The forecasts are most sensitive to
changes in revenue and overhead assumptions (taken together as the
EBITDA). However, there are no major changes to the key assumptions
which would cause the goodwill to be impaired.
There would have to be a reduction in forecast EBITDA by 18% on
average for the five year-period ending 31 January 2027) for the
headroom to be removed.
7. Trade and other receivables
2022 2021
Current GBP'000 GBP'000
Trade receivables 4,895 5,607
Less: provision for impairment of trade receivables (25) (80)
----------------------------------------------------- --------- ---------
4,870 5,527
Other receivables 1,413 1,497
Prepayments and accrued income 5,988 3,866
12,271 10,890
----------------------------------------------------- --------- ---------
Below is a reconciliation of the movement in accrued income:
2022 2021
GBP'000 GBP'000
At 1 February 2021 2,950 2,613
Accrued revenue invoiced in the year (2,950) (2,613)
Revenue accrued in the year 5,188 2,847
Foreign exchange difference (113) 103
At 31 January 2022 5,075 2,950
-------------------------------------- --------- ---------
The fair value of the Group's trade receivables and other
receivables is the same as its book value stated above. No interest
is charged on overdue receivables.
At 31 January 2022, trade receivables of GBP3,653,000 (2021:
GBP3,541,000) were fully performing. Before accepting any new
customer, the Group assesses the potential customer's credit
quality and defines credit limits by customer.
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses using a lifetime expected credit loss
provision for trade receivables and contract assets. To measure
expected credit losses on a collective basis, trade receivables and
contract assets are grouped based on similar credit risk and aging.
The contract assets have similar risk characteristics to the trade
receivables for similar types of contracts. The expected credit
losses are based on the Group's historical credit losses which are
then adjusted for current and forward-looking information on
macroeconomic factors affecting the Group's customers. The Group
has identified gross domestic growth rates, unemployment rates and
inflation rates as the key macroeconomic factors in the countries
in which the Group operates.
At 31 January 2022, trade receivables of GBP1,242,000 (2021:
GBP1,986,000) were past due but not impaired. The ageing analysis
of these customers is set out below. There has been no change in
the credit quality of these balances; they relate to customers
where there is no history of default and are still considered fully
recoverable.
The ageing of these receivables is as follows:
2022 Weighted Impairment
GBP'000 average loss
loss allowance
rate GBP'000
Current 3,653 0.1% 3
Up to 3 months overdue 853 0.5% 4
3 to 6 months overdue 242 2.0% 5
6 to 12 months overdue 36 5.0% 2
> 12 months overdue 111 10.0% 11
------------------------
4,895 25
------------------------ --------- --------- -----------
2021 Weighted Impairment
GBP'000 average loss
loss allowance
rate GBP'000
Current 3,541 0.1% 4
Up to 3 months overdue 1,392 0.5% 7
3 to 6 months overdue 149 2.5% 4
6 to 12 months overdue 272 5.0% 14
> 12 months 253 20.0% 51
5,607 80
------------------------ --------- --------- -----------
As of 31 January 2022, trade receivables of GBP25,000 were
impaired (2021: GBP80,000) and provided for.
The trade receivables above include performance retentions on
long-term contracts.
8. Cash and cash equivalents and notes to the consolidated statement of cash flows
2022 2021
GBP'000 GBP'000
Cash at bank and in hand 5,623 7,278
5,623 7,278
-------------------------- --------- ---------
The fair value of the Group's cash and cash equivalents is the
same as its book value stated above.
Notes to the consolidated statement of cash flows
(a) Cash generated from operations
Note 2022 2021
GBP'000 GBP'000
-------------------------------------------- ------ --------- ---------
Profit/(loss) before tax 220 (1,433)
Adjustments for:
Finance income (14) (39)
Finance cost 209 226
Depreciation 1,187 1,308
Amortisation of acquired intangibles 561 917
Amortisation and impairment of development
costs 1,693 1,889
Share-based payment charge 326 272
Net foreign exchange movement 1 (34)
Increase in trade and other receivables (1,784) (655)
Increase in trade and other payables 206 1,446
(Decrease)/increase in defined benefit
pension obligation (108) 86
Cash generated from operations 2,497 3,983
==================================================== ========= =========
2022 2021
GBP'000 GBP'000
--------------------------------------- --------- ---------
Cash generated from operations before
strategic, integration and other
non-recurring items 2,791 4,156
Cash flow on strategic, integration
and other non-recurring items (294) (173)
Cash generated from operations 2,497 3,983
======================================== ========= =========
(b) Reconciliation of net cash flow to movement in net funds
2022 2021
GBP'000 GBP'000
---------------------------------------------- --------- ---------
(Decrease)/increase in cash in the year (1,585) 1,976
Changes resulting from cash flows (1,585) 1,976
Net cash inflow in respect of new borrowings - (1,800)
Net cash outflow in respect of borrowings
repaid 423 146
Effect of foreign exchange 127 57
Change in net funds (1,035) 379
Net funds at beginning of year 4,266 3,887
---------------------------------------------- --------- ---------
Net funds at end of year 3,231 4,266
============================================== ========= =========
Analysis of net funds
Cash and cash equivalents classified as:
Current assets 5,623 7,278
Bank loans (2,392) (3,012)
---------------------------------------------- --------- ---------
Net funds at end of year 3,231 4,266
============================================== ========= =========
Net funds is defined as cash and cash equivalents
net of bank loans.
c) Reconciliation of movement in liabilities
from financing activities
Bank borrowings Bank borrowings
and leases and leases
due within due after 1
1 year year Total
GBP'000 GBP'000 GBP'000
Total debt (including lease liabilities)
as at 1 February 2021 1,395 4,285 5,680
Borrowings at 1 February 2021 470 2,542 3,012
Repayment of borrowings (423) - (423)
Foreign exchange difference (47) (150) (197)
--------------- --------------- -------
Borrowings before transfer - 2,392 2,392
Transfer from due after 1 year
to due within 1 year 531 (531) -
--------------- --------------- -------
Borrowings as at 31 January 2022 531 1,861 2,392
--------------- --------------- -------
Lease liability at 1 February
2021 925 1,743 2,668
Cash movements:
Lease payments (1,088) - (1,088)
Non-cash movements:
Additions in the year 109 - 109
Interest cost 85 - 85
Foreign exchange difference (31) (19) (50)
--------------- --------------- -------
Lease liability before transfer - 1,724 1,724
Transfer from due after one year
to due within one year 748 (748) -
Lease liability as at 31 January
2022 748 976 1,724
--------------- --------------- -------
Total debt (including lease liabilities)
as at 31 January 2022 1,279 2,837 4,116
--------------- --------------- -------
9. Bank borrowings
2022 2021
GBP'000 GBP'000
Current bank borrowings 531 470
Non-current bank borrowings 1,861 2,542
2,392 3,012
----------------------------- --------- ---------
Bank borrowings relate to bank loans in 1Spatial France
totalling EUR2.87m (2021: EUR3.40m). Bank loan interest is charged
on a fixed rate basis with interest rates ranging between 0% and
3.1%, included the related guarantee costs.
The loans are due for repayment over a five-year period to FY
2028, with a broadly even repayment pattern with approximately
EUR0.6m (GBP0.5m) due for repayment in FY 2023. New borrowings in
the year amounted to nil (2021: GBP1.8m). There are no financial
covenants attached to the loans, nor is there any security applied.
All loans are denominated in EUR.
10. Trade and other payables
Current
2022 2021
GBP'000 GBP'000
Trade payables 2,227 1,736
Other taxation and social security 2,924 3,496
Other payables 534 852
Accrued liabilities 1,987 1,464
Deferred income 5,612 5,870
13,284 13,418
------------------------------------ --------- ---------
The Directors consider that the book value of trade payables,
taxation, other payables, accrued liabilities and deferred income
approximates to their fair value at the reporting date.
Below is a reconciliation of the movement in deferred
income:
2022 2021
GBP'000 GBP'000
At 1 February 2021 5,870 4,918
Revenue recognised in the year (5,870) (4,918)
Revenue deferred at year end 5,636 5,719
Foreign exchange difference (24) 151
At 31 January 2022 5,612 5,870
-------------------------------- --------- ---------
11. Leases
Right of use assets GBP'000
At 1 February 2021 2,694
Additions 109
Depreciation (989)
Foreign exchange difference (67)
At 31 January 2022 1,747
----------------------------- --------
2022 2021
GBP'000 GBP'000
Buildings 1,522 2,428
Cars 185 216
Others 40 50
1,747 2,694
----------- --------- ---------
Lease liabilities GBP'000
At 1 February 2021 2,668
Additions 109
Interest cost 85
Cash paid (1,088)
Foreign exchange difference (50)
At 31 January 2022 1,724
----------------------------- --------
2022 2021
GBP'000 GBP'000
Current 748 925
Non-current 976 1,743
1,724 2,668
------------- --------- ---------
Amounts recognised in profit or loss:
2022 2021
Depreciation charge of right of use assets GBP'000 GBP'000
Buildings 866 970
Cars 96 104
Others 27 32
989 1,106
-------------------------------------------- --------- ---------
12. Business combinations
On 7 May 2019, the Company entered into share purchase
agreements to acquire the entire issued share capital of
Geomap-Imagis Participations ("Geomap-Imagis") for a total
consideration of EUR7.0m (the "Consideration"). Full details of the
acquisition were provided in the Annual Report for the year ended
31 January 2020. As disclosed in note 4, there were some minor
changes to the terms of the Share Purchase agreement were amended.
As at 31 January 2022, a balance of EUR440,540 (GBP367,000)
Consideration Shares remained outstanding EUR0.4m to be satisfied
mainly in cash (GBP340,000) in September 2022, with the balance to
be issued in shares on 30 March 2023 to a market value of EUR31,839
(GBP27,000).
13. Deferred tax
The following are the major deferred tax liabilities and
(assets) recognised by the Group and movements thereon during the
current year and prior reporting years.
Other
Accelerated temporary
Tax losses tax depreciation Intangibles differences Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 January
2020 (615) - 1,476 (182) 679
Deferred tax (credit)/charge
for year in profit
or loss 53 - (121) 142 74
DT charge/(credit)
OCI - - - 5 5
Foreign exchange
difference - - - 18 18
At 31 January
2021 (562) - 1,355 (17) 776
Deferred tax charge
/(credit) for
year in profit
or loss 17 - 188 (11) 194
DT charge/(credit)
OCI - - - (25) (25)
Foreign exchange
difference - - - 25 25
------------------------------ ----------- ------------------ ------------ ------------- ---------
At 31 January
2022 (545) - 1,543 (28) 970
------------------------------ ----------- ------------------ ------------ ------------- ---------
Deferred income tax assets are recognised against tax loss
carry-forwards to the extent that the realisation of the related
tax benefit through future taxable benefits is probable. The Group
did not recognise potential deferred tax assets of GBP4,432,000
(2021: GBP4,018,000) in respect of losses amounting to
GBP17,930,000 (2021: GBP18,029,000) that can be carried forward
against future taxable income, on the grounds that at the balance
sheet date their utilisation is not considered probable.
The deferred tax balance is analysed as follows:
Deferred tax Deferred tax Total
asset liability GBP'000
GBP'000 GBP'000
Recoverable within 12 months - 301 301
Recoverable after 12 months - 1,242 1,242
Settled within 12 months (98) - (98)
Settled after 12 months (475) - (475)
------------------------------ ------------- ------------- ---------
(573) 1,543 970
------------------------------ ------------- ------------- ---------
14. Share capital, share premium account and own shares held
2022 2021
Allotted and fully paid Number Number
Ordinary shares of 10p each 110,805,795 110,805,795
Deferred shares of 4p each 226,699,878 226,699,878
Rights of shares
Ordinary shares
The ordinary shares all rank pari passu, have the right to participate
in dividends and other distributions made by the Company, and
to receive notice of, attend and vote at every general meeting
of the Company. On liquidation, ordinary shareholders are entitled
to participate in the assets available for distribution pro rata
to the amount credited as paid up on such shares (excluding any
premium).
Deferred shares
The deferred shares do not carry voting rights or a right to
receive a dividend. The holders of deferred shares will not have
the right to receive notice of any general meeting of the Company,
nor have any right to attend, speak or vote at any such meeting.
The deferred shares will also be incapable of transfer (other
than to the Company). In addition, holders of deferred shares
will only be entitled to a payment on a return of capital or
on a winding up of the Company after each of the holders of ordinary
shares has received a payment of GBP1,000,000 in respect of each
ordinary share. Accordingly, the deferred shares will have no
economic value. No application will be made for the deferred
shares to be admitted to trading on AIM nor to trading on any
other stock or investment exchange.
Voting Rights
1Spatial Plc has 110,805,795 ordinary shares of 10p in issue,
of which a total of 319,635 ordinary shares are held in treasury.
Therefore, the total number of ordinary shares with voting rights
is 110,486,160*.
* In addition, there are deferred consideration shares with an
approximate value of EUR0.03 million (EUR0.4m at 31 January 2021)
due to be issued in March 2023, in relation to the Geomap-Imagis
acquisition. See note 4.
Number Allotted, Share Own shares
of shares called premium held
up and account GBP'000
fully GBP'000
paid shares
GBP'000
At 31 January 2021 and at 31
January 2022 337,505,673 20,150 30,479 (303)
------------------------------ ------------ ------------- --------- -----------
There was no movement in share capital in the year.
Own shares
The Group has 319,635 ordinary shares of 10p each and 3,500,000
deferred shares with a nominal value of 4p each held in treasury.
The consideration paid was GBP0.3m.
15. Earnings/(loss) per ordinary share
Basic earnings/(loss) per share is calculated by dividing the
profit/(loss) attributable to equity holders of the Company by the
weighted average number of ordinary shares in issue during the
year.
2022 2021
GBP'000 GBP'000
Profit/(loss) attributable to equity shareholders
of the Parent 177 (1,125)
2022 2021
Number Number
000s 000s
Ordinary shares with voting rights 110,486 110,486
Deferred consideration payable in shares 58 1,394
-------------------------------------------------------- ------------------- -------------------
Basic weighted average number of ordinary
shares 110,544 111,880
-------------------------------------------------------- ------------------- -------------------
Impact of share options/LTIPS 4,008 -
-------------------------------------------------------- ------------------- -------------------
Diluted weighted average number of ordinary
shares 114,552 111,880
-------------------------------------------------------- ------------------- -------------------
2022 2021
Pence Pence
Basic earnings/(loss) per share 0.2 (1.0)
Diluted earnings/(loss) per share 0.2 (1.0)
There is no material difference between basic earnings per share
and diluted earnings per share.
For the year ended 31 January 2021, basic loss per share and
diluted loss per share are the same because the options are
anti-dilutive. Therefore, they have been excluded from the
calculation of diluted weighted average number of ordinary
shares.
16. Availability of annual report and financial statements
Copies of the Company's full annual report and financial
statements are expected to be posted to shareholders in due course
and, once posted, will also be made available to download from the
Company's website at www.1spatial.com .
1Spatial plc is registered in England and Wales with registered
number 5429800. The registered office is c/o Tennyson House,
Cambridge Business Park, Cambridge, Cambridgeshire, CB4 0WZ.
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END
FR FQLLLLZLEBBL
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