1Spatial - H122 results complement recent contract wins
Soon after reporting two large multiyear contract wins, 1Spatial’s H122 results did not disappoint. Headline revenue grew 8% y-o-y to £12.6m, with all global regions contributing, while adjusted EBITDA was up 10% to £1.8m, with relatively steady margins. We have raised our FY22 and FY23 revenue and earnings forecasts to reflect these recent contracts and trends from H122 performance. We remain encouraged by the long-term potential of the geospatial market, recent contract momentum and growth of recurring higher margin licence revenue, and see scope for further acceleration.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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