1Spatial - SaaS applications to build on Enterprise strength

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.