1Spatial, a global leader in providing Location Master Data Management (LMDM) software and solutions, announced audited final results for the year ended 31 January 2020.
Group financial highlights
• Revenue up 33% to £23.4m (FY19: £17.6m)
o £5.8m contribution from Geomap-Imagis (“GI”), acquired in May 2019
o Organic Solutions revenue up 7% to £13.1m and on a LFL basis*** up 12% to £13.1m
o Managed decline of existing GIS revenue to £4.5m (FY19: £5.3m)
• Recurring revenue grew by 30% to £9.6m representing 41% of Group revenue (FY19: £7.4m, 42%), marginally lower as a proportion of total revenue due to GI’s lower proportion of recurring revenues
o Solutions organic recurring revenue up 13% to £5.2m (FY19: £4.6m)
o Embarked on a switch from perpetual to subscription or term licencing, in order to increase revenue visibility
• Adjusted* EBITDA up 167% at £3.2m (FY19: £1.2m) of which £1m due to change in accounting for leases (IFRS 16)
• Adjusted* EBITDA margin increased from 6.8% in FY19 to 9.4% on a like-for-like basis in FY20 before the impact of IFRS 16
• Operating loss reduced to £1.5m (FY19: £1.6m)
• Overall loss for the year including discontinued operations reduced to £1.5m (FY19: £1.7m)
• Operating cash inflows (before strategic, integration and other irregular items, interest and tax) increased to £0.8m (FY19: £0.5m)
• Cash and cash equivalents at year-end of £5.1m (FY19: £6.4m)
• Cash and cash equivalents net of loans at year-end of £3.9m (FY19: £6.4m)
Commenting on the results, 1Spatial CEO, Claire Milverton said:
“This has been a year of strategic delivery and progress at 1Spatial, marking the successful completion of our three-year turnaround strategy and placing the Group on a strong footing to capitalise on the growing demand for usable location-based data in our target industries and geographic markets. The year has seen good growth in our customer base, demonstrating the strength of our offering and providing the opportunity for additional expansion of these relationships in the year ahead.
“As we transition to a repeatable solutions provider, seeking to unlock the value in location data, the potential to scale 1Spatial through our technical innovation is clear. Key initiatives for the year ahead will be to build a sales pipeline for our LMDM solutions, continue to invest in innovation and explore further partner opportunities to expand our market reach.
“We have a substantial order book of contracted future revenue, a wide range of customers in stable industry segments and a strong balance sheet. While the timing of new sales is hard to predict in the current environment, we are confident we have the resources to withstand the current challenges and are on the right track to deliver sustainable growth at scale in the medium to longer-term.”