1Spatial - Encouraging trading and outlook

1Spatial’s trading update confirms that trading has remained robust, with FY23 revenues and EBITDA expected to be no less than £29.8m (+10.3% y o-y) and £4.9m (+17% y-o-y) despite some inflationary pressure. The revenue mix continues to improve, with recurring revenues now c 50% (+c 22% y-o-y) of the total and term licences up c 80% to £5.2m. With momentum continuing into Q1, and a healthy order book and pipeline, the company looks well set to deliver further progress this year. Trials of the company’s SaaS applications are progressing well and strong uptake could drive an acceleration in scalable recurring revenue growth.