1Spatial - Solid progress on several geospatial fronts
1Spatial’s (SPA’s) FY22 reported results surpassed our expectations. Revenues grew 10% to £27m with annualised recurring revenues up 26% (constant currency) to £13.4m, while SPA reported its first group profit before tax in over a decade. SPA’s results were driven by record contract wins across both new and existing customers, ongoing development of smart partnerships and expansion in the key US market. While it trades at a sizable discount to its software peers, we see opportunities to reduce the gap if it continues executing on its growth strategy.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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