Last close As at 14/11/2026
GBP4.00
▲ −2.00 (−0.50%)
Market capitalisation
GBP89m
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Investment Companies
Research: TMT
1Spatial’s (SPA) FY22 trading statement suggests the momentum we recently highlighted continues. Management expects revenues to grow at least 7% for FY22 and exceed £26.4m, and recurring revenues to enjoy double-digit growth. This growth is driven by several recent record contract wins, the accelerating pace of new business and what we estimate is the transition to a higher-margin SaaS business. In our view, this progress demonstrates the benefits of 1Spatial’s ‘Land and Expand’ strategy and the long-term potential of the geospatial industry. While the company trades at a sizable discount to its software peers, we see opportunities for the gap to be reduced if it continues to execute on its growth strategy.