1Spatial revenue to exceed £24m for the year

1Spatial (AIM:SPA) announced on Monday that it expects to post better than forecasted financial results for the second half of the company’s trading year.

The Location Master Data Management (LMDM) software and solutions company expects its yearly revenue will exceed £24m, up from £23.4m the previous year. Recurring revenue is also forecasted to have increased on the year, along with committed revenue and longer-term contracts.

Adjusted EBITDA is expected to be in excess of £3.2m.

The AIM-listed company has improved its cash performance, with net cash increasing to £4.3m, up from £3.9m the previous year. The increase in net cash is after payment of deferred consideration of €0.7m (£0.6m), and the result of a strongly positive operating cash flow and a positive free cash flow for the full year. 

1Spaitial’s share price is up by 1.79% to 34.1p on Monday’s mid-morning trading.

1Spatial expects to continue its progress in the coming year, while remaining cautious over how the pandemic continues to unfold.

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

“I am delighted to report such a solid set of numbers and significantly improved cash performance against the challenging backdrop of the global pandemic. Our expertise in the cleansing and management of location data means we sit right at the heart of changes across multiple sectors.”

“Whether that be in helping governments and energy providers prepare to meet the green agenda, supporting the investment in infrastructure upgrades as the world’s economies prepare for post-COVID recovery, or implementing digital transformation strategies. We closed the year strongly and look to the future with increasing confidence,” Milverton continued.