TIDMSPA

RNS Number : 2901N

1Spatial Plc

29 September 2021

29 September 2021

1Spatial plc (AIM: SPA)

("1Spatial", the "Group" or the "Company")

Interim Results for the six-month period ended 31 July 2021 ("H1 2022")

Strategic plan delivering an acceleration in revenue growth rates

H1 2022 highlights

   --      80% increase in Term Licences revenue to GBP1.0m (H1 2021: GBP0.6m) 

-- 63% increase in Term Licences Annualised Recurring Revenue ("ARR") * to GBP2.1m (H1 2021: GBP1.3m at constant currency)

-- Revenue growth in the US region accelerated to 34% (48% at constant currency) (H1 2021: 12% )

   --      12% increase in total ARR *  to GBP11.6m (H1 2021:  GBP10.3m at constant currency) 

-- Recently announced two record value landmark contract wins, which are expected to drive further increase in longer-term revenue growth rate

Group financial highlights

 
 
                             Half-year   Half-year   Change   Growth 
                               to 31       to 31 
                                July        July 
                                 21          20 
                               GBPm        GBPm       GBPm      % 
 
 Revenue                       12.6        11.7       +0.9     +8% 
 Adjusted EBITDA**              1.8         1.7       +0.1     +10% 
 Adjusted EBITDA** margin 
  (%)                          14.5        14.2      +0.3pp 
 Operating loss                (0.2)       (0.8)      +0.6 
 Loss before tax               (0.3)       (0.9)      +0.6 
 Loss per share - basic 
  and diluted (p)              (0.2)       (0.7)     +0.5p 
 Operating cash generated 
  ***                           1.0         1.8      (0.8) 
 
 

* Term Licences Annualised Recurring Revenue ("ARR") is the annualised value at the period-end of committed recurring contracts for term licences. Total ARR is the annualised value at the period-end of committed recurring contracts for term licences and support & maintenance

** Adjusted EBITDA is a company-specific measure which is calculated as operating loss before depreciation (including right of use asset depreciation), amortisation and impairment of intangible assets, share-based payment charge and strategic, integration, other non-recurring items

*** Excludes one-off cash costs on prior year restructuring

Group operational highlights

-- New customer wins in all regions, including multi-year contracts with HM Land Registry in the UK and VINCI Highways in France; software licences with three further US States for our repeatable 911 offering

-- Land and expand strategy driving revenue growth from existing customers, including Google Real Estate and Workplace Services, the Department for Environment, Food and Rural Affairs , the US Federal Highways, Northern Gas Networks, Ordnance Survey Great Britain, and the Energy Networks Association

-- Increased investment in R&D with successful release of 3D version of 1Integrate, and the planned beta version of Traffic Management Plan Automation (TMPA)

-- Positive operating cash generation but lower than prior year mainly due to investment in sales and delivery capacity and non-recurring items (e.g. prior year restructuring costs); net cash at period-end of GBP2.8m (H1 FY21: GBP3.4m)

Current trading & Outlook

-- Successful investment in partner collaboration resulted in substantial contract awards post period end, which are expected to deliver greater revenue growth in future years including:

o Major Government contract - GBP8.0m contract over five years (announced on 27 September)

o Geospatial Commission, National Underground Asset Register ("NUAR") - GBP6.5m contract over three years (announced on 13 September)

-- The term licence Annualised Recurring Revenue ("ARR") increased to GBP3.8m (on a pro-forma basis), with the addition of the two recent major contract wins

-- The level of ARR is building nicely and the committed services revenue is now at a record level for the Group of GBP11.8m

-- The recently awarded major UK Government contract also allowed the Board to upgrade its expectations for FY 2023, as announced on 27 Septembe r 2021

Commenting on the results, 1Spatial CEO, Claire Milverton, said:

"We are delighted to see such positive early indicators of the success of our strategic growth plan. The increase in our term licence revenue, strong growth in the US and significant recent multi-year contract wins point to a gear change in the growth prospects for 1Spatial.

"We believe we are just at the start of a major transformation of our market. As evidenced by our recent contract wins, we are increasingly seen across the globe as the specialists in the management of spatial data issues, sitting right at the heart of changes across multiple sectors, whether that be to facilitate infrastructure upgrades, the transition to green energy or new digital transformation strategies.

"New business signed since the end of H1 has been excellent and we have a record level of committed services revenue.

"The depth of the sales pipeline, positive market landscape, our expanding influential partner network and growing levels of recurring revenue, provide the Board with confidence in the expected outturn for the year and an exciting long-term future for 1Spatial."

The management team will host a presentation for analysts at 11am today. Analysts who wish to attend can register at 1Spatial@almapr.co.uk . The recording of the event will be made available on the website shortly thereafter.

The management team will host a presentation for retail investors on the Investor Meet Company platform at 1pm on 30 September 2021. Shareholders who already follow 1Spatial on the platform will automatically be invited, others are invited to register in advance via the following link: https://www.investormeetcompany.com/1spatial-plc/register-investor

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information, please contact:

 
 1Spatial plc                               01223 420 414 
 Claire Milverton / Andrew Fabian 
 
 Liberum                                    020 3100 2000 
 Neil Patel/Cameron Duncan / Ed Phillips 
  / Miquela Bezuidenhoudt 
 
 Alma PR                                    020 3405 0205 
 Caroline Forde / Justine James / Molly     1spatial@almapr.co.uk 
  Gretton 
 

LEI Code: 213800VG7OZYQES6PN67

About 1Spatial plc

Unlocking the Value of Location Data

1Spatial plc is a global leader in providing Location Master Data Management (LMDM) software, solutions, and business applications, primarily to the Government, Utilities and Transport sectors via the 1Spatial platform. Our solutions ensure data governance, facilitating the efficient, effective and sustainable operation of customers around the world. Our global clients include national mapping and land management agencies, utility companies, transportation organisations, government, and defence departments.

Today, when using and sharing trusted data provides significant opportunities for businesses and governments to deliver against important sustainability and Net Zero goals, our vision is clear - to make the world safer, smarter, and more sustainable by unlocking the value in data, enabling better decisions and greater insights.

The 1Spatial platform is a comprehensive set of data and system agnostic LMDM software components which helps ensure master data is compliant, current, complete, consistent, and coordinated - and that customers can be confident it will remain that way as it evolves. It allows them to master their data on any device, anywhere, anytime and can be deployed as SaaS in the cloud, on-premise, or as a hybrid of both.

Our domain expertise and data agnostic approach allows us to be an integral and important part of the Geospatial Ecosystem, supporting the wider digital economy. We partner with major technology consultancies and GIS providers such as ESRI and bring together our people, innovative solutions, industry knowledge and experience from our extensive customer base to deliver world class solutions.

1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with operations in the UK, Ireland, USA, France, Belgium, Tunisia, and Australia.

For more information visit www.1spatial.com

Half-year review

1Spatial has continued to make excellent progress against its three-year growth plan in the first half of the year, winning new customers in each of its markets and target industries, expanding its product offering and delivering growth in revenues, term licence revenue, ARR and adjusted EBITDA. While the double-digit revenue growth in the USA and Australia was particularly noteworthy, it is encouraging to see that all markets delivered a positive performance. COVID-19 continues to have some impact on the length of sales cycle, however we are seeing a gradual return to more normal timescales and an increased new business win rate.

We believe we are now just at the start of the transformation of our market. We continue to see increasing interest in our offerings, with a growing awareness across multiple industries, not only that location data is a vital element in the delivery of better, faster, and safer services, but that the data needs to be accurate and shareable. Location data is increasingly being used as the main point of reference when connecting multiple systems. Our rules engine, 1Integrate, and cloud portal, 1Data Gateway, are recognised, both by our customers and a growing number of influential partners, as powerful tools to ensure good quality data and trust when sharing data.

The proof of the success of our strategy and the growth in our market can be seen in the recently announced strategic wins, secured post period end. These include the award of an GBP8m multi-year contract in partnership with a consortium to deliver a significant digital transformation programme for a department of the UK Government, and a GBP6.5m contract for the UK Government's Geospatial Commission supporting Atkins to deliver the National Underground Asset Register. These contracts provide GBP1.7m in annual recurring revenue and underline the quality of our world-class technology and geospatial expertise.

We continue to make positive progress both with our recently won accounts and new customers, including:

-- a multi-year contract with the HM Land Registry in partnership with Landmark, to support the national digital Local Land Charges ("LLC") programme;

   --      further expansion with Google in the US; 
   --      the addition of three further US States to our 911 Emergency Services offering; 

-- a contract with the Energy Networks Association ("ENA") and Ordnance Survey in the UK to build a digital map of the energy system;

-- a multi-year contract with the Department for Environment, Food and Rural Affairs ( Defra); and

   --      extensions with the US Federal Highways and Ordnance Survey Great Britain. 

Successes such as these, and the considerable size of our sales pipeline, give us the confidence to continue to invest in the business, in line with revenue growth, to ensure we have the right structure to deliver on our opportunity, including additional delivery and pre-sales resource, partner enablement, and marketing and sales resource.

Delivering our strategy

We help customers make better business decisions and move forward to a smarter world by unlocking the value of location data. We are building our highly scalable business on three pillars: Innovation, Customer Relationships and Smart Partnerships.

   1.   Innovation 

Innovation lies at the heart of 1Spatial. Our technology development hubs in the UK (Cambridge) and France (Paris) have been at the forefront of continually adapting to provide innovative solutions to manage location data for many years. R&D costs capitalised in H1 increased to GBP1.3m (H1 FY 2021: GBP1.0m) as we continued our investment in our core products, repeatable solutions and cloud platform.

Launch of next generation LMDM cloud platform

The 1Spatial platform is a comprehensive set of Location Master Data Management ("LMDM") software components, which ensure data management processes are automated and repeatable across the different technology platforms for the whole enterprise. Our patented technology also gives them the ability to solve complex and unique challenges in the management of their spatial and non-spatial data.

Over the last two years we have invested in the transition of our LMDM platform to the cloud, with the cloud platform on track for launch in the second half of the year. The platform will enable us to increase our addressable market and existing customer demand for web-based access to our solutions, the need for which has been particularly highlighted by the move to remote working. The multi-tenancy SaaS platform will be more cost effective for 1Spatial as we will be managing fewer deployments and the elastic nature of the platform architecture is more cost efficient.

We are also building targeted solutions on the platform, such as Traffic Management Plan Automation ("TMPA"), due for beta testing at select customer and partners in the second half of the year, providing the Group with potential exciting new "go to" market models, such as Validation as a Service ("VaaS") lowering the price point for new customers onto the platform.

Earlier in the year, we were granted a UK Patent for Modification and Validation of Spatial Data, recognising its power as a tool to ensure good quality data and facilitate trust when sharing data. The patent protects the use of 1Spatial's Rules Engine technology, which is used in 1Integrate, further strengthening the Group's international patent coverage, which includes a US patent for Modification and Validation of Spatial Data.

We continue to enhance our core products such as 1Integrate and 1Data Gateway. 1Integrate has recently been upgraded to include added support for 3D data, allowing our customers to integrate verified and accurate 3D data into their processes such as managing more accurately sunlight availability, noise propagation, building heat loss, solar panel capacity or building occupancy.

   2.   Customer Relationships 

We want to be our customers' strategic partner and trusted advisor in LMDM in our chosen industries and geographies. The success of our customer focus, combined with ongoing transition to recurring term licence contracts, is evidenced by the 80% growth in term licence revenue driven both by new customer wins and expansion of existing customer accounts.

Land & Expand

The Group delivered a healthy number of new customer wins in the period across all regions, including a number of strategic wins within our LMDM offering, with the US once again performing particularly well, but also strategic wins in the UK & Ireland and France. We now have a customer base of over 1,000 in total across the Group, the majority on recurring contracts, providing a strong basis for future expansion.

We continue to benefit from the release of our 1Data Gateway portal last year and are seeing an increasing number of coupled sales of 1Data Gateway and 1Integrate, with the 1Data Gateway portal proving to be a compelling sales tool, enabling new prospects to quickly visualise how we can transform their data collection, cleansing and management.

The Group secured several new clients in the period, most notably:

-- A multi-year contract with HM Land Registry ("HMLR"), in partnership with Landmark to support HM Land Registry's national digital Local Land Charges (LLC) programme: a three-year digital transformation programme of the land charges records that will deliver a single national digital register across England and Wales.

-- A contract with the Energy Networks Association ("ENA") and Ordnance Survey to build a digital map of the UK's energy system that uses the power of data to support a more efficient pathway to Net Zero.

-- A multi-year contract with the Department for Environment, Food and Rural Affairs ( Defra) and the Rural Payments Agency ("RPA"). The contract will enable both organisations to deliver the Basic Payment schemes and transition to their new Environmental Land Management Scheme as part of the UK Government's 25-year environment plan and commitment to net zero emissions by 2050.

-- Three new contracts for next generation 911 solutions in the US, with the States of Georgia, Minnesota and Arizona, demonstrating the replicability of this solution.

-- Our first multi-year term licence in France, with VINCI Highways, to supply 1Telecom, a 1Spatial app built on the Esri platform

The Group secured multiple customer expansion contracts in the period, including:

-- A multi-year contract with Northern Gas Networks (NGN), to deliver the UK's first enterprise migration to Esri's new ArcGIS Utility Network model. 1Spatial's platform, including its 1Integrate tools, will be deployed to conduct the data quality audit, data cleanse and enhancement to ensure the data is fit for migration to the new model, which will be implemented in the ArcGIS Utility Network. We believe this to be another highly replicable solution and post period end we are pleased to have signed our first additional proof of concept with another water company for the solution.

-- A significant contract extension with Google Real Estate and Workplace Services, a division of Google, Inc for the use of 1Data Gateway and 1Integrate in the management of their facilities.

-- The award of a proof of concept contract alongside Ordnance Survey Great Britain for the Energy Networks Association to deliver a digital map of the UK energy network.

Other expansion contracts include the US Federal Highways Administration, Ordnance Survey Great Britain and Tours Metropole in France, an existing customer which has expanded to use arcOpole Pro Street Management.

In France, 11 existing customers have now completed their migration from the Group's legacy platform to the Esri platform, and a further 13 have commenced the migration process, paving the way for future expansion.

   3.   Smart Partnerships 

We use smart partnerships to extend our market reach, providing additional scale to our capabilities. We target three types of partners: major technology consultancies, software platform providers, and domain industry specialists.

We continue to make good progress in adding new partnerships and strengthening existing relationships. We are increasingly being utilised by our partners as their data integrity provider, cleansing the data before passing it back through wider systems. The success of this approach can be seen in the recently announced wins, post period end with NUAR (in partnership with Atkins), and another major Government contract.

We were also delighted to receive a prestigious award at the global 2021 Esri Partner Conference. The 'Web GIS Transformation Award' was presented to 1Spatial for its innovative and extensive product integration within ArcGIS Enterprise and the provision of Esri-based business applications and solutions to customers with ArcGIS Online using a SaaS model.

Corporate activity

We will continue to identify potential strategic and bolt-on acquisitions to complement our organic growth.

Strategic priorities for the second half

We will continue to focus on the three pillars of our growth strategy.

The successful launch of the cloud LMDM platform in the coming months is a key strategic focus for the Group. We believe this, alongside new SaaS solutions such as TMPA, can be transformational for the Group in future years.

We will continue to invest in the business to support our expanded customer base, while maintaining our focus on the financial goals of increased revenue growth underpinned by growing annual recurring revenue and continue our trajectory of increased profitability at adjusted EBITDA level and higher cash generation over the long-term.

Current Trading & Outlook

We are delighted to see such positive early indicators of the success of our strategic growth plan. The increase in our term licence revenue, strong growth in the US and significant recent multi-year contract wins point to a gear change in the growth prospects of 1Spatial.

We believe we are just at the start of the transformation of our market. As evidenced by our recent contract wins, we are increasingly seen across the globe as the specialists in the management of spatial data issues, sitting right at the heart of changes across multiple sectors, whether that be to facilitate infrastructure upgrades, the transition to green energy or new digital transformation strategies.

New business signed since the end of H1 2022 has been excellent and as a result, the Board has upgraded its expectations for FY 2023, as announced on 27 September 2021.

The depth of the sales pipeline, positive market landscape, expanding influential partner network and growing levels of recurring revenue, provide the Board with confidence in the expected outturn for the year and an exciting long-term future for 1Spatial.

Claire Milverton

Chief Executive Officer

Financial performance

Summary

The Group delivered an excellent financial performance in the period, with further growth in revenues, ARR and adjusted EBITDA profit levels, while increasing its spending on innovation, pre-sales and delivery capacity in order to aim to secure higher value contracts.

Revenue

Group revenue increased by 8% to GBP12.6m (11% at constant currency) from GBP11.7m in H1 2021. The business strategy is to grow revenue from repeatable business solutions on longer-term contracts, including recurring term licences, rather than one-off perpetual licences. The Board approved a three-year revenue growth plan, with increased spending on technology, sales and delivery capacity in order to effect a gear change in revenue growth. Pleasingly, as a result of this focus, revenue from term subscription licences in the period increased by 80% to GBP1.0m from GBP0.6m and the Group achieved organic growth in revenue of 8%. The revenue by type is shown below:

 
 Revenue by type 
                                 H1 2022   H1 2021   % change 
 Recurring revenue *                5.63      5.19         8% 
 Services                           5.93      5.52         7% 
 Revenue (excluding perpetual 
  licences)                        11.56     10.71         8% 
 Perpetual licences                 1.08      1.02         6% 
 Total revenue                     12.64     11.73         8% 
 

* Recurring revenue comprises term licences and support and maintenance revenue.

Committed revenue

The level of sales of committed revenue (revenue for future services, licences and support contracts committed contracted at the balance sheet date) increased in the period from the business focus of extending the duration of contracts and signing higher value service contracts.

Growth in term licence ARR

In the period since 31 July 2020, we have almost tripled the annualised value of term licences, with the inclusion of the contract wins recently announced, as shown in the table below.

 
                          Pro-forma *   H1 2022   FY 2021**   H1 2021** 
 ARR for term licences           3.82      2.12        1.63        1.30 
 

* This pro-forma ARR includes the impact of term licences of GBP1.7m signed after period end from two major contracts announced in September 2021.

** ARR for FY 2021 and H1 2021 have been restated at constant fx.

Total ARR Growth

The Annualised Recurring Revenue ("ARR") (annualised value at the year-end of committed recurring contracts for term licences and support and maintenance) increased in the twelve months by 12% (at constant currency) from GBP10.3m to GBP11.6m as at 31 July 2021. The growth rates varied by region as shown in the table below with the US growing at the fastest rate of 45% and the overall renewal rate improved to 94% from 90%.

Following the recently announced major contact awards, the pro-forma Annualised Recurring Revenue increased to GBP13.3m.

 
 
   ARR by region 
                                                       Annual 
                    H1 2022   FY 2021*   H1 2021*    % growth 
 UK/Ireland            4.00       3.86       3.45         16% 
 Europe                4.91       4.86       4.89          -% 
 US                    1.45       1.22       1.00         45% 
 Australia             1.21       1.00       0.97         25% 
                   --------  ---------  ---------  ---------- 
 Total ARR            11.57      10.94      10.31         12% 
                   --------  ---------  ---------  ---------- 
 
 

* ARR for FY 2021 and H1 2021 have been restated at constant fx.

Committed services revenue

Including the recently announced contract awards, the level of committed services revenue more than doubled from GBP5.7m at the start of the financial year to GBP11.8m, which underpins the Groups' strong financial footing.

The combination of growing ARR, committed services revenue and a strong and growing pipeline of prospects means that the business is on track to make further progress on its revenue growth plan. With the business focus on developing and selling repeatable software solutions under a SaaS model, there is an increased level of revenue visibility, which allows the Board to continue to invest with confidence.

Regional revenue

Revenue growth by region is shown in the table below:

 
 Regional revenue 
                                         Growth 
                     H1 2022   H1 2021        % 
 UK/Ireland             4.45      4.34       3% 
 Europe                 5.31      5.09       4% 
 US                     1.55      1.16      34% 
 Australia              1.33      1.14      17% 
                    --------  -------- 
                       12.64     11.73       8% 
                    --------  -------- 
 
 

Following a challenging year in FY 2021 in some regions, it was pleasing that revenue increased in all regions. Organic growth returned to Europe and the UK/Ireland regions, which represent the bulk of our current revenue. Revenue in the US, which represents 12% of Group revenue, had the highest growth rate, and increased at 34% (48% at constant currency), a higher rate than the prior year. Also, it was pleasing to have double digit revenue growth of 17% in Australia.

Gross profit margin

The gross margin reduced to 51% compared to 52% following the Board's decision to increase spending on innovation, sales and delivery capacity in order to aim to secure higher value contracts. Also, the prior year benefitted (within the cost of sales) from GBP0.3m of grants from overseas governments as part of business support schemes in relation to Covid-19. Excluding this benefit, on a like-for-like basis, the gross margin improved to 51% from an effective rate of 49%. Going forward, the management team are focused on driving improvements to the gross margin levels, through revenue growth of higher margin term licences.

Adjusted EBITDA

The adjusted EBITDA increased by 10% to GBP1.8m from GBP1.7m in the prior period. The EBITDA margin was slightly higher than the prior period at 14.5% ( H1 2021: 14.2% or 11.3% excluding the Covid support received in the prior period mentioned above). Cost management continues to be an important focus during FY 2022, although the businesses is incurring some increases in costs in order to ensure future revenue growth.

Strategic, integration and other non-recurring items

There were no strategic, integration and other non-recurring items incurred in the period. Cash costs of GBP0.3m relating to the provisions made in the prior year for costs for the final steps in the integration of Geomap-Imagis ("G-I") acquisition, impacted the cash flow for the period.

Operating loss and loss before tax

The Group recorded a significantly reduced operating loss of GBP0.2m compared to GBP0.8m in the prior period and the Group's loss before tax reduced to GBP0.3m from GBP0.9m for the comparable period.

Taxation

The net tax credit for the period was GBP0.1m (H1 2021: GBP0.1m).

Balance sheet

The Group's net assets reduced to GBP14.6m at 31 July 2021 (H1 2021: GBP15.3m). Trade and other receivables increased year on year to GBP9.4m (H1 2021: GBP9.0m), mainly due to increased accrued income at period end following contract wins in Q2. The reduction in trade and other payables from GBP10.9m to GBP10.5m was primarily driven by payments of exceptional and other items.

Cash flow

Operating cash flow inflow (before strategic, integration and other non-recurring items) was GBP1.0m (H1 2021: GBP1.8m). This was lower than the prior year primarily due to:

   --      the Board's decision to increase spend for future revenue growth; 

-- Covid support cash benefits received in the prior year (including some reversals in current period);

   --      The cash impact of the prior year's European integration. 

The operating cash flow impacts of Covid support and non-recurring items are shown in the table below:

 
 One-off impacts on cashflow 
                                            H1 2022   H1 2021   Variance 
                                            GBP'000   GBP'000    GBP'000 
 Covid support from overseas Governments          -       346      (346) 
 VAT deferral                                 (120)       265      (385) 
 Lease concession                                 -        88       (88) 
 Covid impact on cashflow                     (120)       699      (819) 
 
 Cashflow on strategic, integration 
  and other non-recurring items               (311)      (29)      (282) 
 Total one-off impacts on cashflow            (431)       670    (1,101) 
 

Indeed, adjusting for the cash impact of Covid support, the normalised operating cash flow in the period was similar to the prior year as shown below:

 
 Summarised cash flow                                 H1 2022    H1 2021 
                                                       GBP000     GBP000 
 Adjusted* EBITDA                                       1,830      1,666 
 Working capital adjustments                          (1,184)         78 
                                                    ---------  --------- 
 Cash generated from operations after strategic, 
  integration and other non-recurring items               646      1,744 
 Add back: strategic, integration and other 
  non-recurring items                                     311         29 
                                                    ---------  --------- 
 Cash generated from operations before strategic, 
  integration and other non-recurring items               957      1,773 
 Adjustments for: Covid cash support in H1 
  2021/reversal in H1 2022                                120      (699) 
                                                    ---------  --------- 
 Normalised * operating cash flow                       1,077      1,074 
                                                    ---------  --------- 
 

Whilst H2 is typically stronger for cash generation than H1, the reduced operating cash flow impacted the free cash flow* in the period, as shown in the table below:

 
 Free cash flow                                      H1 2022   H1 2021 
                                                     GBP'000   GBP'000 
                                                    --------  -------- 
 Cash generated from operations before strategic, 
  integration and other non-recurring items 
  (see note 10)                                          957     1,773 
 Net interest paid                                     (105)      (72) 
 Net tax paid                                              -      (70) 
 Expenditure on product development and 
  intellectual property capitalised                  (1,291)     (965) 
 Purchase of property, plant and equipment              (88)     (102) 
 Lease payments                                        (580)     (598) 
                                                    --------  -------- 
 Free cash flow before strategic, integration 
  and other non-recurring items                      (1,107)      (34) 
 Cashflow on strategic, integration and 
  other non-recurring items                            (311)      (29) 
                                                    --------  -------- 
 Free cash flow *                                    (1,418)      (63) 
                                                    --------  -------- 
 

* Free cash flow is defined as net increase/ (decrease) in cash for the year before cash flows from the acquisition of subsidiaries, cash flows from new borrowings and repayments of borrowings and cash flow from new share issue.

After the period end, GBP0.2m has been received in relation to R&D Tax credit from HMRC.

Investment in R&D

Development costs capitalised in the period amounted to GBP1.3m (H1 2021: GBP1.0m). Amortisation of development costs was GBP0.9m (H1 2021: GBP1.0m).

Financing

The Group repaid as scheduled GBP0.2m (H1 2021: GBP6,000) in relation to its bank loans. At the period-end the total loans outstanding were GBP2.7m. With a gross cash position of GBP5.5m at 31 July 2021 (H1 2021: GBP6.6m) and with a growing order backlog and pipeline, the business is in a much stronger financial position than a year ago, which gives the Board the confidence to continue to invest in its three-pillared growth plan.

Going forward, the Board and management teams are focused on increasing revenues, in particular recurring revenues, whilst maintaining or improving the Group's profitability and cash generation.

Andrew Fabian

Chief Financial Officer

 
 Condensed consolidated statement of comprehensive income 
  Six months ended 31 July 2021 
                                                   Unaudited       Audited    Unaudited 
                                                  Six months                 Six months 
                                                       ended    Year ended        ended 
                                                     31 July    31 January      31 July 
                                                        2021          2021         2020 
 
                                           Note      GBP'000       GBP'000      GBP'000 
----------------------------------------  -----  -----------  ------------  ----------- 
 Revenue                                     3        12,637        24,600       11,726 
 Cost of sales ( net of government 
  grants of nil (H1 2021: GBP346,000) 
  )                                                  (6,237)      (11,451)      (5,655) 
----------------------------------------  -----  -----------  ------------  ----------- 
 Gross profit                                          6,400        13,149        6,071 
 Administrative expenses                             (6,556)      (14,395)      (6,861) 
----------------------------------------  -----  -----------  ------------  ----------- 
                                                       (156)       (1,246)        (790) 
----------------------------------------  -----  -----------  ------------  ----------- 
 Adjusted* EBITDA                                      1,830         3,632        1,666 
 Less: depreciation                                     (99)         (202)         (97) 
 Less: depreciation on right of use 
  asset                                                (503)       (1,106)        (559) 
 Less: amortisation and impairment 
  of intangible assets                      8        (1,184)       (2,806)      (1,500) 
 Less: share-based payment charge                      (200)         (272)        (175) 
 Less: strategic, integration and 
  other non-recurring items                 7              -         (492)        (125) 
----------------------------------------  -----  -----------  ------------  ----------- 
 Operating loss                                        (156)       (1,246)        (790) 
 Finance income                                            5            39           13 
 Finance cost                                          (110)         (226)         (85) 
----------------------------------------  -----  -----------  ------------  ----------- 
 Net finance cost                                      (105)         (187)         (72) 
 Loss before tax                                       (261)       (1,433)        (862) 
 Income tax credit                           4            61           308          135 
----------------------------------------  -----  -----------  ------------  ----------- 
 Loss for the period                                   (200)       (1,125)        (727) 
 
   Other comprehensive income 
 Items that may subsequently be reclassified 
  to profit or loss: 
 Actuarial losses arising on defined                       -          (15)            - 
  benefit pension, net of tax 
 Exchange differences on translating 
  foreign operations                                   (166)           148          381 
 Other comprehensive (loss)/income 
  for the period, net of tax                           (166)           133          381 
========================================  =====  ===========  ============  =========== 
 Total comprehensive loss for the 
  period attributable to the equity 
  shareholders of the Parent                           (366)         (992)        (346) 
========================================  =====  ===========  ============  =========== 
 
 * Adjusted for strategic, integration and other non-recurring 
  items (note 7) and share-based payments. 
 
 
 
   Loss per ordinary share from continuing operations attributable 
   to the equity shareholders of the Parent during the period (expressed 
   in pence per ordinary share): 
 
 Basic and diluted loss per share                                  5         (0.2)         (1.0)       (0.7) 
 
 
 Condensed consolidated statement of financial position 
  As at 31 July 2021 
                                                                         Unaudited       Audited   Unaudited 
                                                                             As at         As at       As at 
                                                                           31 July    31 January     31 July 
                                                                              2021          2021        2020 
---------------------------------------------------------------  -----  ----------  ------------  ---------- 
                                                                  Note     GBP'000       GBP'000     GBP'000 
---------------------------------------------------------------  -----  ----------  ------------  ---------- 
 Assets 
 Non-current assets 
 Intangible assets including goodwill                              8        14,994        15,187      15,590 
 Property, plant and equipment                                                 376           392         415 
 Right-of-use assets                                                         2,144         2,694       3,265 
 Total non-current assets                                                   17,514        18,273      19,270 
---------------------------------------------------------------  -----  ----------  ------------  ---------- 
 Current assets 
 Trade and other receivables                                       9         9,353        10,890       8,951 
 Current income tax receivable                                                 279           164         308 
 Cash and cash equivalents                                         10        5,493         7,278       6,569 
---------------------------------------------------------------  -----  ----------  ------------  ---------- 
 Total current assets                                                       15,125        18,332      15,828 
---------------------------------------------------------------  -----  ----------  ------------  ---------- 
 Total assets                                                               32,639        36,605      35,098 
---------------------------------------------------------------  -----  ----------  ------------  ---------- 
 Liabilities 
 Current liabilities 
 Bank borrowings                                                   10        (468)         (470)     (1,267) 
 Trade and other payables                                          11     (10,469)      (13,418)    (10,861) 
 Lease liabilities                                                           (847)         (925)       (985) 
 Total current liabilities                                                (11,784)      (14,813)    (13,113) 
---------------------------------------------------------------  -----  ----------  ------------  ---------- 
 Non-current liabilities 
 Bank borrowings                                                   10      (2,217)       (2,542)     (1,869) 
 Lease liabilities                                                         (1,276)       (1,743)     (2,330) 
 Deferred consideration                                                      (376)         (390)       (398) 
 Defined benefit pension obligation                                        (1,594)       (1,606)     (1,567) 
 Deferred tax                                                                (823)         (776)       (537) 
 Total non-current liabilities                                             (6,286)       (7,057)     (6,701) 
---------------------------------------------------------------  -----  ----------  ------------  ---------- 
 Total liabilities                                                        (18,070)      (21,870)    (19,814) 
 Net assets                                                                 14,569        14,735      15,284 
===============================================================  =====  ==========  ============  ========== 
 
 Share capital and reserves 
 Share capital                                                     12       20,150        20,150      20,150 
 Share premium account                                                      30,479        30,479      30,479 
 Own shares held                                                             (303)         (303)       (303) 
 Equity-settled employee benefits 
  reserve                                                                    3,804         3,604       3,507 
 Merger reserve                                                             16,465        16,465      16,465 
 Reverse acquisition reserve                                              (11,584)      (11,584)    (11,584) 
 Currency translation reserve                                                  166           332         565 
 Accumulated losses                                                       (44,131)      (43,931)    (43,518) 
 Purchase of non-controlling interest 
  reserves                                                                   (477)         (477)       (477) 
---------------------------------------------------------------  -----  ----------  ------------  ---------- 
 Equity attributable to shareholders 
  of the parent company                                                     14,569        14,735      15,284 
---------------------------------------------------------------  -----  ----------  ------------  ---------- 
 Total equity                                                               14,569        14,735      15,284 
===============================================================  =====  ==========  ============  ========== 
 
 
 
 
 
 Condensed 
 consolidated 
 statement 
 of changes in 
 equity 
 Period ended 
 31 July 2021 
                                                                                                      Purchase 
                                               Equity-settled                                         of 
                             Share     Own        employee                  Reverse      Currency     non-controlling 
                   Share    premium   shares      benefits      Merger    acquisition   translation   interest          Accumulated    Total 
   GBP'000        capital   account    held        reserve      reserve     reserve       reserve     reserve              losses      equity 
 
 Balance at 1 
  February 2020    20,150    30,479    (303)            3,332    16,465      (11,584)           184             (477)      (42,791)    15,455 
---------------  --------  --------  -------  ---------------  --------  ------------  ------------  ----------------  ------------  -------- 
 Comprehensive 
 income/(loss) 
 Loss for the 
  year                  -         -        -                -         -             -             -                 -       (1,125)   (1,125) 
 Other 
 comprehensive 
 (loss)/income 
---------------  --------  --------  -------  ---------------  --------  ------------  ------------  ----------------  ------------  -------- 
 Actuarial 
  gains arising 
  on 
  defined 
  benefit 
  pension               -         -        -                -         -             -             -                 -          (15)      (15) 
 Exchange 
  differences 
  on 
  translating 
  foreign 
  operations            -         -        -                -         -             -           148                 -             -       148 
 Total other 
  comprehensive 
  income                -         -        -                -         -             -           148                 -          (15)       133 
---------------  --------  --------  -------  ---------------  --------  ------------  ------------  ----------------  ------------  -------- 
 Total 
  comprehensive 
  (loss)/income         -         -        -                -         -             -           148                 -       (1,140)     (992) 
---------------  --------  --------  -------  ---------------  --------  ------------  ------------  ----------------  ------------  -------- 
 Transactions 
 with owners 
 recognised 
 directly in 
 equity 
 Recognition of 
  share-based 
  payments              -         -        -              272         -             -             -                 -             -       272 
---------------  --------  --------  -------  ---------------  --------  ------------  ------------  ----------------  ------------  -------- 
                        -         -        -                -         -             -             -                 -             -       272 
---------------  --------  --------  -------  ---------------  --------  ------------  ------------  ----------------  ------------  -------- 
 
   Balance at 
   31 January 
   2021 
   (Audited)       20,150    30,479    (303)            3,604    16,465      (11,584)           332             (477)      (43,931)    14,735 
===============  ========  ========  =======  ===============  ========  ============  ============  ================  ============  ======== 
 Comprehensive 
 loss 
 Loss for the 
  period                -         -        -                -         -             -             -                 -         (200)     (200) 
 Other 
 comprehensive 
 income 
 Exchange 
  differences 
  on 
  translating 
  foreign 
  operations            -         -        -                -         -             -         (166)                 -             -     (166) 
---------------  --------  --------  -------  ---------------  --------  ------------  ------------  ----------------  ------------  -------- 
 Total other 
  comprehensive 
  income                -         -        -                -         -             -         (166)                 -         (200)     (366) 
---------------  --------  --------  -------  ---------------  --------  ------------  ------------  ----------------  ------------  -------- 
 Total 
  comprehensive 
  (loss)/income         -         -        -                -         -             -         (166)                 -         (200)     (366) 
 Transactions 
 with owners 
 recognised 
 directly in 
 equity 
 Recognition of 
  share-based 
  payments              -         -        -              200         -             -             -                 -             -       200 
---------------  --------  --------  -------  ---------------  --------  ------------  ------------  ----------------  ------------  -------- 
                        -         -        -                -         -             -             -                 -             -         - 
---------------  --------  --------  -------  ---------------  --------  ------------  ------------  ----------------  ------------  -------- 
 
   Balance at 
   31 July 2021 
   (Unaudited)     20,150    30,479   (303)             3,804    16,465      (11,584)           166             (477)      (44,131)    14,569 
===============  ========  ========  =======  ===============  ========  ============  ============  ================  ============  ======== 
 
 

* Total equity attributable to the equity shareholders of the parent.

 
 
 
                                                                                                           Purchase 
                                                Equity-settled                                                of 
                              Share     Own        employee                  Reverse      Currency      non-controlling 
                    Share    premium   shares      benefits      Merger    acquisition   translation       interest       Accumulated    Total 
   GBP'000         capital   account    held        reserve      reserve     reserve       reserve          reserve          losses      equity 
 
 Balance at 1 
  February 2020     20,150    30,479    (303)            3,332    16,465      (11,584)           184              (477)      (42,791)    15,455 
----------------  --------  --------  -------  ---------------  --------  ------------  ------------  -----------------  ------------  -------- 
 Comprehensive 
 income/(loss) 
 Loss for the 
  period                 -         -        -                -         -             -             -                  -         (727)     (727) 
 Other 
 comprehensive 
 (loss)/income) 
 Exchange 
  differences on 
  translating 
  foreign 
  operations             -         -        -                -         -             -           381                  -             -       381 
----------------  --------  --------  -------  ---------------  --------  ------------  ------------  -----------------  ------------  -------- 
 Total other 
  comprehensive 
  income                 -         -        -                -         -             -           381                  -             -       381 
----------------  --------  --------  -------  ---------------  --------  ------------  ------------  -----------------  ------------  -------- 
 Total 
  comprehensive 
  (loss)/income          -         -        -                -         -             -           381                  -         (727)     (346) 
----------------  --------  --------  -------  ---------------  --------  ------------  ------------  -----------------  ------------  -------- 
 Transactions 
 with owners 
 recognised 
 directly in 
 equity 
----------------  --------  --------  -------  ---------------  --------  ------------  ------------  -----------------  ------------  -------- 
 Recognition of 
  share-based 
  payments               -         -        -              175         -             -             -                  -             -       175 
----------------  --------  --------  -------  ---------------  --------  ------------  ------------  -----------------  ------------  -------- 
                         -         -        -              175         -             -           381                  -         (727)     (171) 
----------------  --------  --------  -------  ---------------  --------  ------------  ------------  -----------------  ------------  -------- 
 Balance at 31 
  July 2020 
  (Unaudited)       20,150    30,479    (303)            3,507    16,465      (11,584)           565              (477)      (43,518)    15,284 
================  ========  ========  =======  ===============  ========  ============  ============  =================  ============  ======== 
 
 

* Total equity attributable to the equity shareholders of the parent.

 
 Condensed consolidated statement of cash flows 
  Period ended 31 July 2021 
                                                  Unaudited      Audited   Unaudited 
                                                    31 July   31 January     31 July 
                                                       2021         2021        2020 
                                           Note     GBP'000      GBP'000     GBP'000 
----------------------------------------  -----  ----------  -----------  ---------- 
 Cash flows from operating activities 
 Cash generated from operations             10          646        3,983       1,744 
 Interest received                                        5           39          13 
 Interest paid                                        (110)        (218)        (85) 
 Tax (paid)/received                                      -          484        (70) 
 Net cash from operating activities                     541        4,288       1,602 
----------------------------------------  -----  ----------  -----------  ---------- 
 Cash flows from investing activities 
 Acquisition of subsidiaries (net 
  of cash acquired)                                       -            -       (585) 
 Purchase of property, plant and 
  equipment                                            (88)        (192)       (102) 
 Expenditure on product development 
  and intellectual property capitalised             (1,291)      (2,120)       (965) 
 Net cash used in investing activities              (1,379)      (2,312)     (1,652) 
----------------------------------------  -----  ----------  -----------  ---------- 
 Cash flows from financing activities 
 New borrowings                                           -        1,800       1,832 
 Repayment of borrowings                              (218)        (146)         (6) 
 Repayment of obligations under 
  leases                                              (580)      (1,069)       (598) 
 Payment of deferred consideration                                 (585) 
  on acquisition                                          -                        - 
 Net cash (used in)/generated from 
  financing activities                                (798)            -       1,228 
----------------------------------------  -----  ----------  -----------  ---------- 
 Net (decrease)/increase in cash 
  and cash equivalents                              (1,636)        1,976       1,178 
 Cash and cash equivalents at start 
  of period                                           7,278        5,108       5,108 
 
   Effects of foreign exchange on 
   cash and cash equivalents                          (149)          194         283 
 Cash and cash equivalents at end 
  of period                                 10        5,493        7,278       6,569 
----------------------------------------  -----  ----------  -----------  ---------- 
 
 
 

Notes to the Interim Financial Statements

1. Principal activity

1Spatial plc is a public limited company which is listed on the AIM London Stock Exchange and is incorporated and domiciled in the UK. The address of the registered office is Tennyson House, Cambridge Business Park, Cowley Road, Cambridge, CB4 0WZ. The registered number of the Company is 5429800.

The principal activity of the Group is the development and sale of software along with related consultancy and support.

2. Basis of preparation

This condensed consolidated interim financial report for the half-year reporting period ended 31 July 2021 has been prepared in accordance with UK adopted IAS 34 Interim Financial Reporting. The interim report does not include all the information required for a complete set of IFRS financial statements. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 January 2021 and any public announcements made by 1Spatial Plc during the interim reporting period. The annual financial statements of the Group were prepared in accordance UK adopted international accounting standards.

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group's consolidated financial statements as at and for the year ended 31 January 2021.The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Several amendments and interpretations apply for the first time in 2021, but do not have a material impact on the interim financial statements of the Group.

The financial information for the six months ended 31 July 2021 and 31 July 2020 is neither audited nor reviewed and does not constitute statutory financial statements within the meaning of section 434(3) of the Companies Act 2006 for 1Spatial plc or for any of the entities comprising the 1Spatial Group. Statutory financial statements for the preceding financial year ended 31 January 2021 were filed with the Registrar and included an unqualified auditors' report.

After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly condensed consolidated financial statements.

These interim financial statements were authorised for issue by the Company's Board of Directors on 28 September 2021.

3. Revenue

The following table provides an analysis of the Group's revenue by type:

 
 Revenue by type 
                                    H1 2022   H1 2021 
                                     GBP000    GBP000 
 Term licences                         1.01      0.56   80% 
 Support & maintenance                 4.62      4.63     - 
                                   --------  -------- 
 Recurring revenue                     5.63      5.19    8% 
---------------------------------  --------  -------- 
 Services                              5.93      5.52    7% 
 Perpetual licences                    1.08      1.02    6% 
---------------------------------  --------  -------- 
 Total revenue                        12.64     11.73    8% 
---------------------------------  --------  -------- 
 Percentage of recurring revenue        45%       44% 
 

4. Taxation

The tax credit on the result for the six months ended 31 July 2021 is based on the estimated tax rates in the jurisdictions in which the Group operates, for the year ending 31 January 2022.

5. Loss per share

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period plus the EUR0.03m deferred shares to be satisfied in March 2023.

 
                                        Unaudited       Audited   Unaudited 
                                            As at         As at       As at 
                                          31 July    31 January     31 July 
                                             2021          2021        2020 
                                          GBP'000       GBP'000     GBP'000 
 Loss attributable to equity holders 
  of the Parent                             (200)       (1,125)       (727) 
-------------------------------------  ----------  ------------  ---------- 
 
 
                                           Number        Number      Number 
                                             000s          000s        000s 
-------------------------------------  ----------  ------------  ---------- 
 Ordinary shares with voting rights       110,486       110,486     110,486 
-------------------------------------  ----------  ------------  ---------- 
 Deferred consideration payable 
  in shares                                    72         1,394       1,628 
-------------------------------------  ----------  ------------  ---------- 
 Basic weighted average number of 
  ordinary shares                         110,558       111,880     112,114 
-------------------------------------  ----------  ------------  ---------- 
 Impact of share options/LTIPs              3,986         2,495       1,355 
-------------------------------------  ----------  ------------  ---------- 
 Diluted weighted average number 
  of ordinary shares                      114,544       114,375     113,469 
-------------------------------------  ----------  ------------  ---------- 
 
 
                                     Unaudited       Audited   Unaudited 
                                         As at         As at       As at 
                                       31 July    31 January     31 July 
                                          2021          2021        2020 
                                         Pence         Pence       pence 
----------------------------------  ----------  ------------  ---------- 
 Basic and diluted loss per share        (0.2)         (1.0)       (0.7) 
----------------------------------  ----------  ------------  ---------- 
 

Basic loss per share and diluted loss per share are the same because the options are anti-dilutive. Therefore, they have been excluded from the calculation of diluted weighted average number of ordinary shares.

6. Dividends

No dividend is proposed for the six months ended 31 July 2021 (31 January 2021: nil; 31 July 2020: nil).

7. Strategic, integration and other non-recurring items

In accordance with the Group's policy for strategic, integration and other non-recurring items, the following charges were included in this category for the period:

 
                                            Six months                 Six months 
                                                 ended    Year ended        ended 
                                               31 July    31 January      31 July 
                                                  2021          2021         2020 
                                               GBP'000       GBP'000      GBP'000 
----------------------------------------  ------------  ------------  ----------- 
 Costs associated with acquisitions and 
  disposals                                          -           492          125 
 Total                                               -           492          125 
----------------------------------------  ------------  ------------  ----------- 
 

8 . Intangible assets including goodwill

 
                         Goodwill   Brands     Customers     Software   Development   Website   Intellectual    Total 
                                               and related                 costs       costs      property 
                                                contracts 
                         GBP'000    GBP'000     GBP'000      GBP'000      GBP'000     GBP'000     GBP'000      GBP'000 
 Cost 
 At 1 February 
  2021                    17,447      464        4,764        6,757       19,285         -           72        48,789 
 Additions                  -          -           -            22         1,269         -           -          1,291 
 Effect of foreign 
  exchange                (214)       (8)        (130)        (125)        (285)         -           -          (762) 
---------------------- 
 At 31 July 2021          17,233      456        4,634        6,654       20,269         -           72        49,318 
----------------------  ---------  --------  -------------  ---------  ------------  --------  -------------  -------- 
 Accumulated 
 impairment 
 and amortisation 
 At 1 February 
  2021                    11,548      252        3,641        4,696       13,454         -           11        33,602 
 Amortisation               -         23           79          223          856          -           3          1,184 
 Effect of foreign 
  exchange                (131)       (2)         (90)         (56)        (183)         -           -          (462) 
 At 31 July 2021          11,417      273        3,630        4,863       14,127         -           14        34,324 
----------------------  ---------  --------  -------------  ---------  ------------  --------  -------------  -------- 
 Net book amount 
  at 
  31 July 2021            5,816       183        1,004        1,791        6,142         -           58        14,994 
======================  =========  ========  =============  =========  ============  ========  =============  ======== 
 
 
                         Goodwill   Brands     Customers     Software   Development   Website   Intellectual    Total 
                                               and related                 costs       costs      property 
                                                contracts 
                         GBP'000    GBP'000     GBP'000      GBP'000      GBP'000     GBP'000     GBP'000      GBP'000 
 Cost 
 At 1 February 
  2020                    17,291      452        4,579        6,487       16,932        30           66        45,837 
 Additions                  -          -           -            -           962          -           3           965 
 Effect of foreign 
  exchange                 351        16          251          258          471          -           -          1,347 
---------------------- 
 At 31 July 2020          17,642      468        4,830        6,745       18,365        30           69        48,149 
----------------------  ---------  --------  -------------  ---------  ------------  --------  -------------  -------- 
 
 Accumulated 
 impairment 
 and amortisation 
 At 1 February 
  2020                    11,363      204        3,113        4,185       11,374        30           8         30,277 
 Amortisation               -         23          297          221          957          -           2          1,500 
 Effect of foreign 
  exchange                 249         1          154           94          284          -           -           782 
 At 31 July 2020          11,612      228        3,564        4,500       12,615        30           10        32,559 
 Net book amount 
  at 
  31 July 2020            6,030       240        1,266        2,245        5,750         -           59        15,590 
======================  =========  ========  =============  =========  ============  ========  =============  ======== 
 

8 . Intangible assets including goodwill (continued)

 
                         Goodwill   Brands     Customers     Software   Development   Website   Intellectual    Total 
                                               and related                 costs       costs      property 
                                                contracts 
                         GBP'000    GBP'000     GBP'000      GBP'000      GBP'000     GBP'000     GBP'000      GBP'000 
 Cost 
 At 1 February 2020       17,291      452        4,579        6,487       16,932        30           66        45,837 
 Additions                  -          -           -            75         2,039         -           6          2,120 
 Written-off                -          -           -            -            -         (30)          -          (30) 
 Effect of foreign 
  exchange                 156        12          185          195          314          -           -           862 
---------------------- 
 At 31 January 2021       17,447      464        4,764        6,757       19,285         -           72        48,789 
----------------------  ---------  --------  -------------  ---------  ------------  --------  -------------  -------- 
 
 Accumulated 
 impairment 
 and amortisation 
 At 1 February 2020       11,363      204        3,113        4,185       11,374        30           8         30,277 
 Amortisation               -         47          422          445         1,889         -           3          2,806 
 Written-off                -          -           -            -            -         (30)          -          (30) 
 Effect of foreign 
  exchange                 185         1          106           66          191          -           -           549 
 At 31 January 2021       11,548      252        3,641        4,696       13,454         -           11        33,602 
----------------------  ---------  --------  -------------  ---------  ------------  --------  -------------  -------- 
 Net book amount 
  at 
  31 January 2021         5,899       212        1,123        2,061        5,831         -           61        15,187 
======================  =========  ========  =============  =========  ============  ========  =============  ======== 
 

9. Trade and other receivables

 
                                               As at         As at      As at 
                                             31 July    31 January    31 July 
                                                2021          2021       2020 
  Current                                    GBP'000       GBP'000    GBP'000 
-----------------------------------------  ---------  ------------  --------- 
 Trade receivables                             2,858         5,607      3,462 
 Less: provision for impairment of trade 
  receivables                                   (59)          (80)       (44) 
-----------------------------------------  ---------  ------------  --------- 
                                               2,799         5,527      3,418 
 Other receivables                             1,573         1,497      1,445 
 Prepayments and accrued income                4,981         3,866      4,088 
-----------------------------------------  ---------  ------------  --------- 
                                               9,353        10,890      8,951 
-----------------------------------------  ---------  ------------  --------- 
 
 
 
 
 
   10. Notes to the condensed consolidated statement of cash flows 
 
   a) Cash used in operations 
                                                          Unaudited     Audited    Unaudited 
                                                                       As at 31        As at 
                                                              As at     January      31 July 
                                                       31 July 2021        2021         2020 
                                                            GBP'000     GBP'000      GBP'000 
-------------------------------------------------  ----------------  ----------  ----------- 
 
 Loss before tax                                              (261)     (1,433)        (862) 
 Adjustments for: 
 Net finance cost                                               105         187           72 
 Depreciation                                                   602       1,308          656 
 Amortisation and impairment                                  1,184       2,806        1,500 
 Share-based payment charge                                     200         272          175 
 Decrease/(Increase) in trade and 
  other receivables                                           1,241       (655)        1,392 
 (Decrease)/Increase in trade and 
  other payables                                            (2,527)       1,446      (1,177) 
 Increase in defined benefit pension 
  obligation                                                     43          86           46 
 Net foreign exchange movement                                   59        (34)         (58) 
 Cash from operations                                           646       3,983        1,744 
-------------------------------------------------  ----------------  ----------  ----------- 
   Reconciliation of cash generated 
     before and after impact of strategic, 
     integration and other non-recurring 
     items                                      Unaudited       Audited   Unaudited 
                                                    As at         As at       As at 
                                                  31 July    31 January     31 July 
                                                     2021          2021        2020 
    Cash generated from/(used in) operations 
     before strategic, integration and 
     other non-recurring items                        957         4,156       1,773 
    Cashflow on strategic, integration 
     and other non-recurring items                  (311)         (173)        (29) 
   ------------------------------------------  ----------  ------------  ---------- 
    Cash generated from/(used in) operations 
     after strategic, integration and 
     other non-recurring items                        646         3,983       1,744 
   ------------------------------------------  ----------  ------------  ---------- 
 b) Reconciliation of net cash flow to movement in net funds 
                                                          Unaudited     Audited    Unaudited 
                                                                       As at 31        As at 
                                                              As at     January      31 July 
                                                       31 July 2021        2021         2020 
                                                            GBP'000     GBP'000      GBP'000 
-------------------------------------------------  ----------------  ----------  ----------- 
 (Decrease)/Increase in cash in the 
  period                                                    (1,636)       1,976        1,178 
-------------------------------------------------  ----------------  ----------  ----------- 
 Changes resulting from cash flows                          (1,636)       1,976        1,178 
 
 Net cash inflow in respect of new 
  borrowings                                                      -     (1,800)      (1,832) 
 Net cash outflow in respect of borrowings 
  repaid                                                        218         146            6 
 Effect of foreign exchange                                    (40)          57          194 
-------------------------------------------------  ----------------  ----------  ----------- 
 Change in net funds                                        (1,458)         379        (454) 
 Net funds at beginning of period                             4,266       3,887        3,887 
------------------------------------------------- 
 Net funds at end of period                                   2,808       4,266        3,433 
-------------------------------------------------  ----------------  ----------  ----------- 
 
 Analysis of net funds 
 Cash and cash equivalents classified 
  as: 
 Current assets                                               5,493       7,278        6,569 
 Bank and other loans                                       (2,685)     (3,012)      (3,136) 
 Net funds at end of period                                   2,808       4,266        3,433 
-------------------------------------------------  ----------------  ----------  ----------- 
 

Net funds is defined as cash and cash equivalents net of bank loans.

11. Trade and other payables

 
                                          As at         As at      As at 
                                        31 July    31 January    31 July 
                                           2021          2021       2020 
  Current                               GBP'000       GBP'000      GBP'000 
------------------------------------  ---------  ------------  ----------- 
 Trade payables                           1,789         1,736        1,587 
 Other taxation and social security       2,792         3,496        2,829 
 Other payables                             430           852          693 
 Accrued liabilities                      1,280         1,464        1,137 
 Deferred income                          4,178         5,870        4,615 
------------------------------------  ---------  ------------  ----------- 
                                         10,469        13,418       10,861 
------------------------------------  ---------  ------------  ----------- 
 
 

12. Share capital

 
                                                 As at         As at      As at 
                                               31 July    31 January    31 July 
                                                  2021          2021       2020 
                                               GBP'000       GBP'000    GBP'000 
-------------------------------------------  ---------  ------------  --------- 
 Allotted, called up and fully paid 
 110,805,795 (H1 and FY 2021: 110,805,795) 
  ordinary shares of 10p each                   11,082        11,082     11,082 
 226,699,878 (H1 and FY 2021: 226,699,878) 
  deferred shares of 4p each                     9,068         9,068      9,068 
-------------------------------------------  ---------  ------------  --------- 
                                                20,150        20,150     20,150 
-------------------------------------------  ---------  ------------  --------- 
 

There are 110,805,795 ordinary shares of 10p in issue, including 319,635 ordinary shares which are held in treasury. Consequently, the total issued share capital is 110,486,160, each share having equal voting rights.

The deferred shares of 4p each do not carry voting rights or a right to receive a dividend. Accordingly, the deferred shares will have no economic value.

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END

IR PPUMPBUPGGMR

(END) Dow Jones Newswires

September 29, 2021 02:00 ET (06:00 GMT)

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