1Spatial PLC on Wednesday said pretax profit for the latest financial year increased considerably, and revenue and adjusted Ebita likewise were higher than the previous year’s.

1Spatial, a Cambridge-headquartered data management software company, said pretax profit for the financial year that ended January 31 increased to £1.0 million from £220,000 the year before.

1Spatial said revenue increased by 11% to £30.0 million from £27.0 million the previous year. Its adjusted earnings before interest, tax, depreciation and amortisation for the year was £5.0 million, up 19% from £4.2 million.

1Spatial said this financial year ‘has started positively with a significantly growing sales pipeline’, though it didn’t provide a figure for this. The company remains confident in ‘delivering further progress’ in the next financial year despite inflationary cost pressures, it said.

‘This year confirmed that 1Spatial sits right at the heart of numerous changes across multiple sectors. We secured a number of high-profile wins, invested in our technology and sales team, and expanded our customer and partner networks to position the business to serve a range of customers globally,’ Chief Executive Officer Claire Milverton commented.

She added: ‘Looking ahead, we continue to see multiple areas of significant opportunity, particularly in the US and for our new [software as a service] offerings. Through the launch of our cloud platform we are adding a new layer of potential growth, targeting niche areas of the location market where we have identified significant demand and low levels of competition. We believe these offerings have the potential to be transformational for 1Spatial.’

Shares in 1Spatial were down 5.0% at 46.06 pence in London on Wednesday.

Copyright 2023 Alliance News Ltd. All Rights Reserved.