Last close As at 05/08/2026
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Market capitalisation
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Research: TMT
1Spatial has announced several enterprise contract wins across key geographies, with the group executing on its growth strategy through land and expand, strategic partnerships and investment in sales. Contract extensions with the California Department of Transportation (Caltrans) and a major European utility customer provide further validation of the core enterprise offering, while the new contract with ATKIS-1Gen for cloud-based solutions signifies growing market demand away from on-premise technology towards advanced, cloud-based services. This progress provides strong momentum to the end of FY24 and positions 1Spatial for operationally geared growth in FY25, supported by a maturing pipeline for its SaaS-based applications, 1Streetworks and NG911. Progress supports our forecasts, which show top-line growth and margin expansion.
Written by
1Spatial |
Enterprise growth through key contract wins |
Contract wins |
Software and comp services |
10 January 2024 |
Share price performance
Business description
Analysts
1Spatial is a research client of Edison Investment Research Limited |
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1Spatial has announced several enterprise contract wins across key geographies, with the group executing on its growth strategy through land and expand, strategic partnerships and investment in sales. Contract extensions with the California Department of Transportation (Caltrans) and a major European utility customer provide further validation of the core enterprise offering, while the new contract with ATKIS-1Gen for cloud-based solutions signifies growing market demand away from on-premise technology towards advanced, cloud-based services. This progress provides strong momentum to the end of FY24 and positions 1Spatial for operationally geared growth in FY25, supported by a maturing pipeline for its SaaS-based applications, 1Streetworks and NG911. Progress supports our forecasts, which show top-line growth and margin expansion.
Year end |
Revenue (£m) |
EBITDA |
EBIT* |
EPS* |
EV/EBITDA |
P/E |
01/22 |
27.0 |
4.2 |
1.3 |
0.8 |
15.0 |
71.1 |
01/23 |
30.0 |
5.0 |
2.0 |
1.2 |
12.5 |
46.4 |
01/24e |
32.1 |
5.5 |
2.6 |
1.6 |
11.3 |
35.5 |
01/25e |
35.2 |
6.5 |
3.6 |
2.3 |
9.6 |
25.0 |
Note: *EBIT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
1Spatial’s December contract wins demonstrate the group’s expanding presence in Europe and the US, supported by the growing adoption of geospatial information systems (GIS) beyond traditional, asset-intense industries to more mainstream verticals, including government, utilities, telecoms and transportation – all key sectors for 1Spatial. Details of the contracts include:
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A two-year expansion contract with Caltrans, in partnership with Rizing, providing US$0.4m in annual recurring revenue. It features 1Spatial's 1Integrate and 1Data Gateway products for data migration and validation.
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A three-year contract extension with a major European utility, valued at c €1.8m (€1.2m managed services, €0.6m term licence), for GIS Framework and 1Integrate products, signifying customer satisfaction and the potential for future growth.
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A four-year contract with ATKIS-1Gen (which coordinates surveying and mapping in Germany) for developing cloud-based generalisation products to replace existing on-premise technology. The contract is worth c €1.3m.
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Research: Healthcare
Oryzon Genomics has announced top-line results for the Phase IIb trial (PORTICO) assessing vafidemstat in borderline personality disorder (BPD), and while the primary endpoints (Borderline Personality Disorder Checklist (BPDCL) and Clinical Global Impression – Severity Agitation/ Aggression (CGI-S A/A)) did not reach statistical significance, vafidemstat was favoured over placebo in all efficacy measures, with nominal statistical significance in two key secondary endpoints (Borderline Evaluation of Severity (BEST) and State-Trait Anger Expression Inventory 2 (STAXI-2) Trait Anger). Further, the drug was found to be safe and well-tolerated, consistent with prior studies. Management plans to conduct a detailed analysis of the trial data across the coming months and intends to request an end-of-Phase II (EoP2) meeting with the FDA in early Q224 to discuss a potential registrational Phase III programme. There are currently no approved drugs for this indication and hence gold-standard endpoints are yet to be established. We therefore believe that there is still a significant opportunity for Oryzon in this space, however, further clinical progression will be heavily reliant on the EoP2 meeting request and outcome.