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1Spatial’s £1.6m deal with Land and Property Services in Northern Ireland indicates the business is continuing its recovery path. We reiterate our view that 1Spatial’s recovery credentials are solid, based on building its presence in existing geographies and verticals with deals such as this, supplemented by expansion in the US, where the company has also been taking good steps forward. The recent share price retrenchment following the disposal of Enables IT seems to discount any significant recovery, whereas we believe a value of c 4.7p per share (c 2x FY19 revenues) should be readily achievable if progress remains on track.

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