Shares in 1Spatial (SPA) - which makes software that stores and interprets location-based data - tumbled 7 per cent after the business recorded an operating loss of £2.2m. But that doesn't tell the full story. In fact, 1Spatial's cash profits, adjusted for one-off charges and integration costs, climbed to £1.1m following a small loss in 2012.
Those gains were driven by the launch of 1SMS, its flagship product suite; sales rose 10 per cent to £10.6m in the group's core division. 1Spatial also extended contracts worth a total of £3.3m with Ordnance Survey Great Britain and the US Census. And it rolled out its Smart City solution - which gives local governments access to water, sewage and electricity data - to Moroccan cities such as Rabat and Tangier.
1Spatial also bought in growth. Its latest acquisition, mapping-software specialist Star-Apic, contributed £4.7m in revenues while opening the door to new markets, says chief executive Marcus Hanke. These include indoor-location management, or mapping the interiors of airports, hospitals and other big buildings.
Broker N+1 expects 1Spatial's adjusted cash profits to rise 155 per cent to £2.8m this year, giving EPS of 0.1p.
| 1SPATIAL (SPA) | ||||
|---|---|---|---|---|
| ORD PRICE: | 6.9p | MARKET VALUE: | £45m | |
| TOUCH: | 6.8-7p | 12-MONTH HIGH: | 11p | LOW: 6p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 3p* | NET CASH: | £10.8m | |
| Year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 7.3 | -2.1 | -16.2 | nil |
| Year to 31 Jan | (£m) | (£m) | (p) | (p) |
| 2011 | 2.6 | -7.8 | -3.7 | nil |
| 2012 | 5.2 | -1.6 | -0.6 | nil |
| 2013 | 12.1 | -4.8 | -1.3 | nil |
| 2014 | 17.3 | -2.3 | -0.4 | nil |
| % change | +43 | - | - | - |
*Includes intangible assets of £13.4m, or 2p a share | ||||
