1Spatial - Transition on track, EBITDA ‘at least in line’
1Spatial continues to make good progress on its transition plan. The final months of FY19 saw further large contract wins and growth accelerate. This was achieved despite the uncertainty created by the US government shutdown. Adjusted EBITDA ‘at least in line’ with market expectations suggests a minimum of £1.1m, over 12% ahead of our estimate, but we leave our forecasts unchanged for now. Executing the plan offers scope for a re-rating and further upgrades, in our view.1Spatial is a holding company. Through its subsidiaries, Co. is engaged in the development and sale of information technology (IT) software along with related consultancy and support. Co. has two business segments and brands: 1Spatial, which is a technology enabled solutions provider supplying spatial solutions, software and services; and Enables IT, which is a solutions provider focusing on network managed services.
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