1Spatial's (LON:SPA)s restructured management team has made brisk progress in reducing overheads and realigning the business to deliver on the client-centric solutions model. The turnaround is still in its early stages, but we believe it could yield good results in a relatively short timeframe. The market for GIS technology is large and growing at a double-digit rate and we believe that 1Spatial has the customer base, technology and expertise to capitalise on this. Recent contract wins in the UK and the US indicate the turnaround is on track. We believe there is substantial intrinsic value within the business, which with continued execution should be unlocked.
Rapid progress with restructuring
The new model integrates 1Spatial’s own software with third-party software and services to provide complete geospatial solutions to its traditional customer base of geospatial information users. The board and management teams have been reshaped, annualised costs have been reduced by £2.5m, and the company has exited non-core, loss-making businesses Avisen and Storage Fusion, while 1Spatial Inc and Sitemap have been brought under full control.
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