Our maps tip is up 30% since March

CAMBRIDGE-BASED 1Spatial is another innovative UK business and the group’s clever technology is winning plaudits both here and overseas.

It helps Government bodies, utility firms, the emergency services and others to know where buildings, power stations, underground cables, pipes, and even woods and fields are located. The group then ensures that the information is accurate, online and can be made available to those who need it.

This so-called location data has numerous uses. Contractors can use the data so they do not accidentally damage water or gas pipes when drilling beneath the street.

Firefighters can use it to reach remote locations faster. And Government departments can use it make decisions on issues such as improving flood defences or ensuring there are enough charging points on the road for the growing numbers of electric vehicles.

Recommended by Midas in March at 35p, the shares have since risen 30 per cent to 45.5p following a string of new contracts, robust interim figures and a lively pipeline of projects. The stock should continue to deliver.

This year alone, chief executive Claire Milverton has signed pioneering deals with the Department for Environment, Food and Rural Affairs, Land Registry and National Underground Asset Register, which is creating a subterranean digital map of the UK.

Earlier this month, 1Spatial announced an agreement with Northern Ireland’s Land and Property Services, under which every home in the province, from mansion to studio, will be given a unique property reference, accessible to public sector departments and local utility companies.

Not only will this help to ensure people are paying their rates and taxes, it will also benefit vulnerable citizens, by allowing social services, for example, to see whether someone is using too little water or electricity for their needs.

The group has also started working with emergency services in several American states and more such deals are expected in short order, as 1Spatial is winning business and gaining traction across the US.

Brokers expect a 7 per cent rise in group turnover to £26.4million for the year to January 2022, moving to almost £30 million the following year. Profits are forecast to rise 22 per cent to £1.1million this year, more than doubling to £2.7million by January 2023.

Importantly too, Milverton is shifting the business away from a reliance on one-off contracts to a blend of initial agreements supported by annual licences, which deliver recurring revenues.

Ticker: SPA

Traded on: AIM

Contact: 1spatial.com or 01223 420414