REG - Cordel Group PLC - Business and Trading Update

CordelAnnouncement

07/08/2023 07:00

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RNS Number : 3916I  Cordel Group PLC  07 August 2023

7 August 2023

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

 

Business and Trading Update

 

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence (AI) platform for
transport corridor analytics, is pleased to provide an update on full-year
trading and activities.

 

The Company expects to report revenue for the year ending 30 June 2023
("FY23") of c. £3.0 million, subject to audit confirmation, representing
growth of 32% over the previous corresponding period (2022: £2.27 million).
The FY23 audited results are expected to be announced during October 2023 and
are expected to be in line with market expectations.

 

Projects and Existing Customers

·    The Railway Gauging Data Solution (RGDS) contract to redesign and
deliver the UK's National Gauging database) delivered on time and on budget
and has now moved to live production with Network Rail. Delivery included a
successful 'first' in migration of legacy data from Omnicom Balfour Beatty.
The contract now moves into its 5 year operational phase.

·    Amtrak - the first two project milestones have been successful and
have been fully approved by Amtrak. In addition, we have agreed to accelerate
the Cordel automated data capture (laser scanning) phase and supplied the
first LiDAR unit in support of this.

 

Company

·    Organisational Growth - our restructuring for growth plan is ahead of
schedule with key hires in the UK (including a Head of Strategic Growth, a
Project Delivery Lead and Marketing personnel), in the US (a Senior Sales /
Delivery Engineer) and in Australia (Software Engineering, including lead AI
engineers).

 

Campaigns, Pipeline Growth and Events

·    Clearance and Gauging Campaign - leveraging off our keystone Amtrak
contract, we successfully executed a multi-channel campaign to drive inbound
sales prospects and wider market perception as a clear and differentiated
leader in our domain, leading to significant new US prospects looking to
replicate the Amtrak initiative.

·    RICA (Railway Industrial Clearance Association) Event in
Indianapolis, in June - our formal presence, supported by our partner D/Gauge
Ltd, has validated our approach to the significant US clearance opportunity
and has yielded further engagement with  US  Class 1 railroad companies.

 

 

Product Development

·    Significant developments in our core product portfolio driving
greater automation, processing capability and the application of AI to
further our CaaS (Classification as a Service) ambitions.

 

Cordel Chairman, Ian Buddery, said, "We are delighted with our achievements in
the 2023 Fiscal Year, including our major breakthrough into the US market and
continuing strength in the UK. We are now positioned and resourced for
accelerated growth. Importantly, we have a rich technology development roadmap
actively in progress, as we begin to reap the benefits of our leadership in
the application of Artificial Intelligence to railway infrastructure
management. We look forward to further updating at the time of our FY23
audited results in October."

 

Enquiries:

 

 Cordel Group PLC                           c/o Zeus
 Ian Buddery, Chairman

 John Davis, Chief Executive Officer
 Zeus Capital Limited Broker                +44 (0)20 3829 5000
 Simon Johnson / Alexandra Campbell-Harris

 Strand Hanson Limited Nominated Adviser

 Richard Johnson / James Bellman            +44 (0)20 7409 3494

 

About Cordel

Cordel produces specialist hardware and software for capturing, analysing and
reporting on large datasets within the transport sector, employing
sophisticated artificial intelligence algorithms.

 

Further information on the Company is available at: www.cordel.ai
(http://www.cordel.ai/)

 

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