Final
FY 2024
Claire Milverton - CEO Stuart Ritchie - CFO
1 1Spatial plc - Final Results FY
Overview & Highlights | 3 |
Agenda
Financial Review | 8 |
Claire Milverton | Market Overview & FY25 Areas of focus | 16 |
CEO | ||
Summary & Outlook | 23 | |
Stuart Richie | ||
24 | ||
CFO | Q&A |
2 1Spatial plc - Final Results FY 2024
Overview
Highlights
Claire Milverton
CEO
3 1Spatial plc - Final Results FY
1Spatial plc: Overview
Existing enterprise business
Provides expertise, reputation and financial resources
Leaders in location data management
- Market-leading software platform for Location Master Data Management (LMDM)
- Enabling our customers to make critical decisions from up to date, accurate location data
- We sit in the middle of two growing markets: GIS data and master data management
Customers | Partners | |
Growing recurring revenues and increasing geographical spread
10% | UK/Ireland | |||||||
15% | ||||||||
44% | Recurring | 41% | Europe | |||||
56% | Non-recurring | US | ||||||
34% | Australia | |||||||
Two new high margin SaaS
solutions
£400m+ $350m+
Significant ARR market opportunities
- Launched in FY24
- Pure SaaS: 80% - 90% gross margins
- Considerably expanding our addressable market
- Approx. £5m investment in cloud platform and SaaS to date
4 1Spatial plc - Final Results FY 2024
A successful FY24: Growing ARR & launch of SaaS solutions
Growing recurring revenue & margin expansion
£32.3m£17.2m
+8% +9%
Revenue ARR ARR
55%£5.5m
+3ppt +10%
Gross margin | EBITDA |
Strong sales execution and contract delivery
- Multi-yearcontracts secured across all key geographies
- UK increased footprint across utilities, secured multi- year renewals and developed collaboration with UK gov agencies & partners
- Now in 18 States in the US, adding the State of Oregon and continuing to expand with existing customers
- Europe has completed transition from declining legacy software - now an engine for growth
- First two SaaS solutions successfully launched and £0.2m of revenue generated in H2 of FY24
5 1Spatial plc - Final Results FY 2024
Our multi-use LMDM software platform
Rules
External data Data Management Business Applications sources & standards
Significant Vertical Market opportunities
where rules are repeatable
Large projects with more services where partners are often key
Often from cities and counties in the
US
6 1Spatial plc - Final Results FY 2024
Our platform in action: The State of Oregon
Rules
External data Data Management Business Applications sources & standards
Land
First win in the State of Oregon for US$0.4m of ARR using 1Integrate and 1Datagateway
Bringing together parcel geospatial data from the 36 counties (usually Esri formats) & Statewide tax assessor data (Non- Spatial - table data)
To create two new valuable Statewide Spatial databases
Expansion potential
Within Oregon:
Parcel rules and solution can be used for other States
Project is progressing well and now in discussions about next projects e.g. NG 9-1-1 and Road Data for the Department of Transport
Within the US
Ambition of US$1m ARR per State - now have software in 18 States out of 50 in total
7 1Spatial plc - Final Results FY 2024
Financial
Review
FY24
Stuart Ritchie
CFO
8 1Spatial plc - Final Results FY
Financial Review
- FY24
- Full year revenue performance slightly ahead of market expectations with EBITDA in line
- Group revenue increased by 8% to £32.3 million
- Double digit growth in recurring revenues and EBITDA
- Recurring revenue, as a percentage of total revenue, increased to 56%, up 7ppt (FY 2023: 49%)
- Gross margin increased to 55%, up 3ppt
- EBITDA increased 10% to £5.5 million
- Continued investment in SaaS business and cloud platform
- Streamlined cost base will drive operational leverage
- Successful execution will drive transformational growth, margin and cash generation
9 1Spatial plc - Final Results FY 2024
FY24 Financial Highlights
Income statement
Summarised trading performance
Significant increase in recurring revenue due to contract wins in UK and US.
Recurring 56% (FY23: 49%) of Group revenues
Gross profit % increase reflects improvements in revenue mix and increased operational leverage
Adjusted EBITDA* margin 17% (FY23: 17%) reflects investment in sales to support growth opportunity, near term inflationary increases and adverse FX movements. £1m of annualised costs removed in Europe which will be reflected in future periods
Operating profit of £1.4m including restructuring costs compared to a profit of £1.3m in the prior year
10 1Spatial plc - Final Results FY 2024
Summarised P&L (£m) | FY24 | FY23 | Variance (%) |
Recurring revenue | 18.1 | 14.8 | 22% |
Non-recurring revenue | 14.2 | 15.2 | (7%) |
Revenue | 32.3 | 30.0 | 8% |
Recurring revenue % | 56% | 49% | 7% |
Gross Profit | 17.9 | 15.5 | 15% |
Gross Profit % | 55% | 52% | 3% |
Adjusted EBITDA* | 5.5 | 5.0 | 10% |
Adjusted EBITDA* % | 17% | 17% | 0% |
Depreciation and amortisation | (3.4) | (3.4) | 0% |
Share-based payment charge | 0.0 | (0.1) | (100%) |
Restructuring costs | (0.7) | (0.2) | 250% |
Operating profit | 1.4 | 1.3 | 8% |
- Adjusted EBITDA is a company-specific measure which is calculated as operating profit before depreciation (including right of use asset depreciation), amortisation and impairment of intangible assets, share-based payment charge and strategic, integration, and other non-recurring items.
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1Spatial plc published this content on 01 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 09:35:50 UTC.