1Spatial hails strong order book and sales pipeline

5th Jul 2024 08:14

(Sharecast News) - AIM-listed 1Spatial, the location and geospatial data solutions group, said it expects to hit forecasts this year on the back of new contract wins and a "substantial" sales pipeline.

The company said it has secured several new contracts in Europe and the US since the start of the financial year in February, and continues to make progress with its 1Streetworks software, which provides traffic management solutions to the highways market.

Non-executive chair Andrew Roberts said planned targeted headcount increases across the US Enterprise and 1Streetworks businesses are well underway.

Roberts expressed his optimism for the year ending 31 January 2025, saying: "The group has a strong order book, a growing recurring revenue stream and substantial sales pipeline underpinning the board's confidence in the outturn for FY25.

"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."

The stock was up 1% at 71.7p by 0831 BST.