1Spatial to invest in major opportunity for long-term growth

CEO Claire Milverton, addressing a 10 per cent rise in pre-tax profit to £1.1 million in the year to January 31, said the company was confident of delivering further progress in FY 2025.

She said: “The Group’s financial performance this year demonstrates the successful progress we are making towards transitioning to a high margin, recurring software licence business.

“Our strategic investments in product development across both the Enterprise and SaaS divisions are yielding positive results and unlocking new markets, providing excitement for the future.

“We will continue to  invest in our US Enterprise and 1Streetworks sales teams to capture what we believe to  be a considerable long-term growth  opportunity.”

Milverton said 1Spatial had made a solid start to trading in the new financial year with a growing sales pipeline and increased levels of recurring revenue.

She said the strategic investments in product development and business expansion had delivered revenue growth of eight per cent to £32.3 million, with around 56 per cent represented by recurring revenue – up from 49 per cent the previous year.

Within recurring revenues, software term licence revenue increased by 60 per cent to £8.3m (£5.2m) with double digit growth across the UK, US and Australia. The Enterprise business secured multi-year contracts across all key geographies.