31st Oct 2014 10:00
LONDON (Alliance News) - Big data company 1Spatial PLC posted a wider pretax loss in the first half, as costs offset a growth in revenue in the period.
The company said its pretax loss for the six months to July 31 was GBP684,000, wider than the GBP367,000 posted a year earlier.
Revenue for the company rose to GBP10.1 million in the period, from GBP7.8 million last year, but this was offset by a rise in its cost of sales to GBP4.9 million against GBP3.9 million a year earlier and a rise in administrative expenses to GBP5.9 million from GBP4 million.
1Spatial said the costs were exceptional and related to the restructuring of its business in France and Belgium, along with further staff additions in other parts of the business.
Like-for-like revenue for its Geospatial business was up 7% on a constant currency basis in the period.
Adjusted earnings before income, taxation, depreciation and amortisation rose significantly, more than doubling to GBP1.2 million from GBP479,000 in 2013.
The company said it was optimistic on its future, saying it is encouraged by its current trading.
"We are delighted with the progress achieved in this first half, particularly the client success stories, new contract wins and consistently strong maintenance renewals," said 1Spatial Chief Executive Officer Marcus Hanke.
1Spatial shares were up 1.2% to 6.325 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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