1Spatial shares up after results

AIM-listed IT firm 1Spatial (LON:SPA) watched its share price increase by 4.76% to 22p (as of 14:25 BST) after revenues or the year ended 31st January rose by 33%. The company booked a narrowed loss for the period and said that while the sales pipeline in the current period is healthy, it is difficult to predict timing due to the current uncertainties. Exposure to the industries worst affected by COVID is limited and high revenue visibility mean that management are confident in having the resources to endure the current environment.

CEO Claire Milverton commented: “This has been a year of strategic delivery and progress at 1Spatial, marking the successful completion of our three-year turnaround strategy and placing the Group on a strong footing to capitalise on the growing demand for usable location-based data in our target industries and geographic markets. The year has seen good growth in our customer base, demonstrating the strength of our offering and providing the opportunity for additional expansion of these relationships in the year ahead.

“As we transition to a repeatable solutions provider, seeking to unlock the value in location data, the potential to scale 1Spatial through our technical innovation is clear. Key initiatives for the year ahead will be to build a sales pipeline for our LMDM solutions, continue to invest in innovation and explore further partner opportunities to expand our market reach.

“We have a substantial order book of contracted future revenue, a wide range of customers in stable industry segments and a strong balance sheet. While the timing of new sales is hard to predict in the current environment, we are confident we have the resources to withstand the current challenges and are on the right track to deliver sustainable growth at scale in the medium to longer-term“.