REG - 1Spatial Plc - Trading Update and Notice of Results

1SpatialAnnouncement

11/03/2024 07:00

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RNS Number : 2470G  1Spatial Plc  11 March 2024

11 March 2024

 

1Spatial plc

("1Spatial", the "Group" or the "Company")

 

Trading Update

and Notice of Results

 

1Spatial, a global leader in Location Master Data Management ("LMDM") software
and solutions, is pleased to provide an update on trading for the financial
year ended 31 January 2024 ("FY2024").

 

Based on the unaudited financial results, the Group expects to report
significant progress against key financial metrics, providing a strong
platform for further growth in future years.

 

Total revenue for the year is expected to be no less than £32.1m (FY2023:
£30.0m) with approximately 55% (FY2023: 50%) represented by recurring
revenue. Within recurring revenues, software term licence revenue has
increased by approximately 70% to £8.7m (FY23: £5.2m) with double digit
growth across the UK, US and Australia.

 

Despite the impact of inflationary cost increases, adjusted EBITDA is expected
to be no less than £5.5m (FY2023: £5.0m) and reported profit before tax not
less than £1.0m (FY2023: £1.0m), reflecting increased finance costs due to
the high interest rate environment and certain exceptional charges relating to
the restructuring.

 

The Group's net cash was £1.1m at 31 January 2024 (£3.1m at 31 January
2023), reflecting the increased investment into the business, targeted
restructuring activities and timing of certain working capital flows, which
have reversed since year end.

 

Outlook

 

We ended the year with significant momentum, successfully closing a number of
high value, multi-year contracts across all territories. These agreements
provide a strong foundation for the sustained growth of our Enterprise
operations in FY25.

 

The Group continues to invest in its SaaS based solutions, notably
1Streetworks in the UK alongside NG911 in the US. Trials for both these
products have progressed well over the last 12 months, resulting in the first
12-month licence for 1Streetworks with UK Power Networks and five annual NG911
SaaS licences.

 

Building on the success of the first customer use case, the Company plans to
invest in the expansion of the 1Streetworks sales and marketing teams. This
investment will accelerate conversion of the substantial opportunities
identified over the past year. For the NG911 SaaS application, the Company is
exploring a partner-led go to market strategy to accelerate the growth. This
will provide wider market coverage of this key market.

 

With a healthy sales pipeline, strong order book and increased recurring
revenues, the Board is confident that the progress made over the past year is
set to continue.

Notice of Results

 

The Company expects to announce audited final results for the year ended 31
January 2024 on 24 April 2024.

 

Notice of 1Streetworks investor webinar

 

1Spatial will be hosting a virtual insight session and Q&A for investors
and sell-side analysts at 3pm on Tuesday, 12 March 2024. The event will cover
the 1Streetworks solution, how it can revolutionise complex street works
planning, and the significant addressable market opportunity.

 

If you wish to attend, please register by emailing 1spatial@almastrategic.com.

 

For those unable to attend on the day, a recording of the webinar will be made
available on 1Spatial's website shortly after the event
at https://1spatial.com/investors/reports-and-presentations/
(https://1spatial.com/investors/reports-and-presentations) .

 

 

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

 

"We had a great year with our enterprise business, gaining more customers and
sales worldwide. Our recurring revenue grew, setting us up for long-term
success. Our new SaaS products are a game-changer for our financial
performance and I am proud of the 1Streetworks deal with UK Power Networks, a
leading utility company. With our strong enterprise business and profitable
SaaS solutions, we are ready to grow and succeed in the market."

 

 

For further information, please contact:

 

 1Spatial plc                                01223 420 414
 Claire Milverton / Stuart Ritchie

 Liberum (Nomad and Broker)                  020 3100 2000
 Max Jones / Edward Mansfield / Anake Singh

 Alma Strategic Communications               020 3405 0205
 Caroline Forde / Hannah Campbell            1spatial@almastrategic.com

 

1Spatial plc's LEI Number is: 213800VG7OZYQES6PN67

 

About 1Spatial plc

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

 

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

 

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

 

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

 

For more information visit www.1spatial.com

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