REG - 1Spatial Plc - Interim Results
14/10/2024 07:00
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RNS Number : 9673H 1Spatial Plc 14 October 2024
14 October 2024
1Spatial plc (AIM: SPA)
("1Spatial", the "Group" or the "Company")
Interim Results for the six-month period ended 31 July 2024 ("H1 2025")
Positive financial performance underpinned by achievement of significant
milestones
1Spatial, (AIM: SPA), a global leader in Location Master Data Management
(LMDM) software and solutions, is pleased to announce its interim results for
the six months ended 31 July 2024.
H1 2025 highlights
· Group revenue up 5% to £16.2m (H1 2024: £15.5m) driven by:
o 9% increase in recurring revenue to £8.9m (H1 2024: £8.2m), representing
55% of total revenue (H1 2024: 53%)
o 26% increase in Term Licences revenue to £4.3m (H1 2024: £3.4m), driven
by new business wins in the United States
· Group Annualised Recurring Revenue (ARR) growth of 7% with a Term Licence ARR
growth of 30%
· Group gross profit margin consistent at 52% with careful management of
inflationary cost increases
· Adjusted EBITDA increased 18% to £2.0m (H1 2024: £1.7m)
· Growing pipeline for 1Streetworks, with notification of an award of £1m
(subject to contract) with a County Council, post-period-end
· Strong new business and renewals pipeline provides the Board with confidence
in achieving results for FY 2025 in line with market expectations
Financial highlights
Half-year to 31 July 24 Half-year to 31 July 23
Change
£m £m %
Group revenue 16.2 15.5 +5
Recurring revenue 8.9 8.2 +9
Term licences revenue 4.3 3.4 +26
Group Total ARR 17.9 16.7 +7
Term licences ARR 8.5 6.6 +30
Group gross profit 8.5 8.0 +6
Group gross profit margin (%) 52.2 51.8 +0.4pp
Adjusted EBITDA 2.0 1.7 +18
Adjusted EBITDA margin (%) 12.3 11.0 +1.3pp
Operating profit/(loss) 0.1 (0.3) +120
(Loss)/profit before tax (0.2) (0.5) -60
(Loss)/earnings per share - basic and diluted (p) (0.2) (0.5) -60
Net (borrowings)/cash (0.9) 0.5 -280
Strategic highlights
Executing on the Group's 1Streetworks opportunity:
· Strengthened leadership team with the appointment of an
experienced Business Development Director.
· 1Spatial's flagship customer, UKPN, has successfully deployed
1Streetworks across multiple divisions. Working in partnership towards their
budget submission for 2025.
· 1Streetworks prospects continue to increase, driving pipeline
growth. Notification of an award of £1m (subject to contract) with a major
County Council, post-period-end.
Setting up the US organisation for further success:
· Expanded the Group's geographic footprint to 21 US States (from 18
in H1 2024), each with significant expansion opportunity.
· Recruited an NG9-1-1 subject matter expert to lead our strategic
expansion in the emergency services sector and position our SaaS solution as a
preferred choice within this critical market.
· Investment in the team with dedicated support for key accounts,
including the State of California.
· Secured strategic positions on multiple statewide frameworks.
Land and expand momentum including:
· UK Enterprise: Wins with Welsh Water through 1Spatial's partner, Enzen
Global, and inclusion in the Cabinet Office's Strategic Delivery Partner
ecosystem. Strengthened existing relationship with Yorkshire Water and secured
a contract renewal with HS2.
· US Enterprise: significant contracts with the Departments of
Transport in Virginia and Georgia, the Group's first utilities win with the
City of Irving through the Texas framework contract and key renewals for State
departments.
· Europe: new contracts secured with prominent French cities, the
French government and Belgian utilities.
· Australia: new contracts awarded by government departments, including
the Department of Energy, Environment, and Climate Action.
Outlook
· The second half has started well with a significant contract renewal
with a French government agency, a new customer win with the US Forest Service
and good progress on contract renewals.
· Notification of a £1m award (subject to contract) with a new
major County Council post-period-end.
· Committed services revenue at period end has increased by 37% to
£14.5m, up from £10.6m at H1 2024 following significant contract awards in
Europe.
· The Group has a substantial number of prospects across all
geographies, driving pipeline expansion within its target markets of
government, utilities, transport and street works.
· The Board remains confident in meeting market expectations for FY
2025.
Commenting on the results, 1Spatial CEO, Claire Milverton, said:
"We have enjoyed a positive first half of the year, successfully executing on
our key strategic initiatives. Notable achievements include the timely
deployment of 1Streetworks within UK Power Networks, strategic expansion into
new US states and sectors and strategic hires to set the business up for
further growth. Looking forward, our primary focus will be on accelerating the
momentum of our SaaS offerings, converting our expanding pipeline and further
penetrating the substantial US market. The notification of the award of a
second major 1Streetworks deal for £1m (subject to contract), coupled with a
growing NG9-1-1 pipeline, reinforces our confidence in continued progress
throughout the remainder of the year."
For further information, please contact:
1Spatial plc 01223 420 414
Claire Milverton / Stuart Ritchie
Panmure Liberum (Nomad and Broker) 020 3100 2000
Max Jones / Edward Mansfield / Anake Singh
Cavendish (Joint Broker) 020 7220 0500
Jonny Franklin-Adams / Edward Whiley / Rory Sale
Alma Strategic Communications 020 3405 0205
Caroline Forde / Hannah Campbell / Kinvara Verdon 1spatial@almastrategic.com
Alternative Performance Measures ('APMs')
The Group uses certain Alternative Performance Measures to enable the users of
the Group's financial statements to understand and evaluate the performance of
the Group consistently over different reporting periods. APMs are non-GAAP
company specific measures. As these are non-GAAP measures, they should not be
considered as replacements for IFRS measures. The Group's definition of
non-GAAP measures may not be comparable to other similarly titled measures
reported by other companies. A description of the measures set out above is
included below with a reconciliation to the closest GAAP measure included in
the notes to the consolidated condensed interim financial report.
APM Explanation of APM
Recurring Revenue (s) Recurring Revenue is the value of committed recurring contracts for term
licences and support & maintenance recorded in the year.
Annualised Recurring Revenue ("ARR") Annualised Recurring Revenue ("ARR") is the annualised value at the year-end
of committed recurring contracts for term licences and support &
maintenance.
Adjusted EBITDA 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.
Net cash/(borrowings) Net cash/(borrowings) is gross cash less bank borrowings.
About 1Spatial plc
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 and SaaS
offerings. Our solutions ensure data governance, facilitating the efficient,
effective and sustainable operation of customers around the world. 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. Our global clients
include national mapping and land management agencies, utility companies,
transportation organisations, government and defence departments.
We have two SaaS offerings for which we see considerable potential - NG9-1-1
and 1Streetworks. 1Streetworks automates the production of traffic management
plans, diversion routing and asset inventory lists in the UK, producing a
comprehensive, site-specific traffic management plan in just a few minutes.
Our Public Safety NG-9-1-1 solution combines a powerful rules engine and data
aggregator with a self-service cloud platform to support public safety
entities with their data readiness needs.
1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with operations in
the UK, Ireland, USA, France, Belgium, Tunisia, and Australia.
www.1spatial.com (http://www.1spatial.com)
Half-year review
We've had a positive first half of the year with good sales momentum,
increasing levels of recurring licence revenue, whilst continuing to execute
on our strategic priorities. The Group remains focused on expanding its US
operations and SaaS businesses, including 1Streetworks, by leveraging the
strength of its Enterprise business. During the period we have allocated
further investment into sales within our US and 1Streetworks operations and
the calibre of the team we are building positions us well for future success.
We are encouraged by the 26% growth in software term licence revenue in the
period, contributing to a 9% increase in recurring revenues and a steadily
improving gross margin, reflecting the increasing quality of revenue
generated. Our geographic diversification has proven to be a strategic
advantage, mitigating the impact of government contracting delays in the UK
through stronger performances in the US, Europe and Australia.
We have had a promising start to the second half of the year, securing
contract extensions, renewals and new contract wins, including receiving
notification of the award of a £1m contract for our 1Streetworks SaaS
offering (subject to contract), validating its market potential and driving
industry awareness. Continued progress with our flagship 1Streetworks
customer, UK Power Networks, coupled with new 1Streetworks trials and a
growing NG9-1-1 pipeline, positions us to build a significantly higher run
rate of recurring SaaS licence revenue.
The positive momentum generated in the second half, combined with our robust
order book of contracted revenue and H2 weighted term licence renewals and
service revenue, provides the Board with confidence in achieving a strong
performance in the second half of the year and meeting full year market
forecasts.
SaaS solutions
1Streetworks
We are pleased to have been notified, post period end, of the award of a
second major deal for 1Streetworks valued at £1m with a large County Council
(subject to contract).
Concurrently, we have made excellent progress with our flagship customer, UK
Power Networks. We have proven multiple benefits from the use of the system
including cost and time efficiencies, customer satisfaction and societal and
governmental impacts. The most significant KPI was a 40% reduction in road
closures. Our current engagement represents a small proportion of the total
opportunity within UKPN but provides the company sufficient data to support
the development of the budget submission for the upcoming financial year,
aligning with our anticipated growth from the account.
Several further trials of the software are underway across utilities and Tier
1 street works contractors, positioning us favourably to achieve our growth
targets.
We have expanded our 1Streetworks team, including the appointment of Steve
Hanks as Business Development Director, from 1 September 2024. Steve will lead
and develop a high-performing sales team to drive sales growth and capitalise
the substantial £400m market opportunity from low-speed roads.
We are committed to continuously enhancing the 1Streetworks platform through
the integration of valuable new data and features. Recent additions include
road-specific information, such as special designations and details
highlighting engineering difficulty. Additionally, the platform now allows
users to incorporate road traffic light diagrams which automates a previously
manual and time-consuming process. These enhancements have demonstrated the
platform's ability to improve the efficiency of works and reduce the risk of
job aborts through more accurate survey data. We will continue to introduce
enhancements to the platform based on customer feedback.
In September we were honoured to be nominated as finalists in two categories
of the Highways Magazine Industry Awards: Product of the Year and Best Use of
Technology for the Year. This recognition highlights our commitment to
innovation and collaboration with the street works ecosystem.
NG9-1-1
Our NG9-1-1 SaaS solution is designed to meet the NG9-1-1 data requirements of
the 23,000 cities and counties across the US. Given the scope of this
opportunity, we have adopted a partner-centric approach collaborating with
industry leaders such as Esri and other selected global systems integrators.
These strategic alliances are yielding a promising pipeline of opportunities,
enabling our team to concentrate on driving sales of the Enterprise NG9-1-1
solution at a State level.
We have been encouraged by progress made in recent months, driven in part by
the valuable contributions of our NG9-1-1 subject matter specialist, who
joined the team in May. Her extensive domain expertise and strong network of
contacts within the sector have been instrumental to our advancement.
The Federal Communications Commission ("FCC") recently established new federal
regulations which set the first-ever guidelines for telecommunications
providers transitioning to NG9-1-1. Effective 25 November 2024, upon receiving
a request from a 911 authority, providers will have six to 12 months to comply
with the requirements which involve substantial changes to the current
maintenance of 911 location and GIS data. 1Spatial's suite of solutions are
well-positioned to bridge this significant gap, offering support to state and
local 911 authorities as well as to the telecommunications providers to meet
these new data requirements.
Enterprise business expansion
US
The United States presents a substantial market opportunity for the Group,
driven by the exceptional quality of our product offering, our strong existing
customer relationships and the significant market size at both a State and
Federal level. The industry is actively seeking solutions like ours, providing
us with a competitive advantage across the sector. This is evidenced by the
United States being the most significant contributor to our ARR growth, with a
25% increase compared to the prior period.
We have strategically expanded our team in the United States, including the
addition of an NG9-1-1 specialist, an account executive for the West Coast
region and planned further additions to the sales team in the second half of
the year. Concurrently, we are strengthening our relationships with key
partners, such as Rizing Geospatial (a Wipro company), and consistently seeing
partner-sourced opportunities enter our pipeline.
Significant wins and renewals in the period:
· Secured positions on two additional frameworks, with the State of
Texas and State of Tennessee, in partnership with Rizing Geospatial. We now
have contracts or framework agreements with 21 US States, up from 18 at H1
2024. Each one provides expansion potential.
· Secured a contract with the City of Irving, via the Texas framework,
for the 1Spatial Utility Network application. This marks our first major
utilities customer in the US, a key focus sector for the Group given our
strength in utilities in other geographies.
· Acquired two new Departments of Transport (DOT) customers for the
automated traffic conflation solution, the State of Virginia and State of
Georgia, bringing our total number of DOT customers to 6.
· Renewed a two-year enterprise NG-9-1-1 contract with an existing
customer, the State of Minnesota.
· Secured a five-year contact with the US Forest Service post
period end.
UK
While growth in the UK has been tempered by restrictions on government
activity leading up to the general election in July, we have achieved notable
wins and expansion opportunities. We believe this momentum will translate into
accelerated growth in the second half the year.
We were delighted to welcome Nabil Lodey to the team, post period end, as
Managing Director for the UK and Ireland. Nabil will focus on building a
high-performing team to drive long-term, profitable growth. While investing
for growth, we remain committed to optimising our operational efficiency.
Following the successful rationalisation of our French operations in the
previous year, we have completed a similar process in the UK and anticipate
realising the benefits in the second half of the year.
Significant wins and renewals in the period:
· In the Utility Network migration space: our first engagement with
Welsh Water, through our partner Enzen Global and expanded our engagement with
Yorkshire Water.
· Secured a further one-year agreement with HS2 for our data management
software 1Integrate and 1Datagateway. This enables HS2 to pull together data
from their supply chain of contractors, to create a Digital Twin to plan,
build and eventually maintain the HS2 rail network in the UK.
· Continued our collaboration with Atkins Realis on the National
Underground Asset Register (NUAR). The platform has expanded significantly,
now incorporating data from over 200 asset owners and was recently won the
Digital Innovation in Productivity at the Digital Construction Awards,
highlighting the exceptional quality and impact of our work on this project.
· Continuation of work on a large government contract with Qinetiq
which, once delivered in 2025, will drive significant incremental ARR from
licences.
· We were selected by our long-standing partner CGI for inclusion in
the Cabinet Office Strategic Delivery Partner ecosystem. Alongside CGI, we
will be working with the Cabinet Office over a five-year period to deliver a
range of digital, data and technology services and products in support of
Cabinet Office Business Units.
Europe
The European business differs slightly from other parts of the Group,
specialising sales of software applications compatible with the Esri suite of
products such as 1Telecomms and 1Water. Having overcome a period of low
growth, the European business has achieved a 11% increase in revenue and
enhanced profitability. This growth was driven by successful contract
conversion and cost optimisation initiatives implemented in the previous year.
Two significant multi-year contracts secured with two large Belgian utilities
for €3m and €9m respectively that were announced in the previous year,
coupled with new wins in the first half of the year, provide a strong
foundation for sustained revenue growth in the second half and beyond. We are
confident in double-digit revenue growth this year and the sustained impact of
cost savings, combined with revenue increases, is expected to drive increased
profitability within this segment of the business.
During the first half, the Company secured the following contracts:
· A four-year renewal with the French Cadastre (French national
mapping agency)
· Two significant contracts with two new customers, Paris Est and
Hydracos, utilising our data services team in Tunisia
· Continued expansion on our 1Telecomm contract with Airbus and
additional work on our contracts with our Belgian utility customers
Australia
The Australian business achieved 23% increase in revenue compared to the same
period in the prior year, driven by increased services activity and contract
renewals at higher values. Notable renewals include the recent signing of a
three-year Enterprise License Agreement (ELA) with the Department of Energy,
Environment, and Climate Action (DEECA), and the extension of the 1Integrate
license to Hunter Water through the end of the half-year and beyond. Positive
feedback from this initial customer has enabled us to actively pursue
expansion opportunities within the sector.
Innovation
We implemented several enhancements to our products and solutions,
encompassing feature improvements and overall system improvements. A notable
achievement was the successful development of an ArcGIS Pro 'add-in', enabling
the seamless integration of 1DateGateway with the latest Esri platform. We
have received initial orders for this add-in, including from the US Forest
Service, and it will serve as a key enabling technology for the NG9-1-1 SaaS
offering and partnership strategy.
Within our core 1Integrate platform, we continued to enhance its functionality
and competitive strength, by introducing native support for CAD (Computer
Aided Design) file formats from Autodesk and Bentley. This enhancement
facilitates the integration of spatial data, CAD drawings, and non-spatial
data (e.g., CSV files). The Google REWS Facilities Management solution
leverages this improvement to effectively manage complex facilities data. The
NUAR project also benefits from 1Integrate's increased capability to transform
and ingest CAD data demonstrating its versatility in handling different data
formats.
ESG and People
We are pleased to report good progress on our ESG initiatives during the first
half of the year, prioritising employee well-being and sustainability. We have
identified a number of critical success factors to achieving our ambitious ESG
goals, with a strong focus on People and Culture. To foster community and
support our employees, we implemented initiatives such as hosting fireside
chats led by senior management.
During the period we revamped our 1Awards program, which recognises team
members who demonstrate and live the company's values. The awards will now
be given out at a dedicated global awards event and everyone from the company
will understand why the team member achieved success as well as celebrating
with them.
Over the next six months, we are hosting a number of sales and market events.
Instead of printing out certain collateral we will be donating the cost of
this to charities chosen by the team whilst also reducing our carbon
footprint. In addition, to further reduce our environmental impact and boost
employee engagement, we signed a contract for a new shared office space in the
UK with a smaller footprint, aligning with our hybrid working model.
In May, I was honoured to be named Business Leader of the Year at the
Geospatial World Forum Leadership Awards, which recognise individuals and
organisations driving remarkable innovation and positive societal impact. At
1Spatial, we are passionate about making the world safer, smarter and more
sustainable and I thank the incredible team we have at 1Spatial for their
unwavering efforts as we continue our growth journey.
Current trading and outlook
The second half has started positively with the securing of a second major
1Streetworks deal (subject to contract) valued at £1m, a major contract
renewal with a French government agency, a new customer win with the US Forest
Service and substantial progress on other significant expansion opportunities
and renewals. Given these factors, including the weighting of term licence
renewals and services revenue in H2, the Board remains confident in our
ability to meet market expectations for FY 2025.
Through the expansion of our offering, increasing collaboration with partners
and growing direct sales team, the Group now has a significant and varied new
business pipeline, across offerings, sectors and geographies.
Looking forward, our primary focus will be on accelerating the momentum of our
SaaS offerings, effectively converting our expanding pipeline and further
penetrating the substantial US market. The recent appointments of two
experienced sales leaders within our UK and Ireland enterprise business and
our 1Streetworks offering provide us with enhanced capabilities to capitalise
on our market opportunities. We look ahead with confidence.
Claire Milverton
Chief Executive Officer
Financial performance
Summary
The financial performance in the period reflects continued growth in recurring
revenues coupled with disciplined cost management. Enhanced sales capabilities
contributed to increased revenues with further investment in sales resource
planned to secure higher-value, long-term recurring contracts and pipeline
growth.
Revenue
Group revenue grew by 5% to £16.24m in H1 2025, up from £15.53m in the same
period last year. The Group's strategic focus is on transitioning to a
recurring revenue model, prioritising term licence sales from repeatable
business solutions over perpetual licences and services. The Group's execution
of this strategy has resulted in notable improvement in recurring revenue
increasing by 9% to £8.9m from £8.2m, now representing approximately 55% of
Group revenues (H1 2024: 53%). The revenue by type is shown below:
Revenue by type
H1 2025 H1 2024 % change
Recurring revenue (term licences, SaaS + S&M) 8.91 8.18 9%
Services 6.85 6.65 3%
Revenue (excluding perpetual licences) 15.76 14.83 6%
Perpetual licences 0.48 0.70 (31%)
Total revenue 16.24 15.53 5%
Growth in term licence ARR
While we primarily focus on growing term licenses for our proprietary
solutions, we also offer third-party products on a standalone basis or to
complement our own solution sales. In the twelve months ending 31 July 2024,
we achieved a 30% overall increase in the annualised value of term licenses,
with 1Spatial solutions contributing 33% to this growth, as illustrated in the
table below.
H1 2025 H1 2024 Growth
ARR for term licences - owned 6.67 5.01 33%
ARR for term licences - third party 1.87 1.55 21%
ARR for term licences - total 8.54 6.56 30%
Annualised Recurring Revenue
The Annualised Recurring Revenue ("ARR") increased by 7% from £16.65m at 31
July 2023 to £17.92m as at 31 July 2024. The growth rates varied by region as
shown in the table below, with the US growing at the fastest rate of 25%.
The overall renewal rate remains high at around 94%.
ARR by region
H1 2025 H1 2024 Growth
UK/Ireland 7.07 6.95 2%
Europe 5.80 5.56 4%
US 3.21 2.56 25%
Australia 1.84 1.58 16%
Total ARR 17.92 16.65 7%
Committed services revenue
Committed services revenue has increased by 37% to £14.5m, up from £10.6m at
H1 2024 following certain significant contract awards in Europe. This provides
strong revenue visibility.
The combination of expanding ARR, a backlog of committed services revenue and
a strong pipeline of prospects positions the business for continued progress
in achieving its revenue growth objectives. The Company's strategic focus on
developing and selling repeatable software solutions enhances revenue
visibility, enabling the Board to continue to invest with confidence.
Regional revenue
Revenue by region is shown in the table below:
Regional revenue
H1 2025 H1 2024 Growth % Growth % (constant fx)
UK/Ireland 5.86 6.37 (8%) (8%)
Europe 5.69 5.12 11% 14%
US 2.53 2.29 10% 13%
Australia 2.16 1.75 23% 28%
16.24 15.53 5% 6%
We are pleased to report a 5% increase in revenue driven by double-digit
growth in Europe, the US and Australia following significant contract wins in
the previous year. While the UK region experienced a decline of 8% compared to
the prior year, we anticipate continued growth in all regions through
increased sales of higher-margin, proprietary technology sold under term
license agreements.
Gross profit margin
Despite inflationary increases, we maintained a gross profit margin of 52.2%
(H1 FY24: 51.8%) through strategic increases to subscription pricing and
charge-out rates.
Cost management continues to be a key priority. While the business is making
planned investments to support future revenue growth, the management team
continue to focus on driving improvements to gross margin levels through sale
of higher-margin term licences.
Adjusted EBITDA
Adjusted EBITDA increased by 18% to £2.0m from £1.7m in the prior period,
with EBITDA margin higher than the prior period at 12.3% (H1 2024: 11.0%). The
increase in gross profit contribution compared to last year was partially
offset by the continued investment in our sales resource. As a sales-led
organisation, targeted investment in people is critical to ensure that we
achieve our strategic sales objectives, and we will continue to invest to
execute our strategy. The second half of the year is expected to see a higher
EBITDA contribution due to a larger proportion of term licence renewals and
increased revenue from significant European projects. Our expanded sales teams
will be well-positioned to drive sales of our SaaS products in the second
half.
Operating profit/(loss)
The Group recorded an operating profit of £0.1m representing an improvement
from the £0.3m loss incurred in the previous year. Increased Adjusted EBITDA
in the current period was offset primarily by a higher amortisation charge on
the 1Streetworks product.
Taxation
The tax charge for the period was £0.1m (H1 2024: £0.1m).
Balance sheet
The Group's net assets increased to £18.2m at 31 July 2024 (H1 2024:
£16.7m). The primary driver of this increase was a rise in intangible assets
to £20.5m (H1 2024: £18.5m). This growth was primarily due to increased
R&D investments during the second half of last year. Following the
successful launch of the 1Streetworks product, R&D spending has been
significantly reduced since the end of FY 2024. The rationalisation of our
product portfolio, largely completed after the European reorganisation last
year, is expected to result in a decrease in R&D spending on an annual
basis compared to the previous full year.
Cash flow
As at 31 July 2024, the Group had net borrowings of £0.9m. This represents a
decline from a net cash position of £1.1m on 31 January 2024, and £0.5m on
31 July 2023. Although net cash has decreased by £2.0m since 31 January 2024,
cash inflows of £0.6m in the second half of fiscal year 2024 mitigated the
overall cash outflow to £1.4m for the past twelve months.
The main components of the cash flows in the first half of the year are
attributable to the following movements:
· Cash generated from operations increased to £1.3m in the first
half of 2024, up from £0.7m in the same period last year. This was primarily
driven by higher EBITDA and favourable working capital movements due to the
timing of payments and receipts.
· Expenditure on software, product development, and intellectual
property amounted to £2.1m for the first half of the year compared to £2.6m
for the same period last year. This decrease is attributable to the effect of
the European R&D restructure last year together with the completion of the
core 1Streetworks product. While we continue to invest in product development,
we expect lower capitalised R&D spending in the current year due to
product rationalisation completed.
· Expenditure on PPE, lease payments and net tax payments remained
broadly consistent with last year at approximately £0.6m while interest paid
increased to £0.2m due to the drawn RCF.
· In H1 FY 2025, a contract with a major European customer
necessitated the deposit of £0.4m in escrow. This amount is scheduled to be
repaid in instalments throughout the contract term, with a full refund
anticipated by the end of FY 2028.
The first six months are typically cash-consumptive due to the timing of
renewals and investments in research and development. Conversely, cash
generation in the second half is positively impacted by the concentration of
renewals in the fourth quarter. As a result, we anticipate free cash inflows
in H2 consistent with previous years.
Free cash flow H1 2025 H1 2024
£'000 £'000
Cash generated from operations 1,259 683
Expenditure on software, product development and intellectual property (2,096) (2,565)
capitalised
Lease payments (391) (384)
Purchase of property, plant and equipment (133) (35)
Net interest paid (228) (138)
Net tax paid (34) (59)
Bank guarantee (385) -
Free cash flow (2,008) (2,498)
Financing
The Group maintains a £5.4m Revolving Credit Facility to support its working
capital needs. The secured facility, renewed in May 2024, has a three-year
commitment period and is priced on competitive terms. As at 31 July 2024,
£3.0m was drawn from the facility. The Group forecast for H2 assumes a net
cash inflow in the second half of the year consistent with previous periods.
Condensed consolidated statement of comprehensive income
Six months ended 31 July 2024
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 July 2024 31 July 2023 31 January 2024
Note £'000 £'000 £'000
Revenue 4 16,246 15,537 32,315
Cost of sales (7,759) (7,496) (14,389)
Gross profit 8,487 8,041 17,926
Administrative expenses (8,421) (8,359) (16,514)
66 (318) 1,412
Adjusted EBITDA 3 2,009 1,686 5,479
Less: depreciation (71) (86) (180)
Less: depreciation on right of use asset (342) (394) (787)
Less: amortisation and impairment of intangible assets 8 (1,484) (1,120) (2,440)
Less: share-based payment charge (46) (14) 33
Less: strategic, integration and other non-recurring items - (390) (693)
Operating profit/(loss) 66 (318) 1,412
Finance income 9 9 52
Finance cost (237) (147) (407)
Net finance cost (228) (138) (355)
(Loss)/profit before tax (162) (456) 1,057
Income tax (charge)/credit 5 (34) (59) 123
(Loss)/profit for the period (196) (515) 1,180
Other comprehensive income
Items that may subsequently be reclassified to profit or loss:
Actuarial gains/(losses) arising on defined benefit pension, net of tax - - (43)
Exchange differences on translating foreign operations (70) (189) (196)
Other comprehensive (loss)/income for the period, net of tax (70) (189) (239)
Total comprehensive (loss)/gain for the period attributable to the equity (266) (704) 941
shareholders of the Parent
(Loss)/profit per ordinary share from continuing operations attributable to
the equity shareholders of the Parent during the period (expressed in pence
per ordinary share):
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 July 2024 31 July 2023 31 January 2024
Basic (loss)/earnings per share 6 (0.2) (0.5) 1.1
Diluted (loss)/earnings per share 6 (0.2) (0.5) 1.0
Condensed consolidated statement of financial position
As at 31 July 2024
Unaudited Audited Unaudited
As at As at As at
31 July 2024 31 January 2024 31 July 2023
Note £'000 £'000 £'000
Assets
Non-current assets
Intangible assets including goodwill 8 20,451 19,951 18,531
Property, plant and equipment 257 192 265
Right-of-use assets 1,003 1,306 1,621
Restricted cash 460 75 -
Total non-current assets 22,171 21,524 20,417
Current assets
Trade and other receivables 9 12,556 12,770 12,322
Current income tax receivable - - 44
Cash and cash equivalents 10 3,111 4,260 3,250
Total current assets 15,667 17,030 15,616
Total assets 37,838 38,554 36,033
Liabilities
Current liabilities
Bank borrowings 10 (319) (647) (1,745)
Trade and other payables 11 (12,992) (14,004) (13,196)
Current income tax payable (25) (99)
Lease liabilities (363) (584) (523)
Total current liabilities (13,699) (15,334) (15,464)
Non-current liabilities
Bank borrowings 10 (3,647) (2,534) (962)
Lease liabilities (737) (820) (1,178)
Defined benefit pension obligation (1,238) (1,222) (1,178)
Deferred tax (337) (337) (547)
Total non-current liabilities (5,959) (4,913) (3,865)
Total liabilities (19,658) (20,247) (19,329)
Net assets 18,180 18,307 16,704
Share capital and reserves
Share capital 12 20,179 20,155 20,161
Share premium account 30,577 30,508 30,497
Own shares held (14) (14) (28)
Equity-settled employee benefits reserve 4,135 4,089 4,136
Merger reserve 16,465 16,465 16,465
Reverse acquisition reserve (11,584) (11,584) (11,584)
Currency translation reserve 235 305 312
Accumulated losses (41,336) (41,140) (42,778)
Purchase of non-controlling interest reserves (477) (477) (477)
Equity attributable to shareholders of the Parent company 18,180 18,307 16,704
Total equity 18,180 18,307 16,704
Condensed consolidated statement of changes in equity
Period ended 31 July 2024
Share capital Share premium Own shares held Equity-settled employee benefits reserve Merger reserve Reverse acquisition reserve Currency translation reserve Purchase of non-controlling interest reserve Accumulated losses
account
£'000 Total
equity
Balance at 31 January 2023 (Audited) 20,155 30,488 (139) 4,122 16,465 (11,584) 501 (477) (42,180) 17,351
Comprehensive income/(loss)
Profit for the year - - - - - - - - 1,180 1,180
Other comprehensive income/(loss)
Actuarial gains arising on defined benefit pension - - - - - - - - (43) (43)
Exchange differences on translating foreign operations - - - - - - (196) - - (133)
Total other comprehensive (loss)/income - - - - - - (196) - (43) (176)
Total comprehensive (loss)/income - - - - - - (196) - 1,054 921
Transactions with owners recognised directly in equity
Recognition of share-based payments - - - (33) - - - - - (33)
Issue of shares held in treasury (including exercise of share options) - 20 125 - - - - - (97) 48
- 20 125 (33) - - - - (97) 15
20,155 30,508 (14) 4,089 16,465 (11,584) 305 (477) (41,140) 18,307
Balance at 31 January 2024 (Audited)
Comprehensive income/(loss)
Profit for the period - - - - - - - - (196) (196)
Other comprehensive income
Exchange differences on translating foreign operations - - - - - - (70) - - (70)
Total other comprehensive (loss)/income - - - - - - (70) - (196) (269)
Total comprehensive (loss)/income - - - - - - (70) - (196) (269)
Transactions with owners recognised directly in equity
Recognition of share-based payments - - - 46 - - - - - 46
Issue of share capital 24 69 93
24 69 - 46 - - (70) - (196) (130)
20,179 30,577 (14) 4,135 16,465 (11,584) 235 (477) (41,336) 18,180
Balance at 31 July 2024 (Unaudited)
Share capital Share premium Own shares held Equity-settled employee benefits reserve Merger reserve Reverse acquisition reserve Currency translation reserve Accumulated losses
account
£'000 Purchase of non-controlling interest reserve Total
equity
Balance at 31 January 2023 (Audited) 20,155 30,488 (139) 4,122 16,465 (11,584) 501 (477) (42,180) 17,351
Comprehensive loss
Profit for the period - - - - - - - - (515) (515)
Other comprehensive (loss)/income
Exchange differences on translating foreign operations - - - - - - (189) - - (189)
Total other comprehensive (loss)/income - - - - - - (189) - (515) (704)
Total comprehensive (loss)/income - - - - - - (189) - (515) (704)
Transactions with owners recognised directly in equity
Recognition of share-based payments - - - 14 - - - - - 14
Issue of share capital 6 9 15
Transfer of treasury shares 111 (83) 28
6 9 - 14 - - (189) - (515) (648)
20,161 30,497 (28) 4,136 16,465 (11,584) 312 (477) (42,778) 16,704
Balance at 31 July 2023 (Unaudited)
Condensed consolidated statement of cash flows
Period ended 31 July 2024
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 July 2024 31 July 2023 31 January 2024
Note £'000 £'000 £'000
Cash flows from operating activities
Cash generated from operations 10 1,259 683 4,674
Interest received 9 9 52
Interest paid (237) (147) (407)
Tax paid (34) (59) (35)
Tax received - - 175
Restricted cash (385) - (75)
Net cash from operating activities 612 486 4,384
Cash flows from investing activities
Purchase of property, plant and equipment (133) (35) (67)
Expenditure on product development and intellectual property capitalised (2,096) (2,565) (5,295)
Net cash used in investing activities (2,230) (2,600) (5,362)
Cash flows from financing activities
Proceeds from loans and borrowings 1,120 1,100 1,900
Repayment of loans and borrowings (318) (313) (639)
Repayment of lease obligations (391) (384) (904)
Payment of deferred consideration on acquisition - (27) -
Net proceeds from share issue 93 16 19
Net cash used in financing activities 504 392 376
Net decrease in cash and cash equivalents (1,114) (1,722) (602)
Cash and cash equivalents at start of period 4,260 5,036 5,036
(35) (64) (174)
Effects of foreign exchange on cash and cash equivalents
Cash and cash equivalents at end of period 10 3,111 3,250 4,260
Notes to the Interim Financial Statements
1. Principal activity
1Spatial plc is a public limited company which is listed on the AIM London
Stock Exchange and is incorporated and domiciled in the UK. The address of
the registered office is Tennyson House, Cambridge Business Park, Cowley Road,
Cambridge, CB4 0WZ. The registered number of the Company is 5429800.
The principal activity of the Group is the development and sale of software
along with related consultancy and support.
2. Basis of preparation
This condensed consolidated interim financial report for the half-year
reporting period ended 31 July 2024 has been prepared in accordance with UK
adopted IAS 34 Interim Financial Reporting. The interim report does not
include all the information required for a complete set of IFRS financial
statements. Accordingly, this report is to be read in conjunction with the
annual report for the year ended 31 January 2024 and any public announcements
made by 1Spatial Plc during the interim reporting period. The annual financial
statements of the Group were prepared in accordance UK adopted international
accounting standards.
The accounting policies adopted in the preparation of the interim financial
statements are consistent with those followed in the preparation of the
Group's consolidated financial statements as at and for the year ended 31
January 2024.The Group has not early adopted any standard, interpretation or
amendment that has been issued but is not yet effective.
Several amendments and interpretations apply for the first time in 2024, but
do not have a material impact on the interim financial statements of the
Group.
The financial information for the six months ended 31 July 2024 and 31 July
2023 is neither audited nor reviewed and does not constitute statutory
financial statements within the meaning of section 434(3) of the Companies Act
2006 for 1Spatial plc or for any of the entities comprising the 1Spatial
Group. Statutory financial statements for the preceding financial year ended
31 January 2024 were filed with the Registrar and included an unqualified
auditors' report.
After making enquiries, the Directors have a reasonable expectation that the
Company and the Group have adequate resources to continue in operational
existence for the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the half-yearly condensed consolidated
financial statements.
These interim financial statements were authorised for issue by the Company's
Board of Directors on 11 October 2024.
3. Alternative Performance Measures ('APMs')
The Group uses certain Alternative Performance Measures to enable the users of
the Group's financial statements to understand and evaluate the performance of
the Group consistently over different reporting periods. APMs are non-GAAP
company specific measures. As these are non-GAAP measures, they should not be
considered as a replacements for IFRS measures. The Group's definition of
non-GAAP measures may not be comparable to other similarly titled measures
reported by other companies. A description of the measures set out above is
included below with a reconciliation to the closest GAAP measure included in
the notes to the consolidated condensed interim financial report.
APM Explanation of APM
Recurring Revenue (s) Recurring Revenue is the value of committed recurring contracts for term
licences and support & maintenance recorded in the year.
Annualised Recurring Revenue ("ARR") Annualised Recurring Revenue ("ARR") is the annualised value at the year-end
of committed recurring contracts for term licences and support &
maintenance.
Adjusted EBITDA 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.
Operating cashflow Operating cashflow is a company-specific measure which is calculated as cash
generated from operations excluding cash flow on strategic, integration and
other non-recurring items.
Free cashflow 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.
But excludes lease liabilities.
Net cash/(borrowings) Net cash/(borrowings) is gross cash less bank borrowings.
Recurring Revenue H1 2025 H1 2024 FY2024
Total Revenue 16,246 15,537 32,315
Adjustments:
Services (6,851) (6,653) (12,935)
Perpetual Licences - own (51) (188) (397)
Perpetual Licences - third party (436) (508) (876)
Recurring Revenue 8,908 8,188 18,107
Annualised Recurring Revenue H1 2025 H1 2024 FY2024
Recurring Revenue 8,908 8,188 18,107
Adjustments:
Timing differences on Net New Revenue in period 9,014 8,457 (1,643)
Annualised Recurring Revenue 17,922 16,645 16,899
Adjusted EBITDA H1 2025 H1 2024 FY2024
(Loss)/profit before tax (162) (456) 1,057
Adjustments:
Depreciation 413 480 967
Amortisation and impairment of intangible assets 1,484 1,120 2,440
Share-based payment charge 46 14 (33)
Strategic, integration and other one-off items - 390 693
Net finance cost 228 138 355
Adjusted EBITDA 2,009 1,686 5,479
Operating Cashflow H1 2025 H1 2024 FY2024
Cash generated from operations 1,259 683 4,674
Adjustments:
Cash flow on strategic, integration and other non-recurring items - 516 667
Cash generated from operations before strategic, integration and other 1,259 1,199 5,341
non-recurring items
Free cash flow H1 2025 H1 2024 FY2024
Cash generated from operations before strategic, integration and other 1,259 1,199 5,341
non-recurring items
Adjustments:
Net interest paid (228) (138) (355)
Net tax (paid)/received (34) (59) 140
Expenditure on product development and intellectual property capitalised (2,096) (2,565) (5,295)
Purchase of property, plant and equipment (133) (35) (67)
Lease payments (391) (384) (904)
Free cash flow before strategic, integration and other non-recurring items (1,623) (1,982) (1,140)
Cash flow on strategic, integration and other non-recurring items - (516) (667)
Free cash flow (1,623) (2,498) (1,807)
Net Cash H1 2025 H1 2024 FY2024
Cash and cash equivalents 3,111 3,250 4,260
Adjustments:
Bank Borrowings - current (319) (1,745) (647)
Bank Borrowings - non-current (3,647) (962) (2,534)
Net Borrowings/(cash) (855) 543 1,079
4. Revenue
The following table provides an analysis of the Group's revenue by type:
Revenue by type
H1 2025 H1 2024
£000 £000
SaaS Solutions 0.52 0.09 477%
Term licences - own 2.62 2.45 7%
Term licences - third party 1.15 0.90 27%
SaaS and Term licences - total 4.29 3.44 25%
Support & maintenance 4.62 4.74 (3%)
Recurring revenue 8.91 8.18 9%
Services 6.85 6.65 3%
Perpetual licences - own 0.05 0.19 (73%)
Perpetual licences - third party 0.43 0.51 (14%)
Perpetual licences - total 0.48 0.70 (30%)
Total revenue 16.24 15.53 5%
Percentage of recurring revenue 55% 53%
5. Taxation
The tax charge on the result for the six months ended 31 July 2024 is based on
the estimated tax rates in the jurisdictions in which the Group operates for
the year ending 31 January 2025.
6. (Loss)/earnings per share
Basic (loss)/earnings per share is calculated by dividing the (loss)/profit
attributable to equity holders of the Company by the weighted average number
of ordinary shares in issue during the period.
Unaudited Unaudited Audited
Six months ended Six months ended
31 July 2024 31 July 2023 Year ended
31 January 2024
£'000 £'000 £'000
(Loss)/profit attributable to equity holders of the Parent (196) (515) 1,180
Number Number Number
000s 000s 000s
Ordinary shares with voting rights 110,889 110,829 110,860
Deferred consideration payable in shares - - -
Basic weighted average number of ordinary shares 110,859 110,859 110,860
Impact of share options/LTIPs 4,569 3,264 1,842
Diluted weighted average number of ordinary shares 115,459 114,123 112,702
Unaudited Unaudited Audited
Six months ended Six months ended
31 July 2024 31 July 2023 Year ended
31 January 2024
Pence Pence Pence
Basic (loss)/earnings per share (0.2) (0.5) 1.1
Diluted (loss)/earnings per share (0.2) (0.5) 1.0
There is no material difference between basic earnings per share and diluted
earnings per share.
7. Dividends
No dividend is proposed for the six months ended 31 July 2024 (31 January
2024: nil; 31 July 2023: nil).
8. Intangible assets including goodwill
Goodwill Brands Customers and related contracts Software Development costs Intellectual property Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost
At 1 February 2024 17,449 455 4,630 6,695 30,508 83 59,820
Additions - - - 23 2,096 - 2,119
Effect of foreign exchange (91) (3) (44) (43) (175) - (356)
At 31 July 2024 17,358 452 4,586 6,675 32,429 83 61,583
Accumulated impairment and amortisation
At 1 February 2024 11,409 338 3,997 5,465 18,631 29 39,869
Amortisation - 11 74 114 1,283 2 1,484
Effect of foreign exchange (44) (1) (36) (30) (110) - (221)
At 31 July 2024 11,365 348 4,035 5,549 19,804 31 41,132
Net book amount at 5,993 104 551 1,126 12,625 52 20,451
31 July 2024
Goodwill Brands Customers and related contracts Software Development costs Intellectual property Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost
At 1 February 2023 17,672 462 4,738 6,799 25,597 72 55,340
Additions - - - 383 2,172 10 2,565
Effect of foreign exchange (233) (6) (93) (97) (316) - (745)
At 31 July 2023 17,439 456 4,645 7,085 27,453 82 57,160
Accumulated impairment and amortisation
At 1 February 2023 11,517 318 3,933 5,294 16,847 23 37,932
Amortisation - 11 76 116 914 3 1,120
Effect of foreign exchange 93 2 73 52 203 - 423
At 31 July 2023 11,424 327 3,936 5,358 17,558 26 38,629
Net book amount at 6,015 129 709 1,348 10,274 56 18,531
31 July 2023
Goodwill Brands Customers and related contracts Software Development costs Intellectual property Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost
At 1 February 2023 17,672 462 4,738 6,799 25,597 72 55,340
Additions - - - 1 5,283 11 5,295
Effect of foreign exchange (223) (7) (108) (105) (372) - (815)
At 31 January 2024 17,449 455 4,630 6,695 30,508 83 59,820
Accumulated impairment and amortisation
At 1 February 2023 11,517 318 3,933 5,294 16,847 23 37,932
Amortisation - 23 151 237 2,023 6 2,440
Effect of foreign exchange (108) (3) (87) (66) (239) - (503)
At 31 January 2024 11,409 338 3,997 5,465 18,631 29 39,869
Net book amount at 6,040 117 633 1,230 11,877 54 19,951
31 January 2024
Net book amount at 6,155 144 805 1,505 8,750 49 17,408
31 January 2023
9. Trade and other receivables
As at As at As at
31 July 2024 31 January 2024 31 July 2023
Current £'000 £'000 £'000
Trade receivables 3,892 4,423 4,173
Less: provision for impairment of trade receivables (19) (19) (22)
3,873 4,404 4,151
Other receivables 1,403 1,338 1,747
Prepayments and accrued income 7,280 7,028 6,424
12,556 12,770 12,322
10. Notes to the condensed consolidated statement of cash flows
a) Cash used in operations
Unaudited Unaudited Audited
Six months ended Six months ended
31 July 2024 31 July 2023 Year ended
31 January 2024
£'000 £'000 £'000
Profit/(loss) before tax (162) (456) 1,057
Adjustments for:
Net finance cost 228 138 355
Depreciation 413 480 967
Amortisation of acquired intangibles 192 206 391
Amortisation and impairment of development costs 1,292 914 2,049
Share-based payment charge 46 14 (33)
Decrease/(increase) in trade and other receivables 98 1,580 1,196
(Decrease)/increase in trade and other payables (882) (2,226) (1,314)
Increase/(decrease) in defined benefit pension obligation 34 33 6
Net foreign exchange movement - - -
Cash from operations 1,259 683 4,674
b) Reconciliation of net cash flow to movement in net funds
Unaudited Unaudited Audited
As at As at As at 31 January 2024
31 July 2024 31 July 2023
£'000 £'000 £'000
Decrease in cash in the period (1,113) (1,722) (602)
Changes resulting from cash flows (1,113) (1,722) (602)
Net cash inflow in respect of new borrowings (1,120) (1,100) (1,900)
Net cash outflow in respect of borrowings repaid 318 313 639
Effect of foreign exchange (19) (2) (112)
Change in net funds (1,934) (2,511) (1,975)
Net funds at beginning of period 1,079 3,054 3,054
Net funds at end of period (855) 543 1,079
Analysis of net funds
Cash and cash equivalents classified as:
Current assets 3,111 3,250 4,260
Bank and other loans (3,966) (2,707) (3,181)
Net funds at end of period (855) 543 1,079
Net funds is defined as cash and cash equivalents net of bank loans.
11. Trade and other payables
As at As at As at
31 July 2024 31 January 2024 31 July 2023
Current £'000 £'000 £'000
Trade payables 3,392 2,788 2,760
Other taxation and social security 2,846 2,907 2,671
Other payables 387 364 410
Accrued liabilities 1,087 1,071 1,307
Deferred income 5,279 6,874 6,048
12,992 14,004 13,196
12. Share capital
As at As at As at
31 July 2024 31 January 2024 31 July 2023
£'000 £'000 £'000
Allotted, called up and fully paid
111,197,329 (H1 FY 2025: FY 2024: 110,859,545) ordinary shares of 10p each 11,211 11,087 11,093
226,699,878 (H1 FY 2025 and FY 2024: 226,699,878) deferred shares of 4p each 9,068 9,068 9,068
20,179 20,155 20,161
There are 111,197,329 ordinary shares of 10p in issue, of which 15,399
ordinary shares are held in treasury. Consequently, the total number of voting
rights is 111,181,930.
The deferred shares of 4p each do not carry voting rights or a right to
receive a dividend. Accordingly, the deferred shares will have no economic
value.
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