1Spatial's (LON:SPA) return to growth and cash break-even in FY18 reflect the initial success of management’s turnaround plan. Supportive market dynamics and a strong pipeline give us confidence that the business can return to sustainable growth and profitability. We believe the renewed focus on its solution strategy and goals to grow its offerings that master, define and maintain accurate geospatial information from multiple data sets in key target verticals could provide the potential for an acceleration of growth.
Turnaround plan delivers initial success
Following the disposal of EnablesIT in March, 1Spatial is solely focused on developing its geospatial business. This business recovered robustly, reflecting the initial success of management’s turnaround plan. Continuing business revenues grew by 12% y-o-y to £16.9m (Edison: £16.5m), with EBITDA of £0.4m (Edison: £0.3) vs a £0.9m loss last year. Net cash outflow for the year was £0.1m and year-end net cash was £0.3m (£1.3m cash, with £1m borrowings from a £2.5m facility).
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