1Spatial PLC on Friday morning announced a positive trading update ahead of its annual general meeting.
The Cambridge, England-based data management software company published the planned AGM statement from Non-Executive Chair Andrew Roberts.
For the current full year ending on January 31, Roberts said, trading is forecast to be in line with expectations.
The chair noted the ‘several new contracts’ 1Spatial has secured in the US and Europe, and said the firm continues to ‘make progress with our innovative 1Streetworks [software as a service] offering’. 1Streetworks is a traffic management planning cloud-based software solution.
1Spatial announced the new US contracts on Tuesday. They included two customer wins for its automated traffic conflation solution, with the Departments of Transport for the State of Virginia and State of Georgia.
It also said it had won a five-year framework deal with the State of Tennessee, and renewed a two-year contract with the State of Minnesota.
In February, 1Spatial had also announced a 12-month contract with UK Power Networks following a ‘successful trial’. Before that, in January, it announced a renewed contract in France, as well as a four-year surveying and mapping deal in Germany, and a three-year €9.0 million contract to use its 1Integrate product for electricity and gas networks in Belgium.
1Spatial has headcount increases ‘well underway’, Roberts added on Friday, including a public safety specialist and ‘a highly experienced sales director’ who will ‘strengthen the 1Streetworks team’, fine-tuning the priorities of its sales and delivery teams.
Going forward, Chair Roberts said: ‘The group has a strong order book, a growing recurring revenue stream and substantial sales pipeline underpinning the board’s confidence in the out-turn for [financial 2025].
‘We believe the investments we continue to make in people and technology have positioned the business well to take advantage of the huge opportunity ahead.’
Shares in 1Spatial traded 1.0% higher at 71.70 pence on Friday morning in London.
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