Final results for the year ended 31 January 2021
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.
Highlights
|
31 January 2021 £m |
31 January 2020 £m |
Change % |
|
|
Revenue |
24.6 |
23.4 |
+5 |
|
Gross margin (%) |
53 |
52 |
+1pp |
|
Adjusted EBITDA* |
3.6 |
3.2 |
+12 |
|
Adjusted EBITDA* margin (%) |
14.8 |
13.8 |
+1.0pp |
|
Operating loss |
(1.2) |
(1.5) |
-19 |
|
Loss before tax |
(1.4) |
(1.7) |
-17 |
|
Loss per share – basic and diluted (p) |
(1.0) |
(1.4) |
-29 |
|
Operating cash generated |
4.0 |
0.6 |
+596 |
|
Free cash flow** |
0.9 |
(2.4) |
n/a |
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
