1Spatial - Momentum continues; raising FY22 estimates
Reported results were comfortably above the baseline 1Spatial set out in its trading statement (see Ahead on all metrics). Given the COVID-19 backdrop, 1Spatial performed robustly in FY21 overall, particularly in H2, which saw growth return to Europe and US revenue accelerate to 45% y-o-y. Current trading is described as positive, with a growing pipeline and an ‘accelerated win rate’ evidenced by the recent slew of contract wins. We lift our FY22 EBITDA forecasts by 5%, resulting in a 20% rise in adjusted EPS, but see scope for further increases if the momentum continues.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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