News blog

1Spatial

  • BY: Andrew Hore |
  • POSTED: 19/04/2011 |

Location-based software and services provider 1Spatial has made its first acquisition since it reversed into Aim shell IQ Holdings last October.

Management has been keen to expand in Australia and it has acquired Sydney-based Lagen Spatial for A$1m in cash. Lagen reported a pre-tax profit of A$268,000 in the year to June 2010. This acquisition will give the group critical mass in Australia and will not dilute earnings. 

Australia is investing in improving its location data and 1Spatial can sell its own software through Lagen. The software is a one-off sale with annual support revenues.

New contracts are also being won in Europe and 1Spatial has been awarded a €1m plus contract with Ordnance Survey Ireland. The existing map database will be converted into a digital database of Ireland.

1Spatial says that trading conditions have improved as uncertainty has reduced. In the 9 months to December 2010, 1Spatial reported revenues of £5.4m and an underlying loss of £96,000.

The reported loss was more than £1m because of exceptional reversal and reorganisation charges. There was a small dip in revenues compared with the corresponding nine months in the previous year. The latest financial period is for 15 months to June 2011. Annualised recurring revenues are more than £1.7m.

Net cash was £192,000 at the end of 2010.

At 37p a share, 1Spatial is valued at £7.84m. Analysts forecast a 2011-12 profit of £1.5m, which puts the shares on less than five times 2011-12 prospective earnings.

Download the April edition of AIM Journal at http://www.hubinvest.com/AIMPDFApril2011_19.pdf

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