1Spatial confident of meeting annual targets despite wider interim loss

IT software and consultancy group 1Spatial said its interim loss widened but reiterated it expects to meet full-year expectations.

In the six months to end of July, the London-listed company saw its pre-tax loss more than double to £1.5m, as revenue declined 16.8% year-on-year to £8.4m.

The group said the wider loss and the drop in revenue were largely attributable to strong currency headwinds due to the strengthening of the pound against the euro and the Australian dollar, as well as to the exit from low-margin revenue in Australia.

However, 1Spatial remained upbeat about its annual expectations, adding it remained on course to achieve an increase in revenue and earnings before interest, tax, depreciation and amortisation and other exceptional items in the full year.

"Looking ahead, the board remains confident and believe that the company's stated strategy positions 1Spatial for future, scalable growth in an exciting market space," said group chief executive Marcus Hanke.

1Spatial shares were down 6.12% to 5.75p at 1459 BST on Tuesday.