1Spatial's 'good financial result' driven by contract wins and renewals

Software solutions provider 1Spatial traded in line with expectations in its recently wrapped up trading year thanks to some significant new contract wins and several successful renewals.

1Spatial told investors on Thursday that revenues would be in line with market expectations and adjusted EBITDA would "at least" hit guidance.

The AIM-listed firm said its performance was driven by its strategy of expanding the breadth and depth of its client service proposition combined with a rigorous approach to cost control.

Cash at 31 January was £6.4m.

1Spatial was "especially pleased" with its financial result given the "unprecedented shutdown" of the US Government for a number of weeks at the end of its financial year, which it said impacted its ability to deliver services to a number of its key US customers.

Chairman Andy Roberts said: "This had been a sound year for 1Spatial. We have achieved a good financial result through a very clear strategic focus, operating improvements, and cost and cash control.

"We are now well placed to align all our geographies behind the core strategy, and seek to drive out higher levels of profitable growth into the future."

As of 1320 GMT, 1Spatial shares had inched forward 0.38% to 33.13p.