£37m market cap

33.5p 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

1Spatial’s trading statement suggests the resilience we highlighted in H1 continued into H2. The company expects FY21 sales and EBITDA ‘in excess of’ £24m and £3.2m respectively and net cash of £4.3m – ahead of our estimates on all metrics. Comments on the outlook for FY22 are positive but understandably generic at this stage. In our view the recent slew of contract wins is encouraging. As wider economic concerns ease, 1Spatial looks to be converting its growing pipeline. We raise our FY21 numbers but make no change to FY22 at this point.

Y/E Jan
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 17.6 1.2 (0.5) (0.57) N/A N/A
2020A 23.4 3.2 0.8 0.58 57.8 64.5
2021E 24.0 3.2 0.0 0.0 N/A 8.8
2022E 25.1 3.6 0.3 0.22 152.3 8.0
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 23/02/2021
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Share price graph
Balance sheet
Forecast net cash (£m) 4.3
Forecast gearing ratio (%) N/A
Price performance
Actual 19.6 24.1 15.5
Relative* 21.6 20.3 22.6
52-week high/low 33.5p/13.5p
*% relative to local index
Key management
Andy Roberts Chairman
Claire Milverton CEO
Andrew Fabian Interim CFO

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