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)
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 – Another big UK contract win for 1Spatial
TMT | Flash note | 27 September 2021
new-york-city-1030778_1920 (1)
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Share price graph
Balance sheet
Forecast net cash (£m) 4.6
Forecast gearing ratio (%) N/A
Price performance
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