LONDON (ShareCast) - Data handling group 1Spatial said full year losses widened after it booked impairment of goodwill and intangible assets of 3.5m pounds.
Loss before tax widened to £4.8m in the year ended January 31st 2013 compared to a loss of £1.6m a year earlier. Revenue jumped to £12.1m during the year from £5.2m before.
CEO Marcus Hanke said the group's restructuring would enable execution of its new growth strategy
"1Spatial is entering an exciting growth phase following a successful placing to raise funds for a highly complementary acquisition as well as the future strategic development and expansion of the business."
"The company has an impressive and growing customer base and a healthy pipeline of opportunities including National Mapping Agencies and blue-chip companies. The addition of Star-Apic gives increased scale to the business as well as future growth opportunities with management will be working over the next six months to integrate the two businesses."
1Spatial said it is encouraged by the progress made during the start of the current financial year, and looks forward to the future with confidence.
CJ
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