1Spatial announced that, following conclusion of a successful trial, it has signed a 12-month contract with UK Power Networks, for its Traffic Management Plan Automation solution, under the 1Streetworks brand in the UK. The contract will deliver a minimum of £0.34 million of SaaS revenue. The 1Streetworks' cloud-based SaaS solution is the first solution in the market to fully automate the production of traffic management plans, diversion routing and asset inventory lists and has the potential to fundamentally change the industry.

There are over 2.5 million low-speed road works undertaken in the UK per year. This is estimated to grow to four million in coming years leading to a total annual addressable market opportunity in the UK of approximately £400 million. UK Power Networks has 190,000km of cables and delivers thousands of streetworks every year across London, the South-East and East of England, to maintain safe and reliable power supplies to 19 million people.

UK Power Networks successfully used 1Streetworks software in a Surrey trial to quote for and connect small power connections for customers. It reduced the time surveyors spent on labour-intensive streetworks design plans from hours to just minutes, while continuing to meet the high levels of safety and accuracy required under the regulations. The average time taken to connect new or altered power connections was reduced by a quarter across approximately 300 roadworks sites where 1Streetworks was used.

The growth of 1Streetworks is expected to positively impact 1Spatial's financial profile, with each contract likely to command SaaS margins and be recurring in nature. Investment in the cloud-based solution has ensured it is highly scalable, allowing 1Spatial to take advantage of the significant UK opportunity. The Company has a further four paid trials currently in place, together with several additional paid trials due to commence in the first half of 2024 across utilities, highway authorities and traffic management organizations.