1Spatial, 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 2021.
Gross margin (%)
Adjusted EBITDA* margin (%)
Loss before tax
Loss per share - basic and diluted (p)
Operating cash generated
Free cash flow**
Group financial highlights
· Recurring Revenue up 10% to £10.6m (FY20: £9.6m) and 43% of total revenue (FY20: 41%)
· Annualised Recurring Revenue ("ARR") *** up 10% to £11.2m (FY20: £10.2m)
· Operating cash generated increased by 596% to £4.0m (FY20: £0.6m)
· Gross cash at year-end up £2.2m to £7.3m (FY20: £5.1m)
· Net cash at year-end of £4.3m (FY20: £3.9m)
*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, 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.
*** Annualised Recurring Revenue is the annualised value at the year-end of committed recurring contracts for licences and support & maintenance
Group operational highlights
· Robust response to Covid-pandemic with successful remote working for all employees and continued interaction with customers and prospects
· Completed integration of Geomap-Imagis acquisition
· New customer wins in all regions, including multi-year contracts with the State of Michigan (US), Environment Agency (UK), US Geological Survey (US), Seine Grand Lacs (France), the State of California's Office of Emergency Services (US)
· 29% revenue growth in the US
· Land and expand strategy driving revenue growth from existing customers, including Northern Gas Networks (UK), Google and a large French water utility company
· Award of first Esri Network Utility Model migration in the UK
· Continued R&D investment in innovative solutions with successful release of cloud-based 1Data Gateway solution
· Progress on partner strategy with prestigious partner award from Esri and a new partnership engagement with Ordnance Survey
Current trading & Outlook
· Trading in the current financial year has been in line with management's expectations
· Key contracts signed in FY 2022 include the Energy Networks Association, Ordnance Survey, Rural Payments Agency and Google
· The pipeline of sales opportunities and committed revenue in all regions is significantly stronger than a year ago
Commenting on the results, 1Spatial CEO, Claire Milverton, said: "We entered FY21 in a considerably improved financial and strategic position, following the successful conclusion of the three-year turnaround plan and were set for a year of growth. While the emergence of the Coronavirus in early 2020 re-shaped the year for us, we are proud of how our teams responded and of the results delivered, achieving growth in all our key financial metrics, winning new customers in all of our regions and bringing new offerings to market.
"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 new digital transformation strategies. The positive market environment is translating into a growing sales pipeline of opportunities across new and existing customers, both direct and through our partners.
"While the Board remains aware of the need to manage potential risks arising from the Covid-19 pandemic, the strength of trading in the first two months of the year, increase in committed revenue and depth of the sales pipeline and positive market landscape provide the Board with confidence in a successful year of growth ahead and exciting long-term future for 1Spatial."