1Spatial: Building A Platform For Sustainable Growth
Edison | Oct 24, 2018 01:55AM ET
1Spatial PLC (LON:SPA): H1 results showed good progress and financial discipline, significantly expanding EBITDA and reducing operating losses. A strong pipeline should support a return to growth in H2 and our estimates are unchanged. There is still work to do on the transformation, but by focusing on delivering repeatable spatial solutions based around the company’s core 1Integrate IP, we believe that the company is laying the foundations to deliver sustainable growth and margin expansion.
Financials paint an improving picture
Revenues were broadly flat y-o-y at £8.8m, with 23% growth in the core Spatial Solutions business (69% H1 sales), offset by a dip in GIS (31% H1 sales), which reflected high one-time licensing income in the comparative period. These sales were delivered on a lower cost base, meaning that EBITDA improved to £0.6m from £0.05k last year and operating loss reduced to £0.7m from £1.6m. Net debt was £1.5m vs £0.25m cash at the year-end, but with a stronger working capital cycle in H2 and the £8m August placing we expect cash to expand to £8.4m by year end.
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