1Spatial Plc – SPA – Final Results

1Spatial Plc – SPA – Final Results

 1Spatial, a global leader in providing Location Master Data Management (LMDM) software and solutions, is pleased to announce 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)




31 January 2020

31 January 2019









Adjusted* EBITDA




Adjusted* EBITDA before the impact of IFRS 16 'Leases'**




Operating loss




Loss after tax




Revenue on a like-for-like ("LFL") basis

Existing Solutions




Existing GIS




Acquisition (9 months)


Total revenue




* Adjusted for strategic, integration, other irregular items and the share-based payment charge

** Refer to reconciliation in CFO review, Results section

*** The prior year included £0.6m of revenue that did not recur in the year ended 31 January 2020 as 1Spatial Inc. no longer qualified as a Women-Owned Business. On a like-for-like basis, core existing Solutions revenue is therefore up £1.4m, or 12%

Group operational highlights

·      Successful acquisition of Geomap-Imagis for a total consideration of €7m in May 2019, immediately earnings enhancing and strategically important; integration is progressing well, including first cross-sale of 1Integrate

·      New customer wins in all geographies, including a pilot project with the GLA in the UK, five State Departments of Transportation in the USA, Greater Reims and SFR, the second largest telecoms operator, in France and The Bureau of Meteorology in Australia

·      Land and expand strategy driving continued expansion of existing customer engagements, including Northern Gas Networks in the UK, Google and the California Department of Transport in the USA, and a large French water utility company

·      Increased R&D investment, with multiple new business applications in development and the launch post year-end of our cloud-portal, 1Data Gateway

·      Continued customer wins post year end, including a multi-year contract with one of the HS2 suppliers in the UK for 1Data Gateway and a four-year framework agreement with Seine Grands Lacs (the Seine River Management Agency) in Paris and contract expansions with a number of existing customers

Current Trading & Outlook

·      The Group has responded swiftly to COVID-19, moving to remote working across all operations and supporting customers remotely

·      Trading in the new financial year has been in line with management's expectations, with all existing customer implementations and contracts progressing to plan and newly secured contracts progressing as anticipated

·      The sales pipeline is healthy; however, as decision-making is likely to be protracted in the current environment and the timing of new sales hard to predict, the Group is withdrawing market guidance for the current financial year until such time as visibility improves

·      The Group has increased its access to funding from corporate lenders by £1.8m (with a further £0.3m expected to be secured in June 2020) as a precautionary measure to provide extra comfort

·      The Group benefits from a diverse customer base, with little exposure to the sectors currently most severely impacted by COVID-19 and across multiple geographies, 41% of revenues are recurring in nature and the Group has a strong order book of contracted future revenue

·      The Board is confident the Group has the resources to withstand the current challenging environment and is on the right track to deliver sustainable growth at scale in the medium to longer-term.

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."

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