1Spatial - Edison Group

Overview
Price performance
Financials
Research
Thematics

1Spatial’s core technology validates, rectifies and enhances customers’ geospatial data. Its software and advisory services reduce the need for costly manual checking and correcting of data. 1Spatial’s SaaS products use the core technology to solve significant workflow bottlenecks, such as the creation of traffic management plans and validating data.

The geospatial industry is at an inflection point, with technological advancements across both geospatial technology and other technology trends, such as cloud, big data analytics and machine learning/AI enabling new use cases and reducing the barriers to adoption.

Latest Insights

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TMT |
Flash note

11.03.24

1Spatial — SaaS applications to build on Enterprise strength

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Update

22.02.24

1Spatial — Landmark 1Streetworks contract

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Flash note

30.01.24

1Spatial — €9m enterprise win with European utility

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Flash note

10.01.24

1Spatial — Enterprise growth through key contract wins

Sector

TMT

Equity Analyst

Head of Technology

Max Hayes

Associate Analyst

Key Management

Andy Roberts

Chairman
Claire Milverton

CEO
Stuart Ritchie

CFO

Balance Sheet

Forecast net cash (£m)

2.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	2.6	16.5	27.7
Relative	1.4	9.7	25.4
52 week high/low	63.5p/45.5p

Financials

1Spatial expects its FY24 results to be at least in line with our forecasts on revenue and EBITDA, driven by continued Enterprise strength, though higher rates and working capital swings affected PBT and net cash. Recent wins, including the €9m utility project, coupled with a robust pipeline and order book, underpin strong FY25 momentum. The transition to higher-margin recurring revenue models and rising SaaS adoption improved the sales mix. In the US, five new annual NG9-1-1 licences demonstrate execution by the new sales head, prompting a partner-led strategy to further accelerate demand. 1Streetworks is gaining traction after the UK Power Networks win and growing paid trial pipeline. Management believes expanding this flagship contract, leveraging efficiency and cost enhancements as a case study, could drive adoption across a potential £400m market opportunity.

Y/E Jan	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2022A	27.0	4.2	1.1	0.77	77.9	16.5
2023A	30.0	5.0	1.8	1.20	50.0	14.5
2024E	32.1	5.5	2.4	1.57	38.2	12.9
2025E	35.2	6.5	3.4	2.22	27.0	10.8

Flash note

TMT

05.09.22

1Spatial — Two recent wins highlight US potential

Flash note

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19.07.22

1Spatial — Flying high with a major EU aerospace company

Flash note

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08.06.22

1Spatial — On board with HS2

Flash note

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27.05.22

1Spatial — First contract win in the US’s fourth largest state

edison tv

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19.05.22

1Spatial – executive interview

Flash note

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11.05.22

1Spatial — Going to California with Caltrans on my mind

Update

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28.04.22

1Spatial — Solid progress on several geospatial fronts

Update

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03.03.22

1Spatial — Record contract wins fuel recurring revenue

Outlook

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16.02.22

1Spatial — Validating spatial data across the globe

Update

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29.09.21

1Spatial — H122 results complement recent contract wins

Flash note

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27.09.21

1Spatial — Another big UK contract win for 1Spatial

Update

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13.09.21

1Spatial — 1Spatial wins strategic UK government contract

Flash note

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23.06.21

1Spatial — AGM statement suggests momentum continues

edison tv

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11.05.21

1Spatial – executive interview

edison tv

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11.05.21

1Spatial – executive interview

Update

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28.04.21

1Spatial — Momentum continues; raising FY22 estimates

Flash note

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15.04.21

1Spatial — $0.5m contract extension with Google

Flash note

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01.04.21

1Spatial — 1Spatial wins £0.9m contract with Defra

Flash note

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18.03.21

1Spatial — Completes integration of GI

Update

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01.03.21

1Spatial — Ahead on all metrics

Flash note

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18.02.21

1Spatial — National Energy System Map contract win

Flash note

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12.02.21

1Spatial — 1Spatial wins data migration contract with NGN

Flash note

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13.01.21

1Spatial — $0.6m contract secured with new US customer

Update

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30.09.20

1Spatial — Resilience and a growing pipeline

Flash note

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28.07.20

1Spatial — Remaining resilient

Update

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15.06.20

1Spatial — Well positioned to cope with any downturn

Update

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23.03.20

1Spatial — Trading in line, no COVID-19 impact so far

Flash note

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06.03.20

1Spatial — Launch of 1Data Gateway

Flash note

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08.01.20

1Spatial — Update suggests performance is on track

Update

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18.11.19

1Spatial — Mapping a future path

Update

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14.10.19

1Spatial — Encouraging early signs from GI

Flash note

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08.10.19

1Spatial — London geospatial pilot project win

Update

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14.05.19

1Spatial — Strategic and financial progress

Update

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08.05.19

1Spatial — Fixing France – further evidence of execution

Update

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07.03.19

1Spatial — Transition on track, EBITDA ‘at least in line’

Outlook

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22.01.19

1Spatial — Spatial awareness

Update

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23.10.18

1Spatial — Building a platform for sustainable growth

Flash note

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27.07.18

1Spatial — £8m raise to drive expansion

research

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29.06.18

1Spatial — Update 29 June 2018

Update

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18.06.18

1Spatial — A note of confidence

Update

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31.05.18

1Spatial — Knowing where it is going

Flash note

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03.04.18

1Spatial — £1.6m deal with Land & Property Services

Update

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15.03.18

1Spatial — Core GIS business robust/disposal of Enables

Flash note

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11.01.18

1Spatial — Progress in the US

Update

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11.10.17

1Spatial — Turnaround plan on track in H1

Outlook

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14.09.17

1Spatial — Recovery plan

research

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09.03.17

1Spatial — Move to a client centric solutions model

Review

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21.12.16

1Spatial — Update 21 December 2016

Update

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16.11.16

1Spatial — Update 16 November 2016

Flash note

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12.07.16

1Spatial — Update 12 July 2016

Update

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07.07.16

1Spatial — Update 7 July 2016

edison tv

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01.07.16

Bitesize Briefing – 1Spatial

Initiation

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05.05.16

1Spatial — Update 5 May 2016

edison tv

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01.05.16

Executive Interview – 1Spatial