Geospatial data management company 1Spatial reported successful progress for the first half of 2018, with a successful foothold in the US suggesting further growth potential.
Revenues in the period to July 31 were at £8.8million, from £8.6million in the first half of 2017, gross profit was up to £4.6m from £4.4m, and EBITDA – earnings before interest, taxes, depreciation and amortisation – was up to £600,000 from £100,000 the previous year.
AIM-listed 1Spatial has been delivering solutions to public and private sector organisations who handle high volumes of business critical data for more than 40 years. The company has sites in London, Washington, Sydney, Dublin, Paris and Liege as well as Cambridge.
1Spatial specialises in the management of geospatial data – the location-specific data that increasingly informs the decision-making of organisations and individuals around the world.
“The group’s geospatial technology enables organisations to manage, validate, integrate and interpret complex spatial data from different sources, reducing costs and dramatically improving data update and production times for its customers,” said 1Spatial CEO Claire Milverton. “It works closely with organisations includingh Ordnance Survey Great Britain, the US Census Bureau and the UK Ministry of Defence.
“Our global clients include utilities, national mapping and land management agencies, government departments, transportation organisations, emergency services, defence and census bureaus. A leader in our field, we have a wealth of experience and a record of continual innovation and development. We partner with some of the leading technology vendors including, ESRI and Oracle. We have offices in the UK, US, France, Belgium, Ireland and Australia.”
A successful fundraise of £8m in August means 1Spatial is now debt-free and using the funds “to invest in new technology and accelerate customer wins”.
“The £8m was needed for two reasons,” Ms Milverton told the Cambridge Independent. “The first was to clear the bank overdraft, and the second was that we were struggling getting some of our contract deals over the line.”
Claire adds that 1Spatial now “has got a lot of momentum in the US”, which will be a key territory in 2019.
“We’ve had our first utility win in the US,” she added. 1Spatial will also unveil its mobile solution at the Smarter Data, Smarter World conference at Imperial War Museum in London on November 15.
“We’re confident of delivering full year results in line with expectations,” concluded Claire.
Credit Cambridge Independant, see article here.