1Spatial confident after narrowing losses in first half

1Spatial turned in a strong set of first-half results on Tuesday as the data management outfit expressed confidence regarding the remainder of its trading year following a significant narrowing in losses.

The AIM-listed company told investors it had narrowed losses by 51% year-on-year to £826,000 in the six months leading to 31 July. Revenues improved 2.33% to £8.8m.

Management now expect second-half revenues to come in even higher, due to further significant contract wins in key sectors since the half drew to a close.

The narrowed losses was principally a result of a reduction in operating expenses, with administrative costs falling to £5.3m from the £6m of outgoings recorded a year earlier.

1Spatial also revealed that it was now debt free after it raised £8m via a placing back in August.

Chief executive Claire Milverton, said: "This has been a strong half for 1Spatial with clear financial progress and we have carried this momentum forward into the second half."

"Looking ahead, 1Spatial is well placed to continue to deliver against its strategy and we are confident about the business' prospects for the full year and into the future."

As of 1120 BST, 1Spatial shares were 2.56% higher at 40p.