1Spatial announced their final results for the year ended 31 January 2019, demonstrating that revenue grew by 4.1% to £17.6m (2018: £16.9m). Operating losses improved by £0.2m, to £1.6m from £1.8m in 2018.
Adjusted EBITDA was up £0.8m to a £1.2m profit, ahead of market expectations of £0.4m profit. 1Spatial raised £8m in an oversubscribed fundraiser with support from existing shareholders and new institutional investors. Loss from discontinued operations stood at £0.3m.
1Spatial acquired Geomap-Imagis in post year-end, as well as undertaking a new strategic partnership agreement with Esri Inc. 1Spatial will create a single focus on developing the group’s global geospatial business after the disposal of Enables IT. The group will be focusing on successfully integrating its new business in France, as well as working on innovations, such as a Location Master Data Management platform, which could significantly enhance shareholder value in the future.
Claire Milverton, 1Spatial CEO, said: “Our focus on the quality of revenues and our strategic shift to term licences will have a positive impact on the visibility and quality of revenues in future years. After the year-end, we announced the acquisition of Geomap-Imagis which will significantly strengthen and greater align our French and Belgian businesses with the rest of the group.”