1Spatial expands customer relationship with new £1m contract win

(Sharecast News) - 1Spatial on Wednesday won a contract with a value of over £1m to provide its software and services to an existing customer.The global geospatial software and solutions company said the contract expands on its relationship with No1 Aeronautical Information Documents Unit, where 1Spatial currently maintains the aeronautical production system.The new contract will see the continued maintenance of the system, as well as its enhancement through newly provided services to adapt the system to changes in both supplied data and evolving customer needs.Claire Milverton, chief executive of 1Spatial, said: "No1 AIDU is at the forefront of air cartography world-wide and I am delighted to grow our long-standing relationship, which is testament to our land and expand strategy of placing our teams and technology at the heart of our client's infrastructure to support their needs in providing this vital data globally."The AIM traded company said the total contracted amount includes £0.5m of software related recurring revenue, and up to £0.2m of services, with most of this revenue expected to be recognised in the year ended 31 January 2020.The terms of this contract provide the option for a further year, which includes the potential for an additional £0.4m of recurring software revenue and up to £0.1m of services.1Spatial's shares were down 1.49% at 33.00p at 0854 GMT.