1Spatial (AIM: SPA)

Last close As at 20/04/2024

GBP0.58

0.00 (0.00%)

Market capitalisation

GBP65m

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.

The geospatial industry is at an inflection point, with technological advancements across both geospatial technology and other technology trends, such as cloud, big data analytics and machine learning/AI enabling new use cases and reducing the barriers to adoption.

Latest Insights

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Sector

TMT

Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Dan Ridsdale

Head of Technology

Key Management

  • Andy Roberts

    Chairman

  • Claire Milverton

    CEO

  • Stuart Ritchie

    CFO

Balance Sheet

Forecast net cash (£m)

2.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 4.5 13.6 23.2
Relative 1.4 8.8 20.5
52 week high/low 63.5p/45.5p

Financials

1Spatial expects its FY24 results to be at least in line with our forecasts on revenue and EBITDA, driven by continued Enterprise strength, though higher rates and working capital swings affected PBT and net cash. Recent wins, including the €9m utility project, coupled with a robust pipeline and order book, underpin strong FY25 momentum. The transition to higher-margin recurring revenue models and rising SaaS adoption improved the sales mix. In the US, five new annual NG9-1-1 licences demonstrate execution by the new sales head, prompting a partner-led strategy to further accelerate demand. 1Streetworks is gaining traction after the UK Power Networks win and growing paid trial pipeline. Management believes expanding this flagship contract, leveraging efficiency and cost enhancements as a case study, could drive adoption across a potential £400m market opportunity.

Y/E Jan Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 27.0 4.2 1.1 0.77 76.0 16.0
2023A 30.0 5.0 1.8 1.20 48.8 14.1
2024E 32.1 5.5 2.4 1.57 37.3 12.6
2025E 35.2 6.5 3.4 2.22 26.4 10.5

Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

TMT

MediaWatch – Still waiting…

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