1Spatial shares edge higher as signs 'landmark' contract
1Spatial PLC on Monday said it has inked a £1 million contract with UK Power Networks that enables the use of 1Streetworks over the next 15 months.
1Spatial is a Cambridge, England-based data management software company. 1Streetworks automates the production of traffic management plans, diversion routing, and asset inventory lists.
Shares in the company rose 5.0% to 50.40 pence on Monday afternoon in London.
The software-as-a-service contract with the distribution network operator possesses a one-year extension option, said 1Spatial.
The company added that UK Power Networks has 190,000 kilometres of cables, and undertakes around 40,000 works on the highway annually to ensure safe and reliable power supplies to 20 million people.
1Spatial has been working with UK Power Networks over the past year ‘to realise significant benefits’ tied to automating the production of a proportion of traffic management plans, diversion routing and asset inventory lists.
‘Over the next 15 months, the roll-out of 1Streetworks is expected to be used to plan and initially deliver up to 30% of this volume of works,’ the company said.
‘We are delighted to agree this landmark contract with UK Power Networks. It is testament to the demonstrable value provided by our innovative 1Streetworks solution. We are proud UK Power Networks have recognised the significant efficiency savings, improved customer services and a reduction in road closures that can be achieved. We look forward to continuing to work with UK Power Networks to unlock further value across their network,’ said 1Spatial Chief Executive Claire Milverton.
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