("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.

	Group revenue increased 8% to £32.3 million, resulting in an annual increase of 15% in gross profit.
	Recurring revenue accounts for 56% of total revenues (FY 2023: 49%) driven by year-on year term licence revenue growth of 60%
	We launched our SaaS businesses in the period with £0.2 million of revenue generated from initial trials
	Annualised recurring revenue (‘ARR’) increased by 9% to £17.2 million
	Operating profit grew to approximately £1.4 million (FY 2023: £1.3 million) despite the increases in inflationary costs

Financial highlights

	31 January 2024 £m	31 January 2023 £m	Change   %
Group revenue	32.3	30.0	8
Recurring revenue	18.1	14.8	22
Term licences revenue	8.3	5.2	60
SaaS solutions revenue	0.2	-	100
Group total ARR*	17.2	15.8	9
Term licences ARR	7.7	5.6	38
Group gross profit	17.9	15.5	15
Adjusted EBITDA**	5.5	5.0	10
Adjusted EBITDA margin (%)	17.0	16.7	0.3
Operating profit	1.4	1.3	8
Profit before tax	1.1	1.0	10
Earnings per share – basic (p)	1.1	1.0	10
Earnings per share – diluted (p)	1.0	0.9	11
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

	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.
		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
		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
		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
	Continued R&D investment in innovative solutions - launching two high-margin SaaS solutions, NG-9-1-1 and 1Streetworks, both targeting sizeable niche markets
	1Streetworks contract secured in February 2024 with UK Power Networks, with the opportunity to expand
	Five NG-9-1-1 SaaS contracts secured

 

Outlook

	There has been a solid start to trading in the current financial year with a growing sales pipeline and two significant framework agreements secured, with the State of Texas and UK Cabinet Office
	Anticipate growing contribution in FY 2025 and beyond from 1Streetworks and NG-9-1-1 SaaS sales, which represent a significant avenue for margin growth and cash generation
	Measured additional investment in FY 2025 in US Enterprise and 1Streetworks sales teams, where we see considerable opportunity, based on our proven offerings and established customer relationships
	While cognisant of inflationary cost pressures, the Board remains confident in delivering further progress in FY 2025 with a further growth step up in FY 2026 as the Company benefits from the current ongoing investment

Commenting on the update, 1Spatial CEO, Claire Milverton, said:

“The Group’s financial performance this Year demonstrates the successful progress we are making towards transitioning to a high margin, recurring software licence business. Our strategic investments in product development across both the Enterprise and SaaS divisions are yielding positive results and unlocking new markets, providing excitement for the future. We will continue toâ�¯invest in our US Enterprise and 1Streetworks sales teams to capture what we believe toâ�¯be a considerable long-term growthâ�¯opportunity.

We have had a solid start to trading in the new financial year. With a growing sales pipeline and increased levels of recurring revenue, the Board is confident in delivering further progress in FY 2025.”

For further information, please contact:

1Spatial plc	01223 420 414
Claire Milverton / Stuart Ritchie
Liberum (Nomad and Broker)	020 3100 2000
Max Jones / Edward Mansfield / Anake Singh
Alma Strategic	020 3405 0205
Caroline Forde / Hannah Campbell	Email Contact

1Spatial plc's LEI Number is: 213800VG7OZYQES6PN67

About 1Spatial plc

1Spatial plc is a global leader in providing Location Master Data Management (‘LMDM’) software and solutions, primarily to the Government, Utilities and Transport sectors. Our global clients include national mapping and land management agencies, utility companies, transportation organisations, government and defence departments.

Today - as location data from smartphones, the Internet of Things and great lakes of commercial Big Data increasingly drive commercial decision-making - our technology drives efficiency and provides organisations with confidence in the data they use.

We unlock the value of location data by bringing together our people, innovative solutions, industry knowledge and our extensive customer base.  We are striving to make the world more sustainable, safer and smarter for the future. We believe the answers to achieving these goals are held in data. Our 1Spatial Location Master Data Management (LMDM) platform incorporating our 1Integrate rules engine delivers powerful data solutions and focused business applications on-premise, on-mobile and in the cloud. This ensures data is current, complete, and consistent through the use of automated processes and always based on the highest quality information available.

1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with operations in the UK, Ireland, USA, France, Belgium, Tunisia and Australia.

For more information visit  www.1spatial.com

Press Contact

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