1Spatial locates a strong US revenue surge
Location technology specialist 1Spatial nudged up revenue five per cent in the year to January 31 to £24.6 million and cut its pre-tax loss to £1.4m from £1.7m year-on-year.
Burgeoning business in the US helped the Cambridge UK business counter the impact of Covid on global trade. 1Spatial achieved 29 per cent revenue growth in the US.
Recurring revenue was up 10 per cent and represented 43 per cent of total revenue; operating cash generated increased by 596 per cent to £4m. Gross cash at year-end was also up £2.2m to £7.3m.
The company reported new customer wins in all regions, including multi-year contracts with the State of Michigan (US), Environment Agency (UK), US Geological Survey, Seine Grand Lacs (France) and the State of California's Office of Emergency Services.
Continued R & D investment in innovative solutions has also strengthened 1Spatial’s hand – the successful release of its cloud-based 1Data Gateway solution being a prime example.
Trading in the current financial year has been in line with management's expectations, according to CEO, Claire Milverton. She said: “We entered FY21 in a considerably improved financial and strategic position, following the successful conclusion of the three-year turnaround plan and were set for a year of growth.
“While the emergence of the coronavirus in early 2020 re-shaped the year for us, we are proud of how our teams responded and of the results delivered, achieving growth in all our key financial metrics, winning new customers in all of our regions and bringing new offerings to market.
“We sit right at the heart of changes across multiple sectors. Whether that be in helping governments and energy providers prepare to meet the green agenda, supporting the investment in infrastructure upgrades as the world’s economies prepare for post-Covid recovery, or implementing new digital transformation strategies.
“The positive market environment is translating into a growing sales pipeline of opportunities across new and existing customers, both direct and through our partners.”