1Spatial Plc (SPA) Earnings Call Transcript & Summary

Good morning, and welcome to the 1Spatial plc investor presentation. [Operator Instructions] Before we begin, I'd like to submit the following poll. And I'd now like to hand you over to Claire Milverton, CEO. Good morning.

Good morning. Thanks very much, Lily. Yes, and good morning to you. I'm Claire Milverton, CEO of 1Spatial. I'm joined today by Stuart Ritchie, CFO. And the order today is to go through our full year results for 2025. So I'll kick off with overview and highlights, then hand over to Stuart, back to me for looking ahead, summary and outlook, and then we've got time for Q&A at the end. So a quick recap on who we are, what we do at 1Spatial, our mission and strategic objectives. So we solve the world's most difficult location data challenges with our patented software and solutions. And we're in mission-critical industry, government, utilities, transport, street works, public safety and built environment. We -- with our technology and our solutions, we get data organized up-to-date, which enables our customers to make better informed decisions, saving money, saving time, saving lives and contributing to a more sustainable world. We have people, talent and motivate to innovate and solve these difficult geospatial challenges as they evolve. So it split across 4 key geographies: U.K. and Ireland, Europe, which is France and Belgium, U.S. and Australia. We have over 1,000 customers globally with no significant customer concentration. So we have -- the key part of our business is our existing business, we refer to that as our enterprise business. And that really provides us with expertise, reputation, financial resources to build what we're now trying to do with lots of great software offerings and SaaS solutions, which we can grow recurring revenues in increased cash generation. Now our current split of recurring revenue is just over 60% compared to nonrecurring revenues, and that's really from our term software licenses and our SaaS software licenses, which has just really started to sell this year. So I just want to take a step back and really look at the key messages for this period. So thinking about FY '25, we did have some very good strategic performance, actually delivered against the challenging macroeconomic backdrop. So as I mentioned earlier, our strategy is all around building these strong recurring revenues with high margins and good visibility going forward. But we've grown those by 35% in the period, which is fantastic. We've had our first key sales of 1Streetworks, our Software-as-a-Service solutions, and I'll talk about that towards the end of the presentation in more detail. Now the paper procurement has slowed in H2. We are heavily invested in government. We are looking to diversify that a bit, and we'll talk about that later on in terms of utilities. And we found this probably mainly in our U.S. operation. And because of that, we've been slightly cautious in our view for FY '26. However, we do expect growth across our key strategic pillars in FY '26. And we will continue to convert the growing pipeline of 1Streetworks, and we will continue to invest in key growth areas whilst maintaining tight cost control across our enterprise business. And then in terms of outlook, we actually think we are well placed to deliver attractive growth in cash generation over the medium term. Digital twins and AI-based solutions need up-to-date clean location data, that is at the heart of what we do. Our Software-as-a-Service based solutions absolutely have transformational potential. We have the technology, team, customers and partners to deliver all of this. So just focusing back then into what happened in FY '25, and it's all about driving higher margin software revenue. Our enterprise business continues to provide solid foundations and we had some important wins in renewals in the year. We've executed on 1Streetworks opportunity. We've had 3 major contracts secured to date. As I mentioned before, some delays in the U.S., which is one of our key growth sectors, but we've now got our first wins in utilities, which is great. We've strengthened leadership and sales through the course of the year. I'll talk about that more later on. Our recurring revenue -- our annual recurring revenue is up 14% to GBP 20 million. And just looking at the software and the SaaS, the term licenses, that's up 41% to GBP 11.4 million. But on the right-hand side, you can see a number of key wins and expansions. So we had some good wins across all of our territories. If you look at the U.K., we had a number in utilities, an extension with the work we're doing with HS2, government. We did a lot of work with the Department of DEFRA, include the Rural Payments Agency and Environment Agency. We've had our brilliant new 1Streetworks wins, which I'll talk about more later on. And then in the U.S., we've got on to 2 new frameworks, Tennessee U.S. We had a fantastic renewal with Minnesota, which is for our NG9-1-1 emergency services. We won a 4-year contract with the Forest Service. We won our first contract in Georgia with Georgia Department of Transport. We won our first contract in Virginia with the Department of Transport there. And then in France and Belgium, we had a 4-year renewal with the French Cadastre, and we had new wins with Hydracos, Paris Est. And we won just at the end of last year, going into the beginning of this year, a EUR 9 million contract with a Belgian utility. Okay. So I'm now going to hand over to Stuart, who is going to take you through the finances.

Thanks very much, Claire. So it was really a year of investing in our technology and sales execution up until the end of last year, and FY '25 was a year of delivery. So we have experienced some challenges in the macroeconomic environment over the last year, particularly as Claire mentioned, that we are quite government-focused across our key geographies. So the elections in the U.K., U.S. and France did impact some of our nonrecurring revenue streams to some extent. But in spite of that, we did manage to grow our recurring revenue by at 14% from -- our annualized recurring revenue, sorry, by 14% and the term license revenue and SaaS growing by 41% as I mentioned previously. We've managed to also sustain a good quality of gross margin in our business. So that's really catalyzed by the SaaS and term license revenue growth, but it was offset slightly, as I mentioned, by the nonrecurring revenue. But in spite of these challenges, we managed to maintain a strong growth across the business. As we move into the first quarter of this financial year, we secured a deal with Kent for our 1Streetworks product, which Claire will talk about a little bit later on, but it's really encouraging. So it's the third significant contract we've got, and it's the highest margin sector of our business. So really encouraging results there. We do continue to invest cash in the business and we did consume cash during the full year of '25, we do expect that, that will decrease in terms of cash consumption in the current year down to a level of about GBP 500,000 or so from GBP 2 million last year. We will continue to develop our high-margin revenue streams, so the NG9-1-1 business in the U.S. and the 1Streetworks business will drive margin and generate cash. Going into the new year, we do have a very strong pipeline across all of our countries and across all of our sectors, and we hope to execute and convert those opportunities as we move into the new year. Moving on then. From a revenue perspective, we had some growth in the current year. So in spite of these challenging conditions, we still managed to grow the revenue. The encouraging sector, obviously, as I've mentioned, was the recurring revenue, which gives us a good platform for going into FY '26 in terms of the security of our revenues. The nonrecurring revenue element was impacted by the elections, as I mentioned, but we have plans to focus on that sector in FY '26 and hopefully, it will come back, although it is quite uncertain still in the U.S. in terms of the environment there. As Claire mentioned, our recurring revenue was up to 62%, which is really encouraging. It's a key metric that we look at across the group, and one that again gives us security as we move into the new year. And that increased revenue has driven higher gross profit and adjusted EBITDA. So in spite of some inflationary increases on our cost base, the increased gross profit has exceeded that leading to a small increase in EBITDA this year. As we had planned, our depreciation and amortization charge has increased in the current year, and that's due to the completion of some of the products at the end of FY '24. So we can see the charge for the full year '25 has increased, and we do expect that to continue to increase or remain constant and then increase as we continue to develop products that come to market. That has led to a slight decrease in the level of operating profit, really due to the fact that the revenues are slightly behind where -- were behind where we had anticipated they would be. Moving on then to cash. So from a cash generation perspective, that's come down slightly from the cash generated from operations from the previous year, and it's really relating to timing differences on working capital. The key components that we spend our money on, I mean, the most significant component clearly is the capitalized development. And as I mentioned, last year and at the half year, we were looking to reduce that and we have. So we spent GBP 5.3 million on capitalized development costs last year in FY '24, and that's come down to GBP 4.8 million, which is encouraging. Calling out some of the other figures there, the net interest paid, that's interest on a drawn RCF that we have or partially drawn RCF that we have. That was GBP 655,000 this year versus a small amount last year because it was in play for the full year, really caused by some of the delays in the revenue that we generated during the course of FY '25. However, if you look at our forecast for this year and the following year, we do expect to recover that over the next 18 to 24 months. We put -- one other point to note is that we put out bank guarantee on one of our larger contracts, the Belgium contract we signed last year, that is money coming back in. That's not cash consumed from operations. So we spent slightly more this year than we did last year caused by those delays in the government sectors in the U.K. and the U.S. primarily, but we do expect that the U.K. will certainly recover this year, while the U.S. remains a challenging economic conditions to operate in. We do have a bank facility in place. As I mentioned, it's GBP 5.4 million revolving credit facility. So we do have sufficient liquidity to continue the investment and to grow the business into the short, medium and longer term. If I then take the financial highlights for the year, I've mentioned that the recurring revenue grew, and it grew in every single territory that we operate in, which is really encouraging. And I suppose the revenue was lower than we wanted it to be. But actually, we still grew the business in spite of the challenging economic conditions that we faced this year. And I suppose one point to draw out on the bottom left-hand side of the slide is the amount of SaaS revenue that we generated. So last year, we spoke about how we were really going to focus on trying to generate and double down on those high-margin areas of our business. And we can see that we've grown the SaaS revenue by 400% compared to last year. We've got a very good line of sight into some more contracts that we're going to sign this year and the year beyond, which is going to yield some significant margin and cash generation. Moving on to the 5-year progression. I thought it would be useful to pull out the performance of the business over the last 5 years. So you can see that the composition of the revenue and the quality of the revenue over those 5 years has steadily improved. So from GBP 10.6 million of recurring revenue back in FY '21, we've now doubled that to GBP 20.7 million. And again, the percentage of recurring revenue as we continue to focus on those revenue streams that do recur in nature that are higher quality. We're now up to 62% from 43% 5 years ago, which is really encouraging. And then moving on in terms of the quality of that revenue, you can see that dropping through to gross margin. So there are a couple of contracts, the Belgium contract that we talked about in our statements in the release that we made and the one that we signed at the beginning -- or it was the very beginning of this financial year, there is a lower margin component to it. But ultimately, what we have seen is that we've managed to weather that lower margin component and the reduction in the services revenue that we saw in FY '25 through these higher-margin revenues. So although the gross margin is largely the same as the same period last year, the fact is that underlying that are some very significant gains in recurring revenue, higher-margin revenue streams, which is really encouraging. We continue to focus on increasing that, and we'll increase that in future years. That is the plan. And just to expand slightly on the plans for next year, I mean, we're talking about the SaaS-based model that we have in 1Streetworks and NG9-1-1, the term license revenue that we're expanding across all of our business units or we're aiming to expand that across all of our business units to generate that higher-margin software, which generates higher margin and higher cash across the business. We are -- we do continue to manage costs very carefully. We are focused on cost inflation across the business to make sure that we can reduce that and operate as lean as possible in order to generate the maximum possible profit and cash from the group. So in terms of the go-forward strategy, we are focusing on increasing our gross margin. This is likely to increase next year. We're focusing on continued investment in areas which are going to generate the maximum amount of return for us while also making sure that our underlying enterprise business and the platform that supports that is fit for purpose and ready for AI and machine learning, which Claire will come on and talk about then in a minute. And in H2, we do expect to increase the amount of margin and cash that we generate from the business. Turning back to Claire for looking ahead.

Thanks, Stuart. So key areas I want to cover now. So firstly, just looking at our core enterprise business and particularly looking at our platform there and getting that ready for -- more for AI and machine learning. And that platform is what powers our applications. And so then looking at the 1Streetworks, we have this transformational growth opportunity and then looking at the U.S., which is our key geography for growth. So in terms of our enterprise business, this is a valuable foundation. There is growing need for clean, up-to-date standardized location data for use in digital twins and artificial intelligence solutions. And as you can see, over on the right, this is a picture of me on stage in Madrid at something called the Geospatial World Forum. This was just last month in March, it might be April actually, where we -- the leaders were getting on the stage and we were sharing in panels like what the problems are and what we need to do to be sort of ready. And how can we produce digital twins because there's so much going on, particularly in infrastructure, where infrastructure needs to be more climate resilient, i.e., resilient for winds, floods. And we just haven't got the infrastructure there now. And what we need are digital twins in order that we can sort of plan and we can maintain and we can do scenario analysis. But in order to do these digital twins, you have to have accurate up-to-date information. Otherwise, you won't be making the right decisions. And you certainly can't send in your GeoAI ChatGPT equivalent bot to mine this information and get the result is that underlying data is inaccurate. So we're going to be really focusing on getting our platform ready to really solve these challenges, and we can do a lot of it already. As you know, many of you will probably know if you've been on some of these before, we'll know that we're helping the government create the National Underground Asset Register, which is a digital twin of all the pipes and cables beneath the ground. So in terms of our enterprise business, as I said, this is the foundation. And we typically get multiyear contracts here. But at the start, that's often with high amount of services revenue. But once we've done that services revenue, generally over a year or 18 months, we then just get that ongoing license revenue. So over time, you get much more gross margin and profitability out of the business. So in terms of FY '26, we have growth anticipated across all of our geographies, supported by new national projects and expansions with existing customers. So some of you may have noted through our announcement that we have a newly appointed U.K. Managing Director, Nabil Lodey, and he's really focused on our U.K. and Ireland growth. And he's also going to be helping me with this location master data management software platform, making sure it's AI ready. And we'll also be doing some focused investments in the U.K. commercial team, and we'll also be doing this alongside tight cost control. So now just getting into the Streetworks. So just a quick recap of what 1Streetworks is. So currently, if you want to submit -- you want to dig a hole in the road, you have to submit a plan to the local authority. And that plan would set out how many cones you need, the traffic lights you need, whether you need to make a road closure. And currently, the system for doing that is very manual. It could be just a hand drawn on paper. It could be in some sort of tools to design it, maybe CAD drawings. But nowhere in the world at the moment is there a solution that automatically creates those plans. And over the last 4 years, we've been developing this solution, and it basically uses our core patented rules engine. And what we do is we bring in data from ordinance survey and we combine that with the rule book of how you create those plans, and we can automatically create that in 2 minutes. Now over the last year or so, it's morphed from just being like create plans in 2 minutes. We're now creating a digital twin of Streetworks plans. And we're actually giving our customers who have now purchased this much more value than creating just a plan in 2 minutes. They're using it in their operations and getting significant operational efficiencies. So just going back to the opportunity, there's an addressable market of over GBP 400 million of annual recurring revenue. As I mentioned, no competitive solution. And we're targeting GBP 40 million of annual recurring revenue over the next 5 years. And this has gross margin of around 80% because we do have to give a little bit back to ordinance survey for using their data in our solution. But we currently have GBP 1.75 million of annual recurring revenues and a growing pipeline. And that GBP 1.75 million is broadly made up of the 3 opportunities set out below. So U.K. Power Networks, we sold them still this time last year, GBP 350,000 of annual recurring revenue. And they're getting some fantastic operating efficiencies out of the platform. And we've expanded the utilization across multiple areas. This first piece of work is -- was just in the South. And we're just in the process now of renewing this contract with U.K. Power Networks, and we're looking to expand across into other departments and into the East region. And we hope to have that renewal done by the time we come out, but unfortunately, still just going through some of the process, but fingers crossed, we think we're in a good place for that. And hopefully, we'll able to give more news on that soon. So Surrey County Council. As I mentioned, this is really -- we're starting to create a digital twin and what Surrey County Council wanted our platform for was that there could be more collaboration in the ecosystem. So if you've got lots of different people digging up the road over a period of time, so maybe Thames Water wants to dig it up, Cadent Gas wants to dig it up, maybe Surrey need to dig it up themselves. They do a lot of the maintenance of the road themselves through [ Ringway ], their Tier 1 contractor. Well, instead of doing that in consecutive weeks, why don't we shut that road for, say, 2 weeks, but get everybody doing it at the same time. And the way that Streetworks traffic management is done at the moment is very PDF, get on the phone. There is a cloud solution now. Everyone -- all the stakeholders can get in the system, see what's happening and make these decisions. And this is going really well. So -- so far, with Surrey, we've trained around 70% of their internal team, the planners and administrators, and we're now training key stakeholders, so there's Tier 1 contractors and the utilities. And what Surrey have done is they've paid GBP 1 million, not just for themselves, but to allow everybody else to use the platform. So that's been fantastic as a real benefit for us at 1Spatial. But then Kent County Council, we just signed this post year-end, and they're looking at it as a road closure solution. It's a contract for GBP 0.5 million. If any of you live in Kent what I do, they know there's a lot of road closures and very -- it's quite disruptive at the moment. And a lot of this particularly where I am, as I mentioned earlier, is replacement of the infrastructure underground, replacement of the gas mains. And this is just going to get more and more, by the way, with this aging infrastructure that we have in the U.K. And we're looking to achieve at least a 20% reduction in road closure for. What we've been getting with UK Power Networks for assets is more like 40%. So this should hopefully work really well with Kent. And just at the bottom, they've got a really nice quote that Matt Jezzard has given the traffic manager at Surrey County Council. And he stands on stage and talks a lot about this in conjunction with our MD, Andy Fennell. And he said that 1Streetworks represents the future of the industry, an industry where digital collaboration and coordination becomes the norm. So just going into a bit more about the pipeline. So we've increased our sales team in FY '25. We've got a new sales director in October. And we've now got 2 full-time sales business development managers under him. We've also now got 2 customer success managers and they're sort of helping to get Surrey and Kent and make sure they're all trained and everyone is using the platform. So we've got a really good strong team on it now. We now have a pipeline of opportunities of around 100. Approximately 1/3 of that is fully qualified. We know they have a need. We're working with them on sort of starting trials. They have the budget, et cetera. And this is evolving. This is a new product, a new market. We didn't know everything that was going to happen and how this is going to evolve. But we're starting to get a bit of a repeatable way of how we're doing all the business development now. But -- what we -- with Surrey contractors, as I mentioned earlier, is a real benefit for us because it gives us a direct access to major utilities. So they're getting to really do a free trial through Surrey paying for it. So we're currently onboarding and training 10 of the major contractors and utilities within the Surrey area, Thames Water, BT, Openreach, Cadent Gas, et cetera. And what we're finding really encouraging is a number of them are saying, right, okay, this is brilliant. We love this. So now they're going to -- we're now starting with them to then go back to the wider organizations nationally and starting individual trials with them. And at the bottom in the circle here, you can really see how we're now seeing this approach rolling out with the likes of utilities. So starting with a sort of regional trial potentially through Surrey, we're then going to a slightly wider trial, again, probably only for a couple of regions. And then we hope to get to a bigger enterprise license. But see the sort of growing from a couple of hundred at that Stage 3, a couple of hundred thousand, hopefully, within sort of 6 months to 1 year and then maybe the next year get into that sort of 7-figure number. Obviously, as I mentioned at the beginning, we're all about innovation, how can we make this really sticky? What can we do here? So we're looking to enhance our platform. We've done some stuff during FY '25, including that collaboration view. And then in FY '26, we really want to expand the commercial usage. So this is only what we've got so far is only on to low-speed roads, and we now want to take that up to high-speed roads, and that's something that we're currently looking at. So moving on to the U.S. This is our key geography in terms of growth. We've got a lot to go over after we're still relatively small in the U.S. compared to the significant opportunity there. So in the U.S., as I mentioned, we have got a major land and expand opportunity. We have a foothold in 22 U.S. states currently. And our most advanced state is California, where we have 1 million of annual recurring revenue with the Department of Transport, CalTrans. And we're focused on 3 key sectors with strong underlying growth drivers, so emergency services, utilities and transport. We've expanded our commercial team in the year, and we've refocused particularly with the emergency services, the next-generation 911, and we've brought on 3 industry experts. And we are looking at potential additional sales hires in FY '26, but we just want to convert some of that near-term pipeline before we do that. So just diving into each of these key sectors. We've got emergency services. We like standards at 1Spatial because the rules that your data has to comply with. That's really good for us. And they have to comply with these NENA standards for emergency services. And we have 8 enterprise customers, i.e., they take a term license at the state and this really demonstrates our correct credentials. And we're now moving into the SaaS solutions, which are now called 1Engage for NG9-1-1 and 1Locate. So 1Engage for NG9-1-1, we called this previously our NG9-1-1 SaaS solution. We launched this about 24 months ago, and we had some initial feedback about things that our customers -- potential customers wanted. And one was a sort of connector with their SV systems and the other was a spatial interface. And we've now done those 2 pieces of development, and we're starting to see some really good pipeline coming through for that 1Engage for NG9-1-1. And we've also now in the process of starting to launch a new SaaS solution for this area called 1Locate. And this is focused on the telcos. So this ecosystem is made up of multiple parties at the lowest level, you get the public safety answering point, which is whether the sort of the fire engine or the ambulance has your particular area that it's designated to. Then that goes up into the cities and the counties and then that goes up into the state. And then you also have the telcos that are part of this ecosystem. And they all, to some extent, have to have all their data aligned and agreeing to certain standards. Now that's always been the case for the government and the cities in the county. But for the telco, this is something new that's coming in over the next 12 months. And so with our industry experts, we've been really able to focus on this, and we see this as a big opportunity for 1Spatial. And it doesn't need like masses of development from our perspective because we've got a lot of the building blocks and places of what we've already done for the cities and the counties. But yes, very, very excited and very encouraged in conjunction with working with the industry team that we have something very good here that, yes, hopefully, we can tell you more about at the half year when we come back. In terms of the utilities, this is a new sector for us in the U.S. We do a lot with utilities across the rest of geographies, but not in the U.S. and we secured our first 2 new customers last year. And what we want to do here is we don't want to actually have load of services to this. We're trying to partner more with the Esri's based service providers here. So they do the services and we supply them with the technology and we go to market together. And this will be an enterprise term license. And we've actually got some really good traction on this in the first -- starting in sort of Q1, Q2 and really building our pipeline in this area, which is encouraging because we're trying to diversify a little bit because we've got quite a lot of reliance on government in the U.S. So getting into the telcos, getting into utilities will help from that perspective. And then from a transportation perspective, we now have 6 departments of transport. So we won 2 new ones in the year, as I mentioned earlier, Georgia and Virginia. But CalTrans is the largest actually Department of Transport in the U.S., and we're continuing to grow that contract. We're working with them at the moment on an enterprise license agreement, which will be bigger than what we currently have with them. And really very good piece of news is that they've just issued out a data governance proposal, which would be going to the likes of Accenture and Deloitte and stipulated in that, it says you can do this whatever way you want in terms of responding to proposal, but you must use 1Spatial technology to underpin whatever solution you have. And I'm sure most of you are aware, but California is actually the size equivalent to Europe. So if we have our technology underpinning California DOT, that is fantastic for 1Spatial. And so then really just to summarize and what the outlook is from our perspective. So the enterprise business provides solid foundation for strategic growth. We're growing our traction with our 1Streetworks opportunity. We're now really clear on the U.S., our industry markets and our opportunities that we're going to go after. Decision-making continues to be a little bit protracted, but our pipeline is growing, and we think we're well placed to deliver attractive growth and cash generation over the medium term. Thank you very much. And now open to questions.

[Operator Instructions] Claire, Stuart, as you can see, we have received a number of questions throughout today's presentation. If I could hand back to you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end.

Sure. Thanks.

Okay. Do you want to go to the first one, Stuart?

Yes. Yes, no problem. So we received a pre-submitted question. Do you feel your balance sheet is strong enough given the macro uncertainty? I wonder whether a small fundraise will be beneficial? Yes, it is. So we did spend cash last year, but we have a very close relationship with the bank. We have facilities available for liquidity purposes and the balance sheet is strong enough in our view. We consider it at the Board level, and we are satisfied that our liquidity is sufficient for the investment plans that we've got in the short, medium term. So yes, it is. Yes.

The next question from Marcus. Are there plans to extend 1Streetworks or NG9-1-1 solutions beyond current sectors into adjacent markets like transportation, logistics and et cetera? Marcus, I think we have absolutely plenty of opportunities to do that. I would say at the moment, given our limited resources, we just need to focus on what we're currently doing because we've got huge opportunities just in the current without going out more broadly. But absolutely, in the future, we definitely can. Another one from Marcus. What further -- what percentage of your U.S. growth opportunity do you believe you're penetrated so far? I think, yes, we've -- tiny, absolutely tiny. When we do talk about one of our ambitions, we've said is could we get to at least 1 million in every single state of annual recurring revenue. So we've already done California, but we've already got 1 million for that. And we definitely can get more out of 1 million. So even if you said, on average, could we get to 1 million? There are obviously states are much bigger. We can probably get past the $1 million. Some probably we won't. But if you said that as a rough opportunity, that would be 50 million. Now the SaaS opportunity is you've got 35,000 cities and counties, you've got the telcos. So there's a huge opportunity there. We could look at the numbers then mind-boggling to some degree. But I think at the moment, let's just get the penetration with the NG9-1-1 SaaS, the cities and the counties and the telcos and let's see. And then we can start maybe putting out what we think our TAM, what the total addressable market is and what we think realistically we can go after. David. You made reference to potential legislation through Parliament to require accurate data to be made available which you can utilize. Can you give a little more detail on the anticipated time scale for this process to be completed? I think I wonder if that is -- I'm not sure 100% on that. But we -- I mean the National Underground Asset Register is something which is going through parliament at the moment. So at some time in the future, that's going to be mandated that all the utility providers and people that dig up the people that have the underground infrastructure will have to submit that to the National Underground Asset Register. And of course, I think loads of organizations across the U.K. would find that National Underground Asset Register data source absolutely valuable to solution. We would love to bring that into our 1Streetworks. But that's a little bit out of our control. But we know at some point, we could bring it -- if we get into certain entities, we could bring their own data into the platform. The other thing that maybe you're referring to is what I mentioned on 1Locate. So that was with the FCC has now said that the telcos in the U.S., they have around a year, 18 months to get their data in order with the specific regulations in NENA and what the FCC regulations are. And that's what we're focusing on for 1Locate. And it's actually about educating the market that this is coming in. And for us, new legislation, new rules, as I mentioned is great for us. So we've got the rules for the NENA for the citizen accounts. We have to adopt that. We have to change that slightly to reflect the telco opportunity. We do need to do a little bit more to our stack. That's why we've got the 3 industry experts in place. But we think we've got a good solution and we'd be well placed to access and help solve this problem with the market in the next few months. Derek. Can you provide my visibility in the unit economics of 1Streetworks, such as average contract size, payback period or customer acquisition costs? I mean I think what we're finding is from a customer's perspective, compared to what they're paying currently, we're giving them 5 or 6x the benefit to what they're paying currently. If we're stopping road closures, about road closures, I think an average road closure costs all the various stakeholders in the ecosystem, maybe GBP 2,500 to GBP 3,000. A road closure is about 6 to 7 -- sorry, a 2-way set of lights doing the traffic management without closing the road is GBP 600 to GBP 700. So if you just compare that economic, the customer is getting significant value. If you look at other metrics that we're looking at, the planning process of -- if someone wants a new electric vehicle charging point, the planning process used to take a couple of days, maybe into weeks back and forth. Have we got the right traffic management? Oh, no, it should have been a road closure, not a road closure, judge the traffic management company. This sort of thing used to take days, weeks, even months. We're shrinking that time down to a matter of maybe 1 day, 2 days. So we have got metrics that we work when we go out to tender for these sort of bids that we've done recently with Kent County Council, Surrey. We share all these metrics with them, but then we go in them and then we prove it with them because some of them have slightly different metrics and slightly different needs. So it's all about proving those use cases. So we do that, I think, really well with them. But yes, that's really our way. But we do have some set pricing that we discussed with them. But some of the set pricing, which is around per plan, they're actually getting more value than just the creation of the plan, which 5 -- 4 years ago, it was all about how can we create a plan very quickly and just sell that. But as I said, this whole digital twin, the platform that they're getting the value from it now is far exceeded just the creation of a plan in 2 minutes. What is the possibility of getting a strategic relationship with the likes of Accenture and others like them? Absolutely. I mean I think that last point that I just made, I think it was around on the U.S. So with California, we can't be the prime for doing the big data governance. They need an Accenture or Deloitte or something like that. So I think through that process in the U.S., we'll probably be plugging in to a number of those big players. And we do actually pay with a number of big players, for example, in the U.K. the National Underground Asset Register, even though we did the technology and we did the pilot for that, the government issued that on the framework that we were part of. And so we partnered with AtkinsRéalis on that. So they're the prime. They take the -- have the risk with the government on the whole contract, but they don't do the technology. So we do the technology part. And that, to be honest, is where we want to play in all of these things. We'd rather just be given -- playing with the players. They do all the services, they do all the contracting. Sometimes we do contract directly like we did on the big Belgium contract. But generally, my preference is to be that trusted adviser around all things, location master data management, be the exemplar on that and then plug into the other -- the bigger players. [ Stephen B ]. Have you considered licensing the 1Streetworks solution to other geospatial companies located in other geographies? Again, yes, I think all good questions here we are considering, but at the moment, it's just focusing on where we are. And that would be -- I'm sure there are people in the team that want to go off in those areas, but I keep them focused for the moment. But absolutely, there is opportunities like that. I think that's it for the questions.

Claire, Stuart, thank you for answering all those questions you can from investors. And of course, the company can review questions submitted today, and we'll publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which is particularly important to the company, Claire Clark, could I please ask you for a few closing comments?

Yes. I mean I think we just have some fantastic technology -- sorry about that. Technology. Yes. So just coming back there really, we have some fantastic technology. We're sitting at the heart of some very big projects, and we have some very big opportunities ahead. We've got these fantastic SaaS transformational opportunities, for example, 1Streetworks and the NG9-1-1. And we think we've got sufficient resources and we can really take this forward. And I'm really sorry about the phone there. Really sorry.

Claire, Stuart, thank you for updating investors today. Can I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of 1Spatial plc, we'd like to thank you for attending today's presentation, and good morning to you all.