1Spatial - Contract momentum underpins growth prospects

1Spatial's H1 results showed a continued improvement in the quality of revenues, while recent deal flow provides good support for our expectation of faster growth and margin expansion from H2. Most notably, with the results the company has announced a second win (subject to contract completion) for the key 1Streetworks SaaS product. The size of the deal - £1m over one year with a UK county council - provides a good indication that the market opportunity for this product is substantial, while the deployment should also lower the barriers for adoption of the product with other potential clients. We are leaving our estimates unchanged and believe continued strong deal flow into H2 could lay a foundation for upside in FY26.

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