£33.1m market cap

33.5p last close

1Spatial’s core technology validates, rectifies and enhances customers’ geospatial data. The combination of its software and advisory services reduces the need for costly manual checking and correcting of data.

Investment summary

1Spatial made good progress on its transition plan during FY19. It increased both revenue and EBITDA margins, divested Enables IT, raised capital and shifted to a subscription licensing model. Investment in innovative 3D, LMDM and mobile projects should begin to bear fruit in FY20 and ensure that this progress continues. The recent acquisition of Geomap-Imagis (GI) further enhances its capability with Esri platforms and boosts its market presence and scale.

Y/E Jan
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2018A 16.9 0.4 (1.5) (2.30) N/A 86.6
2019A 17.6 1.2 (0.9) (1.06) N/A N/A
2020E 22.8 2.1 0.8 0.74 45.3 93.0
2021E 25.6 2.7 1.4 1.02 32.8 11.3
Industry outlook

The GIS industry is large and growing – P&S Market Research estimates the global GIS software, services and hardware market at US$9.0bn, forecasting a 10.1% CAGR to reach US$17.5bn by 2023. Software is estimated to account for around half of this market at present, with growth forecast at c 9% through 2023, whereas the revenue opportunity for services is expected to grow more rapidly – at c 12% from around US$3.5bn at present.

Last updated on 23/10/2018
Share price graph
Balance sheet
Forecast net cash (£m) 5.7
Forecast gearing ratio (%) N/A
Price performance
Actual 0 (4.3) 15.5
Relative* (3.6) (10.7) 13.4
52-week high/low 4.2p/2.8p
*% relative to local index
Key management
Andy Roberts Chairman
Claire Milverton CEO
Nicole Payne Financial Accountant

Content on 1Spatial