13th May 2014 12:45
LONDON (Alliance News) - Data management firm 1Spatial PLC Tuesday said it narrowed its losses in the full year, despite investing heavily in the business.
AIM-listed 1Spatial posted a pretax loss of GBP2.3 million for the year ended January 31, compared with a GBP4.8 million loss a year earlier, as revenue rose to GBP17.3 million from GBP12.1 million in 2013.
1Spatial said it was boosted by the GBP5.7 million acquisition of Star-Apic, which provides geographic information systems software and solutions. Star-Apic contributed GBP4.7 million in revenue during the period.
During the period the company said its core off-the-shelf product offering, 1Spatial Management Suite, was delivered to its first customer and is continuing to gain significant traction in the market. 1Spaital said it will develop industry-specific applications for the suite as part of its development road-map.
Looking ahead, the company said it plans to target Africa, the Middle East and the US.
"The year ended January 31, 2015 will see us continue to develop our product and service offerings and to develop new geographic and industry markets to harness that potential," Chief Executive Marcus Hanke said in a statement. "It is the board's view that the company is well placed to capitalise on opportunities in the spatial Big Data market and Smart Cities markets".
1Spatial shares were quoted down 9.0% at 6.82 pence Tuesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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