(" 1Spatial", the " Group" or the " Company")
Final results for the year ended 31 January 2024
1Spatial, (AIM: SPA), 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 2024.
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Group revenue increased 8% to £32.3 million, resulting in an annual increase of 15% in gross profit. |
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Recurring revenue accounts for 56% of total revenues (FY 2023: 49%) driven by year-on year term licence revenue growth of 60% |
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We launched our SaaS businesses in the period with £0.2 million of revenue generated from initial trials |
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Annualised recurring revenue (‘ARR’) increased by 9% to £17.2 million |
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Operating profit grew to approximately £1.4 million (FY 2023: £1.3 million) despite the increases in inflationary costs |
Financial highlights
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31 January 2024 £m |
31 January 2023 £m |
Change
% |
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Group revenue |
32.3 |
30.0 |
8 |
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Recurring revenue |
18.1 |
14.8 |
22 |
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Term licences revenue |
8.3 |
5.2 |
60 |
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SaaS solutions revenue |
0.2 |
- |
100 |
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Group total ARR* |
17.2 |
15.8 |
9 |
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Term licences ARR |
7.7 |
5.6 |
38 |
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Group gross profit |
17.9 |
15.5 |
15 |
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Adjusted EBITDA** |
5.5 |
5.0 |
10 |
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Adjusted EBITDA margin (%) |
17.0 |
16.7 |
0.3 |
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Operating profit |
1.4 |
1.3 |
8 |
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Profit before tax |
1.1 |
1.0 |
10 |
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Earnings per share – basic (p) |
1.1 |
1.0 |
10 |
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Earnings per share – diluted (p) |
1.0 |
0.9 |
11 |
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Net cash*** |
1.1 |
3.1 |
(65) |
* Annualised recurring revenue (‘ARR’) is the annualised value at the year-end of committed recurring contracts for term licences and support and maintenance.
** Adjusted EBITDA is a company-specific measure which is calculated as operating profit/(loss) before depreciation (including right of use asset depreciation), amortisation and impairment of intangible assets, share-based payment charge and strategic, integration, and other non-recurring items.
*** Net cash is gross cash less bank borrowings.
Operational highlights
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Our Enterprise business secured multi-year contracts across all of our key geographies, demonstrating the quality of our products and the strength of our customer relationships. |
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The UK increased its footprint across the utilities sector, secured multi-year contract renewals with key customers and developed the collaboration with UK government agencies and strategic partners |
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The US continues to represent a significant opportunity for the Group. We now partner with 18 US states, following the addition of the State of Oregon in the year, and continue to develop expansion opportunities with existing customers |
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Europe has completed its transition from declining legacy software, winning considerable contracts at the end of the year, positioning the region for growth in FY 2025 |
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Continued R&D investment in innovative solutions - launching two high-margin SaaS solutions, NG-9-1-1 and 1Streetworks, both targeting sizeable niche markets |
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1Streetworks contract secured in February 2024 with UK Power Networks, with the opportunity to expand |
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Five NG-9-1-1 SaaS contracts secured |
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