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1Spatial PLC on Monday expressed confidence in its full-year outlook, as it posted a widened interim pretax loss despite a top-line gain.
The Cambridge, England-based software company focuses on master location data management. For the six months that ended July 31, the company booked £17.7 million in revenue, up 9.3% from £16.2 million the year prior.
This represented ‘a stronger revenue mix’, according to 1Spatial, with £10.7 million of the total being recurring revenue, versus £8.9 million on-year. Annualised recurring revenue totalled £19.9 million in the first half, 11% ahead of £17.9 million the previous year.
Meanwhile, pretax loss widened to £314,000 from £162,000, and net borrowings ticked up to £2.5 million at the end of the first half versus £900,000 on year.
The weaker bottom line amid the revenue gain can be attributed to increased costs. 1Spatial faced increased administrative expenses, up 4.6% to £8.8 million from £8.4 million. Finance costs were also higher, up 35% at £319,000 from £237,000.
1Spatial shares fell 1.3% to 53.80 pence on Monday afternoon in London.
The firm noted a good start to the second half, citing a £1 million contract with UK Power Networks, and an enterprise agreement with the California Department of Transportation.
It reiterated ‘confidence’ in its full-year outlook, with a ‘robust’ order book and second-half weighting thanks to European work.
‘As we look ahead, our focus remains on accelerating [software as a service] adoption, converting our robust pipeline and deepening our presence in the substantial US market,’ said Chief Executive Claire Milverton.
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