1Spatial - Ahead on all metrics

1Spatial's trading statement suggests the resilience we highlighted in H1 continued into H2. The company expects FY21 sales and EBITDA 'in excess of' £24m and £3.2m respectively and net cash of £4.3m - ahead of our estimates on all metrics. Comments on the outlook for FY22 are positive but understandably generic at this stage. In our view the recent slew of contract wins is encouraging. As wider economic concerns ease, 1Spatial looks to be converting its growing pipeline. We raise our FY21 numbers but make no change to FY22 at this point.

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