1Spatial — Improving mix, SaaS potential draws nearer

1Spatial (AIM: SPA)

Last close As at 21/05/2024

GBP0.74

−1.50 (−1.99%)

Market capitalisation

GBP79m

More on this equity

Research: TMT

1Spatial — Improving mix, SaaS potential draws nearer

1Spatial’s H124 results show robust revenue growth and continued improvement in the revenue mix, with recurring revenue growing by 24%. Investment in sales resource, inflationary pressures and FX compressed margins, but a strong pipeline for both renewals and SaaS products could drive revenues and margins in H2 and beyond. In particular, the market opportunity for both 1Streetworks and NG9-1-1 has the potential to be transformative. We have upgraded our revenue forecast but leave earnings largely unchanged. Good conversion of the SaaS pipeline could justify further revisions, which may not be reflected in the current valuation.

Max Hayes

Written by

Max Hayes

Associate Analyst

TMT

1Spatial

Improving mix, SaaS potential draws nearer

H124 results

Software and comp services

11 October 2023

Price

46.5p

Market cap

£52m

Net cash (£m) at 31 July 2023

0.54

Shares in issue

110.9m

Free float

79%

Code

SPA

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(7.0)

(7.0)

4.5

Rel (local)

(8.2)

(10.6)

(3.9)

52-week high/low

55p

45p

Business description

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.

Next events

FY24 trading update

March 2024

Analysts

Max Hayes

+44 (0)20 3077 5700

Dan Ridsdale

+44 (0)20 3077 5700

1Spatial1Spatial is a research client of Edison Investment Research Limited

1Spatial’s H124 results show robust revenue growth and continued improvement in the revenue mix, with recurring revenue growing by 24%. Investment in sales resource, inflationary pressures and FX compressed margins, but a strong pipeline for both renewals and SaaS products could drive revenues and margins in H2 and beyond. In particular, the market opportunity for both 1Streetworks and NG9-1-1 has the potential to be transformative. We have upgraded our revenue forecast but leave earnings largely unchanged. Good conversion of the SaaS pipeline could justify further revisions, which may not be reflected in the current valuation.

Year end

Revenue (£m)

EBITDA
(£m)

EBIT*
(p)

EPS
(p)

EV/EBITDA
(x)

P/E
(x)

01/22

27.0

4.2

1.3

0.8

12.2

58.0

01/23

30.0

5.0

2.0

1.2

10.2

37.8

01/24e

32.1

5.5

2.6

1.6

9.2

28.9

01/25e

35.2

6.5

3.6

2.3

7.8

20.4

Note: *EBIT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

H124 results: Improving revenue mix

1Spatial reported an 11% y-o-y increase in revenue to £15.5m, with recurring revenue up 24% to £8.2m (53% of revenue) and gross margin expanded 221bp to 52%, reflecting the continued migration to a recurring software model. Investment in the sales function, inflationary pressure and FX resulted in adjusted EBITDA reducing to £1.6m versus £2.0m in H123, while net cash reduced to £0.5m (H123: £2.3m). We believe that a strong pipeline of renewals, combined with cost efficiencies, should grow revenue, profits and cash in H2 and beyond.

Enterprise drives growth, SaaS pipeline maturing

Growth in H1 was delivered primarily by the enterprise business and we see good opportunities for sustained double-digit growth with these products. A maturing pipeline for the company’s SaaS (1Streetworks and NG9-1-1) products underpins the potential operationally geared growth. The company is also in the final stages of contracting its first annual licence for 1Streetworks following the successful completion of a trial, where management expects a strong return on investment for the customer to provide a pivotal case study. Management’s identified market opportunity has expanded from £250m to £400m, catalysed by the UK’s electrification of roads and fibre roll-out. New contract wins for its enterprise offering and NG9-1-1 contracts provide tools for cross-selling and expansion in the US, where management believes there is a US$350m opportunity for its SaaS solution.

Valuation: SaaS potential not priced in

On our updated estimates, 1Spatial trades at an average 56% discount to our peer group on an EV/sales basis across FY1 and FY2, falling to 41% on EV/EBITDA. However, these forecasts do not reflect the potential for an acceleration in operationally geared growth driven by uptake of the company’s SaaS products. Good progress in converting and building the pipeline over the course of the next 12 months could be a catalyst for both earnings revisions and a stock re-rating.

H1 results summary and changes to forecasts

In H123, the group reported an 11% y-o-y increase in revenue to £15.5m and delivered on its strategy of selling repeatable business solutions on longer-term contracts, rather than one-off perpetual licences. Success in this strategy is highlighted by a 24% increase in recurring revenue and reflected in a 221bp expansion in gross margins as a result of the improved revenue mix.

Enterprise business drives growth in H1

Growth in H1 was delivered primarily by the enterprise business.

The US was the most significant contributor to recurring revenue growth, up 56% y-o-y. Its core enterprise offering continues to see momentum, with the group winning its first contract with the State of Oregon worth US$0.4m over two years. Following this, 1Spatial now has 18 US states as customers, all of which have significant upsell potential – as highlighted through the additional sale of 1Integrate licences with its existing Federal Highways contracts, growing annual recurring revenue (ARR) on the account to US$200k from US$150k. Contract growth has been supported by the new head of sales in the US, who also delivered five new contracts for its NG-9-1-1 SaaS solution. Management believes the solution is suitable for the counties and cities in each US state and presents a US$345m ARR opportunity.

The UK also saw robust growth, underpinned by its first contract with Yorkshire Water Services for £650k, a two-year extension with Ordnance Survey Great Britain for c £1.5m and the delivery of the first phase of the National Underground Asset Register project. Also in the period, the group signed five new trials for 1Streetworks and has more than 30 in early pipeline discussions.

Encouragingly, the group won its first 1Integrate licence in Australia, worth more than A$200k for an initial six months, with the possibility to extend.

Growth drivers for the enterprise business remain robust

We continue to see strong growth prospects for the company’s core enterprise offerings. Market analysts estimate the total size of the geographic information systems market at between US$10bn and US$12bn, and for the market to grow at a healthy low to mid-teens rate, almost tripling in size between 2022 and 2030. Overall, performance has been resilient – in a declining economic environment, these estimates have been progressively nudged up.

1Spatial’s core competence of bringing data together from different sources, making sure it is both accurate and consistent and enabling it to be maintained, will be key to many projects where location data is key.

SaaS pipeline maturing

1Spatial’s key SaaS solutions, 1Streetworks and NG9-1-1 provide the potential for an inflection in growth and margin performance. The company reported further progress in developing the pipeline for both in H1.

The company now estimates the addressable market for 1Streetworks, its traffic plan automation product, at £400m annually for the UK’s low-speed roads alone, up from £250m previously. Management’s uplift reflects the planned electrification of roads and the roll-out of new telecoms fibre, which could increase annual roadworks from 2.5m to 4m. 1Spatial is targeting a 25–30% share of this market and is currently in more than 32 early pipeline discussions, in addition to the five trials it won in H2 (see Exhibit 1). We note that each deal has the potential to generate between £100k and £3m of ARR with the potential for expansion.

Exhibit 1: Summary of trials and pipeline for 1Streetworks

Local authorities

Utilities

Traffic management companies

Maintenance companies

Number of trials

1

3

1

-

Pipeline

11

7

5

9

Source: 1Spatial

The addressable market for NG9-1-1 is worth more than US$350m in ARR, underpinned by the assigned US$500m of government funding for NG9-1-1 projects. The company has secured five contracts in the first four months of launch, highlighting the strong demand for the product. The target is to achieve a 10–15% market share, where its planned Q424 integration with key partner Esri’s platform will help drive adoption.

Estimate changes

We have raised our FY24 revenue forecasts to reflect this momentum, with H2 historically the stronger period for the group. We have also raised our FY25 expectations, underpinned by the potential conversion of SaaS product trials into long-term recurring revenue licences, as well as from current structural tailwinds driven by the need for clean, consistent data to drive AI applications, digital twins, etc. Its SaaS contracts in particular are high gross margin, c 80–90%, which we reflect in our forecasts.

Exhibit 2: Summary of changes to forecasts

£'000s

FY24e

FY25e

Old

New

Change

y-o-y change (%)

Old

New

Change

y-o-y change (%)

Revenue

31,411

32,132

2%

7%

33,610

35,185

5%

10%

y-o-y growth

5%

7%

2%

-4%

7%

10%

2%

2%

Gross profit

16,648

17,512

5%

14%

18,150

19,528

8%

12%

Gross margin

53%

55%

2%

3%

54%

56%

2%

1%

Adjusted EBITDA

5,202

5,541

7%

11%

6,246

6,539

5%

18%

Adjusted EBITDA margin

17%

17%

1%

1%

19%

19%

0%

1%

Normalised operating income

2,222

2,561

15%

30%

3,266

3,559

9%

39%

Normalised net income

1,527

1,781

17%

31%

2,310

2,530

10%

42%

Reported net income

1,077

1,416

31%

34%

1,876

2,096

12%

48%

Adjusted EPS diluted (p)

1.34

1.57

17%

29%

2.03

2.22

9%

42%

Free cash flow (pre-lease payments)

377

(506)

-234%

-136%

656

2,098

220%

-514%

Net debt/(cash)

(3,431)

(2,548)

-26%

-17%

(4,086)

(4,646)

14%

82%

Source: Edison Investment Research

In the first half, investments in sales efforts, inflationary pressures and adverse FX movements resulted in a 3pp reduction in adjusted EBITDA margin to 11%. Management has identified c £1m in annualised cost saving opportunities from non-revenue generating activities, which they believe will offset this cost impact in H2.

We reflect this in our full year forecast, raising EBITDA to £5.5m at the same margin as we had previously. The group also believes that larger weighting of term licence renewals in H2 will also help recoup the EBITDA shortfall over the next six months. In FY25, we forecast the EBITDA margin to expand to 19% through operating leverage, given that most of the investment in cloud-based SaaS solutions has already been incurred.

We moderate our net cash assumptions for the year, having a more cautious view on working capital movements in H2.

Exhibit 3: Financial summary

£'000s

2021

2022

2023

2024e

2025e

Year-end 31 January

IFRS

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

 

 

24,600

27,027

30,002

32,132

35,185

Cost of Sales

(11,451)

(13,078)

(14,504)

(14,620)

(15,657)

Gross Profit

13,149

13,949

15,498

17,512

19,528

EBITDA

 

 

3,632

4,182

4,997

5,541

6,539

Normalised operating profit

 

 

435

1,302

2,026

2,561

3,559

Amortisation of acquired intangibles

(917)

(561)

(386)

(386)

(386)

Exceptionals

(492)

0

(194)

0

0

Share-based payments

(272)

(326)

(192)

(192)

(192)

Reported operating profit

(1,246)

415

1,254

1,983

2,981

Net Interest

(187)

(195)

(210)

(186)

(186)

Joint ventures & associates (post tax)

0

0

0

0

0

Exceptionals

0

0

0

0

0

Profit Before Tax (norm)

 

 

248

1,107

1,816

2,375

3,373

Profit Before Tax (reported)

 

 

(1,433)

220

1,044

1,797

2,795

Reported tax

308

163

14

(381)

(699)

Profit After Tax (norm)

198

886

1,362

1,781

2,530

Profit After Tax (reported)

(1,125)

383

1,058

1,416

2,096

Minority interests

0

0

0

0

0

Discontinued operations

0

0

0

0

0

Net income (normalised)

198

886

1,362

1,781

2,530

Net income (reported)

(1,125)

383

1,058

1,416

2,096

Basic average number of shares outstanding (m)

112

112

111

111

111

EPS - basic normalised (p)

 

 

0.18

0.80

1.23

1.61

2.28

EPS - diluted normalised (p)

 

 

0.17

0.77

1.20

1.57

2.22

EPS - basic reported (p)

 

 

(1.01)

0.35

0.95

1.28

1.89

Dividend (p)

0.00

0.00

0.00

0.00

0.00

Revenue growth (%)

5.2

9.9

11.0

7.1

9.5

Gross Margin (%)

53.5

51.6

51.7

54.5

55.5

EBITDA Margin (%)

14.8

15.5

16.7

17.2

18.6

Normalised Operating Margin

1.8

4.8

6.8

8.0

10.1

BALANCE SHEET

Fixed Assets

 

 

18,273

17,100

19,319

20,235

21,151

Intangible Assets

15,187

15,003

17,408

18,372

19,336

Tangible Assets

3,086

2,097

1,911

1,863

1,815

Investments & other

0

0

0

0

0

Current Assets

 

 

18,332

18,018

19,222

20,675

22,777

Stocks

0

0

0

0

0

Debtors

10,890

12,271

14,151

16,110

16,114

Cash & cash equivalents

7,278

5,623

5,036

4,530

6,628

Other

164

124

35

35

35

Current Liabilities

 

 

14,813

14,903

17,093

17,826

18,556

Creditors

13,418

13,284

15,797

16,558

17,288

Tax and social security

0

0

0

0

0

Short term borrowings

470

531

660

660

660

Other

925

1,088

636

608

608

Long Term Liabilities

 

 

7,057

5,110

4,097

4,097

4,097

Long term borrowings

2,542

1,861

1,322

1,322

1,322

Other long term liabilities

4,515

3,249

2,775

2,775

2,775

Net Assets

 

 

14,735

15,105

17,351

18,987

21,275

Minority interests

0

0

0

0

0

Shareholders' equity

 

 

14,735

15,105

17,351

18,987

21,275

CASH FLOW

Op Cash Flow before WC and tax

2,961

4,048

4,593

5,169

6,167

Working capital

791

(1,578)

537

(1,198)

727

Exceptional & other

52

(107)

12

(841)

(842)

Tax

484

176

179

(381)

(699)

Net operating cash flow

 

 

4,288

2,539

5,321

2,749

5,353

Capex

(2,312)

(2,613)

(4,017)

(3,255)

(3,255)

Acquisitions/disposals

(585)

0

0

0

0

Net interest

0

0

0

0

0

Equity financing

0

0

14

0

0

Dividends

0

0

0

0

0

Other

585

(1,708)

(1,994)

0

0

Net Cash Flow

1,976

(1,782)

(676)

(506)

2,098

Opening net debt/(cash)

 

 

(3,887)

(4,403)

(3,231)

(3,054)

(2,548)

FX

194

127

89

0

0

Other non-cash movements

(1,654)

483

410

0

0

Closing net debt/(cash)

 

 

(4,403)

(3,231)

(3,054)

(2,548)

(4,646)

Source: Company accounts, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by 1Spatial and prepared and issued by Edison, in consideration of a fee payable by 1Spatial. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2023 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

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General disclaimer and copyright

This report has been commissioned by 1Spatial and prepared and issued by Edison, in consideration of a fee payable by 1Spatial. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2023 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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Research: Industrials

Carr’s Group — Progressing to plan

FY23 trading has continued according to the early August update, demonstrating the benefit of two unrelated activities at Carr’s Group: the Engineering division’s strength countering the weakness seen in the Speciality Agriculture business. Both have underlying longer-term growth attractions to drive earnings, along with the recovery potential in the agriculture end-markets.

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