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1Spatial notes strong order book and sales pipeline amid contract wins

7th Jul 2023 11:08

(Alliance News) - 1Spatial PLC on Friday said it will meet market expectations for the financial year ending January 31, 2024 as its order book grows.

Ahead of its annual general meeting on Friday morning, the Cambridge-based data management software company said recent customer wins and investments have grown its sales pipeline and reinforced its order book, though it didn't provide a figure for this.

New customer wins include a four-year contract with Societe Walloon Des Eaux in Belgium, and a contract with the US State of Oregon for its 1Integrate and 1DataGateway products, valued at USD400,000. 1Spatial now has 18 US states as customers, each of which has expansion potential, the company explained.

Looking ahead, 1Spatial said it is actively managing its cost base and is majorly focusing on its software as a service solution.

It remains confident in delivering annual results in line with current market expectations for the year ending January 31, 2024, commenting: "The group has a strong order book, a growing recurring revenue stream and substantial sales pipeline. 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 were down 2.9% at 49.50 pence each in London on Friday morning.

By Sabrina Penty, Alliance News reporter

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