1Spatial Trading Update

Based on the unaudited financial results, the Group expects to report further progress in key financial metrics, due to a robust performance in the second half of the year, which has seen the Group secure some of its largest contracts to date, providing a strong platform for growth in future years.

Revenue for the year is expected to be in excess of £26.4m (FY 2021: £24.6m), with double digit growth in recurring revenue year on year. The order book of committed revenue and longer-term contracts also increased year on year.

Adjusted EBITDA is expected to be no less than £3.8m (FY 2021: £3.6m) in line with expectations and the Group’s planned spending in the year.

The Group’s net cash increased in H2 to approximately £3.2m as at 31 January 2022, from £2.8m at 31 July 2021 (31 January 2021: £4.3m). The net cash was lower than expectations primarily due to the working capital requirements on larger contracts signed in H2, and the decision to invest free cash in expanding the sales and delivery team and cloud technology, as part of the three-year growth plan.

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