Well, better late than never (maybe). The recently reconstituted, AIM-relisted buy-and-build vehicle, 1Spatial (see Avisen prepares for graft of third leg) has just announced its results for the year to 31st January (I kid you not). Don’t even go into the ‘comps’ for the prior year as there’s not much meaningful to compare too, even more so being 6 months after the FY closed.
Anyway, and more for the record than for posterity, 1Spatial lost net £1m on headline revenues of £5.2m. The ‘old’ Avisen business generated nearly two-thirds of 1Spatial’s revenues and recorded a nominal 9.1% operating margin (Note: the bulk of 1Spatial’s SG&A costs are allocated to Head Office). The eponymous mapping business – which is the bit I think could hold real promise – had revenues of £1.5m and recorded a nominal 14.3% operating margin. Storage Fusion, the insignificantly scaled purveyor of SaaS storage management products managed to lose £457k (and note the note above re SG&A costs) on revenues of £390k.
I really have no idea how these three bits of 1Spatial’s business are meant to fit together – or indeed even if they are meant to do so. But with a six month lag from financial period close to the reporting of its results, how can investors be expected to take a reasoned view?