Last close As at 05/08/2026
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Market capitalisation
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Research: TMT
1Spatial has secured several new contracts in the utility sector for its AI-supported applications, highlighting the opportunity for it to enable the digitisation of the utilities industry. The deals include two for 1Spatial’s Pipe Inference solution and four for the Utility Network Migration application, each valued at up to £0.3m. While we are not adjusting our estimates, these deals support the company’s ongoing shift towards a higher-margin software business model.
1Spatial |
Wins in the utilities sector for AI-supported apps |
Contract wins |
Software and computer services |
19 December 2024 |
Share price performance
Business description
Analyst
1Spatial is a research client of Edison Investment Research Limited |
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1Spatial has secured several new contracts in the utility sector for its AI-supported applications, highlighting the opportunity for it to enable the digitisation of the utilities industry. The deals include two for 1Spatial’s Pipe Inference solution and four for the Utility Network Migration application, each valued at up to £0.3m. While we are not adjusting our estimates, these deals support the company's ongoing shift towards a higher-margin software business model.
Year end |
Revenue (£m) |
EBITDA* (£m) |
EBIT* |
EPS |
EV/EBITDA |
PE |
01/23 |
30.0 |
5.0 |
2.0 |
1.2 |
15.8 |
56.9 |
01/24 |
32.3 |
5.5 |
2.5 |
1.4 |
14.4 |
49.1 |
01/25e |
35.8 |
5.7 |
2.4 |
1.4 |
13.8 |
50.5 |
01/26e |
38.7 |
7.6 |
3.8 |
2.6 |
10.4 |
27.2 |
Note: *EBITDA, EBIT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
While the company’s 1Streetworks and NG911 SaaS applications rightly attract the most attention, given their large addressable markets, 1Spatial has developed a suite of solutions for its enterprise customer base. The uptake of these solutions is an important element of the company’s transition to a software model and is driving margin expansion.
The Pipe Inference solution has been adopted by two more large UK water companies, bringing the total number of customers for this product to four, while discussions are ongoing with others. This solution uses spatially enabled machine learning to map undocumented wastewater connections.
The Utility Network Migration application has been sold to four utility companies in the UK, US and Australia over the past six months. It uses rules-based AI to validate data accuracy and facilitate seamless migration to a utility network model. The release highlights an example of deployment with the Holland Board of Public Works in Michigan, US, where the solution was used to execute a previously problematic data migration, reducing the time to migrate eight substations to two weeks, whereas previously one substation had taken eight weeks.
Both of these applications incorporate AI or machine learning, demonstrating how 1Spatial is leveraging these technologies to accelerate the digitisation of these utilities clients. More fundamentally, master data management (MDM) is seen as a crucial discipline for companies looking to digitise and deploy AI effectively, in that it ensures that an organisation's core data are accurate, consistent and reliable across all systems. With its unique Location MDM platform and applications based on it, 1Spatial looks strongly placed to enable and benefit from digitisation/AI initiatives across its enterprise customer base.
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Research: Healthcare
Mendus has reported positive top-line data for its Phase I ALISON trial, which is evaluating lead off-the-shelf cancer vaccine, vididencel, in high-grade serous ovarian carcinoma (HGSC). The news corresponds to an updated analysis of samples taken from the 17 HGSC patients treated with vididencel. Encouragingly, 12 out of 17 (71%) showed a vaccine-induced immune response (VIR) against at least one tumour antigen commonly upregulated with HGSC, highlighting the potential of vididencel as an active immunotherapy to elicit effective anti-tumour responses. In addition, vididencel displayed a favourable safety profile in this patient population, consistent with prior clinical data for the candidate, providing a robust foundation for further development efforts, in our view. The long-term follow-up for the ALISON trial is ongoing and the next readout, based on a two-year follow-up, is anticipated in Q425.