REG - Cordel Group PLC - Cordel awarded 6.5 Year contract with Network Rail

CordelAnnouncement

22/12/2021 07:00

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RNS Number : 4090W  Cordel Group PLC  22 December 2021

22 December 2021

Cordel Group PLC

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

 

Cordel awarded 6.5 Year contract with Network Rail

 

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces it has been awarded a
six-and-a-half-year contract with Network Rail to replace the UK's National
Gauging Database (NGD) with a new Railway Gauging Data Solution (RGDS). The
contract is worth a minimum of £3.2m over the initial contract term.

 

Commencing in January 2022, Cordel will provide a Software as a Service
platform for the storage and processing of gauge and clearance information
for the entire UK rail network. This covers 20,000 miles of track, 30,000
bridges, tunnels and viaducts and thousands of signals, level crossings and
over 2,500 railway stations.  Cordel is equipped to manage the scale and
complexity of this engagement, and the data being processed will enable its
true AI solution to fine-tune and continually improve its capabilities.

 

This is Cordel's longest-term contract to date, and the first full-scale
deployment of the Cordel platform in the Northern Hemisphere.  The contract
may be extended by mutual agreement to a total of eight and a half years. The
win follows the success of previous engagements with Network Rail, and
Cordel's partnership with DGauge, UK-based gauging and clearances experts,
that provide complementary software and consultancy.

 

Nick Smith, CEO, Cordel, said: "We are excited to have been selected for a
long-term supplier agreement with Network Rail. The agreement builds on our
valued relationship and capacity to provide advanced technology, which
improves network reliability and reduces cost.  Moreover, we expect to
provide additional services over the life of the contract, as we release new
data collection and AI-powered analytic products.  This win also showcases
our global partner programme, and we look forward to enjoying further success
with DGauge."

 

Ian Buddery, Chairman of Cordel, commented: "The UK rail system is one of the
oldest and most complex networks globally. It comprises a mixture of new and
Victorian infrastructure and over 250 types of different rolling stock and
therefore requires the highest standards of clearance and gauging
management. Our ability to deliver to these exacting standards, underpinned
by our Machine Learning automation, ensures the credibility of Cordel as a
compelling solution in many other rail markets around the world and gives us
confidence in the growth potential of our business."

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014, which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

Enquiries:

 

 Cordel Group PLC                               c/o SEC Newgate
 Ian Buddery, Chairman

 Nick Smith, CEO

 Arden Partners (Broker and Nominated Adviser)  +44 (0)20 7614 5900
 Ruari McGirr / Richard Johnson

 SEC Newgate (Financial PR)                     +44(0) 7540 106366
 Robin Tozer / Bob Huxford / Tom Carnegie

 

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

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