1Spatial

LN: SPA

£28.2m market cap

25.5p last close

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.

Investment summary

In FY20 1Spatial grew revenues and pre-IFRS 16 EBITDA by 33% and 83% respectively. It also achieved positive underlying cash flow and EBIT in H2. July’s AGM statement confirms that trading has remained resilient into FY21. Ongoing projects have continued largely as planned and a healthy level of new business has been secured. It is too early to say that the company will emerge completely unscathed from a COVID-19 downturn (we are not reinstating forecasts at this stage), but the company remains confident in the long-term outlook, has ample cash on the balance sheet and scope to reduce costs if needed.

Y/E Jan
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 17.6 1.2 (0.9) (1.06) N/A N/A
2020A 23.4 3.2 (0.1) (0.05) N/A 49.1
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

The GIS industry is large and growing. P&S Market Research estimates the global GIS software, services and hardware market generates sales of US$9.0bn annually and will grow at a 10% CAGR to reach annual sales of US$17.5bn by 2023.

Last updated on 06/08/2020
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 13.3 24.4 (19.1)
Relative* 13.8 18.1 (6.1)
52-week high/low 36.0p/13.5p
*% relative to local index
Key management
Andy Roberts Chairman
Claire Milverton CEO
Andrew Fabian Interim CFO

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