1Spatial shares rose on Thursday after the group announced a contract win that provides commercial validation of 1Spatial’s 1Streetworks software.
1Spatial has signed a 12-month contract with UK Power Networks to use its 1Streetworks software, following a successful trial period. The software aims to revolutionise streetwork planning by fully automating the production of traffic management plans, diversion routing, and asset inventory lists.
1Spatial shares were 9% higher at the time of writing.
1Streetworks was tested by UK Power Networks across 300 roadworks sites in Surrey when connecting small power connections for customers. The software reduced the time spent on labor-intensive streetworks design from hours to minutes, cutting connection times by 25% on average. Crucially, this acceleration was achieved while continuing to meet all safety and accuracy regulations.
The contract comes off the back of rising demand, with 2.5 million low-speed road works currently undertaken each year in the UK, expected to reach 4 million in coming years. The total addressable market for 1Streetworks in the UK is approximately £400 million.
The 12-month deal delivers a minimum of £340,000 SaaS revenue for 1Spatial. With UK Power Networks managing 190,000km of cables supplying 19 million people, investors will be hopeful the potential revenue from the agreement grows if the rollout is successful.
“We are delighted that our innovative 1Streetworks application has delivered such fantastic results for UK Power Networks and its customers,” said Claire Milverton, CEO of 1Spatial.
“This has been a key milestone for the company and a culmination of many years of work and investment. The commercial validation brought by this contract is crucial in driving adoption across the wider industry.”
