1Spatial - New SaaS apps to drive high-margin growth
1Spatial’s full year results confirm the solid progress made over the course of the year with revenue growing 11%, recurring revenues growing 21% and EBITDA margins expanding from 15.5% to 16.7%. With momentum continuing into this year, and a healthy order book and pipeline, the company looks well set for 2024. Progress in its key strategic growth pillars – traffic management, US expansion and smart partnerships – looks promising and could accelerate scalable high-margin recurring revenue growth. Investment in key sales hires suppresses our profitability estimates for FY24, but we expect this to start delivering returns in the form of faster growth and margin expansion from FY25.1Spatial 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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