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1Spatial

LN: SPA

Market Cap£46.4m

Last Close 42p

1Spatial’s core technology validates, rectifies and enhances customers’ geospatial data. The combination of its software and advisory services reduces the need for costly manual checking and correcting of data.

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Investment summary

Soon after reporting two large multiyear contract wins, 1Spatial’s H122 results did not disappoint. Headline revenue grew 8% y-o-y to £12.6m, with all global regions contributing, while adjusted EBITDA was up 10% to £1.8m, with relatively steady margins. We have raised our FY22 and FY23 revenue and earnings forecasts to reflect these recent contracts and trends from H122 performance. We remain encouraged by the long-term potential of the geospatial market, recent contract momentum and growth of recurring higher margin license revenue, and see scope for further acceleration.

Y/E Jan	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2020A	23.4	3.2	0.8	0.58	72.4	80.9
2021A	24.6	3.6	0.2	0.17	247.1	12.1
2022E	26.0	3.8	0.4	0.31	135.5	12.1
2023E	28.5	4.5	0.9	0.80	52.5	10.3

Industry outlook

The GIS industry is large and growing. P&S Market Research estimates the total market size at US$7.5bn in 2019 and should grow at 12.1%, reaching US$13.3bn by 2024.

Last updated on 14/10/2021

Content on 1Spatial

1Spatial – H122 results complement recent contract wins

TMT | Update | 29 September 2021

<img alt="new-york-city-1030778_1920 (1)" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/new-york-city-1030778_1920-1-1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img alt="new-york-city-1030778_1920 (1)" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/new-york-city-1030778_1920-1-1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2018/07/new-york-city-1030778_1920-1-1-300x200.jpg" alt="new-york-city-1030778_1920 (1)">

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1Spatial – Another big UK contract win for 1Spatial

TMT | Flash note | 27 September 2021

<img alt="new-york-city-1030778_1920 (1)" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/new-york-city-1030778_1920-1-1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img alt="new-york-city-1030778_1920 (1)" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/new-york-city-1030778_1920-1-1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2018/07/new-york-city-1030778_1920-1-1-300x200.jpg" alt="new-york-city-1030778_1920 (1)">

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1Spatial – 1Spatial wins strategic UK government contract

TMT | Update | 13 September 2021

<img alt="new-york-city-1030778_1920 (1)" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/new-york-city-1030778_1920-1-1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img alt="new-york-city-1030778_1920 (1)" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/new-york-city-1030778_1920-1-1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2018/07/new-york-city-1030778_1920-1-1-300x200.jpg" alt="new-york-city-1030778_1920 (1)">

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<img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2021/09/Ken-M-002-1-100x100.jpg" alt="">

Kenneth Mestemacher

<img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2018/07/Dan-R-2-100x100.png" alt="Dan Ridsdale 2, Edison">

Dan Ridsdale 2, Edison

Dan Ridsdale

Managing director, technology and platform

Sector
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Share price graph

Balance sheet
Forecast net cash (£m)	4.6
Forecast gearing ratio (%)	N/A

Price performance

%

1m

3m

12m

Actual	(3.5)	3.7	35.5
Relative*	(4.7)	2.2	10.1
52-week high/low		51.0p/26.0p

*% relative to local index

Key management
Andy Roberts	Chairman
Claire Milverton	CEO
Andrew Fabian	Interim CFO

Company website

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