REG - Cordel Group PLC - First Half Accounts
22/01/2025 07:00
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RNS Number : 1739U Cordel Group PLC 22 January 2025
22 January 2025
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Interim Results
Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces unaudited results for the six months
ending 31 December 2024.
Six months to Six months to % change % change
31 Dec 2024 31 Dec 2023 (constant currency*)
£'000 £'000
Total revenue 2,277 1,961 16% 18%
Cost of sales (685) (924) -26% -25%
Total expenses (1,976) (1,760) 12% 16%
Other income 225 149 51% 58%
EBITDA (159) (574) 72% 67%
*Constant currency reflects the results had the underlying transactional
currencies, (i.e. USD, AUD and GBP) remained constant across the full
financial year.
Highlights:
* Total revenue increased by 16% in reported currency and 18% at constant
currency.
* Cost of sales reduced by 26% (25% constant currency) due to reduced third
party contracted costs and hardware in comparison to the prior period.
* Total expenses increased by 12% (16% at constant currency) as the Group
executes on its strategy to invest in growth.
* As at 31 December 2024, cash balance was £1,143,555 compared with £1,022,180
at 30 June 2024. Total assets as at 31 December 2024 were £4,678,685 whilst
net assets were £3,252,150 compared with £4,137,069 and £2,519,545
respectively, as at 30 June 2024.
* UK achievements during the period included a new customer contract with
Southeastern and Network Rail certification for Overhead Line Equipment.
* USA achievements included new customer contracts with Genesee & Wyoming
and Amtrak Metro-North.
* Australia achievements included the expansion and extension of our ARTC
contract and a new customer contract with Aurizon Holdings, Australia's
largest freight operator.
* Number of clients increased from 8 at 30 June 2024 to 11 by 31 December 2024.
Ian Buddery, Chairman, Cordel, said: "We made excellent progress on many
fronts in the first half, setting up for a strong second half for both
customer wins and technology development, already evident in the Angel Trains,
Network Rail and Vossloh announcements this month. Following our capital
raise in October, we launched our Positive Train Control (PTC) project,
recruiting key AI engineers and securing collaboration with major USA rail
operators. We are encouraged by the response from potential clients and
grateful to the invaluable design input from our advisory board member, Jeff
Songer, who has deep PTC knowledge from his senior management roles at
Canadian Pacific / Kansas City railroad."
Enquiries:
Cordel Group PLC c/o Cavendish Capital Markets Limited
Ian Buddery, Chairman
John Davis, CEO
Cavendish Capital Markets Limited, Broker +44 (0)20 3829 5000
Marc Milmo / Rory Sale (Corporate Finance)
Sunila de Silva (Corporate Broking)
Strand Hanson Limited, Nominated Adviser +44 (0) 20 7409 3494
Richard Johnson / James Bellman
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/)
Cordel Group PLC
Review of operations by the Chief Executive Officer
31 December 2024
Cordel Group PLC ("the Group") the Artificial Intelligence platform for
transport corridor analytics offers a patented cloud-based platform for master
data management and business analytics. Together with specialist hardware and
software for capturing, analysing and reporting on large datasets within the
transport sector, employing sophisticated artificial intelligence algorithms.
Overview of results
During the half year ended 31 December 2024, the Company secured key
certification, new customers in the USA, UK and Australia and commenced our
most important technology initiative since beginning our Machine Learning
platform 5 years ago.
Certifications are the bedrock of the rail industry and we are fortunate to
have a strong partnership with Network Rail, recognised globally as the
engineering standards leader.
Our international sales team has widespread engagement and is producing a
steady flow of new customers from ever-deepening industry interest in our
technology. Importantly, our automated data capture and processing enables
us to scale our output without increasing overhead, as evidenced by the margin
improvement in this first half.
The PTC project is underway, key appointments are in place and support from
the industry secured. The technology breakthroughs in 3D object recognition
and increased location resolution for PTC will bring benefits across all our
product sets.
In the half we rolled out a new customer support structure, to enable us to
meet the anticipated demand in coming years. We are immensely proud of our
delivery and support record and ability to react rapidly to incidents
worldwide. Our sensors are installed on trains operating from the deserts of
Saudi Arabia to arctic conditions in North America, with our engineers
ensuring continuous operation.
Ongoing operations
The Group operates from offices in London, UK and Newcastle, Australia with
staff in these locations and in the USA. The Company has customers in
Australia, UK, Middle East, Latin America and the USA. As of 31 December 2024,
the Company had cash and receivables totalling £2.94m.
Outlook
The Company continues to win new contracts following competitive bid
processes. This results in steady growth of the total mileage of railway track
under long-term data management and, combined with new analytic services
released in 2024 and planned for 2025, gives us confidence in achieving our
revenue plan for the fiscal year to 30 June 2025.
John Davis
Chief Executive Officer
22 January 2025
Cordel Group PLC
Review of operations by the Chief Financial Officer
31 December 2024
A summary of the Group's results are as follows:
Six Months to Six Months to
31 December 2024 31 December 2023 Change
£ '000 £ '000
Revenue from contracts with customers 2,277 1,961 16%
Total Revenue 2,277 1,961 16%
Hosting fees and other direct costs (685) (924) -26%
Gross Margin 1,592 1,037 54%
Employee expenses (1,609) (1,453) 11%
Occupancy expenses (19) (24) -21%
Other operating expenses (348) (283) 23%
Total expenses (1,976) (1,760) 12%
Other income 225 149 51%
EBITDA (earnings before interest expenses, taxation, depreciation and (159) (574) 72%
amortisation adjusted for other one-off items)
Discontinued operations inventory written off - (92) -100%
Depreciation (81) (45) 80%
Finance costs (13) (4) 226%
Loss before income tax (253) (715) -65%
The above summary should be read in conjunction with the accompanying
financial statements and notes.
Revenue
Total revenue for the period increased by 16% to £2.28m, driven by growth in
Australia and the USA.
Direct cost of sales
Hosting and other direct costs reduced 26% to £685k from £924k due to lower
third-party and hardware costs in the half year, partially offset by increased
support costs. Gross margin increased to 70% from 53% as a result and is on
track to continue at this level.
Operating expenses
Overall operating expenses increased 12% by £216k compared to the
corresponding period. An increase of staff expenses of £156k is the largest
contributor, reflecting new appointments and cost of living salary increases
for existing staff. As at 31 December 2024, Cordel has a headcount of 35
employees in Australia, the UK and USA; the same as the prior period.
Reducing some lower-cost roles offset AI engineering recruitment, however
further expansion is planned in the second half.
Other operating costs increased by £66k due to ISO recertification in the
half year and other increases to professional fees, partially offset by a
small reduction in occupancy costs.
Other income of £225k includes an estimated R&D tax refund as well as
income received for grant-funded projects.
EBITDA was a loss of £159k, an improvement of 72% on the prior period.
The loss before tax for the period was £253k, an improvement of 65% compared
to loss of £715k in the corresponding period ended December 2023.
Balance sheet, cash and working capital
The Group balance sheet shows cash resources of £1.1m and receivables of
£1.8m as at 31 December 2024. Cash outflow from operating activities was
£702k due to revenue growth coupled with unfavourable working capital
movements, including slower payment from a minority of customers and increased
inventory to prepare for future deliveries. Cash increased by £65k since 30
June 2024 as a result of the proceeds received from the placing in October
2024 offsetting cash used in operating and investing activities.
Underlying basis of EBITDA
The Group manages its operations by looking at the underlying EBITDA which
excludes the impact of one-off and non-cash items as this, in the Board's
opinion, provides a more representative measure of the Group's performance. A
reconciliation between the reported loss before tax and EBITDA is included at
note 6 to the financial statements.
Natasha Dinneen
Chief Financial Officer
22 January 2025
Cordel Group PLC
Consolidated statements of profit and loss and other comprehensive income
For the period ended 31 December 2024
Unaudited six months Audited year ended
ended 31 December 30 June
Note 2024 2023 2024
£ £ £
Revenue from contracts with customers 4 2,276,925 1,960,934 4,439,441
Total Revenue 2,276,925 1,960,934 4,439,441
Hosting fees and other direct costs (685,112) (924,438) (1,615,732)
Gross Margin 1,591,813 1,036,496 2,823,709
Employee expenses (1,609,404) (1,452,558) (3,306,707)
Occupancy expenses (18,614) (24,278) (51,498)
Depreciation & Amortisation (80,576) (44,687) (123,234)
Other operational expenses (348,891) (375,649) (1,062,109)
Finance Costs (12,525) (3,841) (14,434)
Total expenses (2,070,010) (1,901,013) (4,557,981)
Other income 5 225,292 149,325 538,014
Interest income 246 99 372
Loss before income tax expenses (252,659) (715,093) (1,195,886)
Income tax (613) - (103,225)
Loss after income tax expense for the period (253,272) (715,093) (1,299,111)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation 12,479 (2,687) (14,037)
Share option reserve (5,853) - 33,617
Total comprehensive income for the period (246,646) (717,780) (1,279,531)
Loss for the period attributable to:
Owners of Cordel Group PLC (253,272) (715,093) (1,299,111)
(253,272) (715,093) (1,299,111)
Total comprehensive income for the period is attributable to:
Owners of Cordel Group PLC (246,646) (717,780) (1,279,531)
(246,646) (717,780) (1,279,531)
Basic earnings per share (pence) 14 (0.12) (0.36) (0.65)
Diluted earnings per share (pence) 14 (0.11) (0.33) (0.60)
The above consolidated statements of profit or loss and other comprehensive
income should be read in conjunction with the accompanying notes.
Cordel Group PLC
Consolidated Balance Sheet as at 31 December 2024
Unaudited as at Audited
31 December 30 June
Note 2024 2023 2024
Assets £ £ £
Non-current assets
Goodwill 1,223,403 1,223,403 1,223,403
Right of use asset 149,056 - 203,640
Property, plant & equipment 196,434 145,849 131,031
Deferred tax asset - 85,991 -
Total non-current assets 1,568,893 1,455,243 1,558,074
Current assets
Trade and other receivables 7 1,798,487 1,554,216 1,429,053
Inventory 167,750 157,526 127,762
Cash and cash equivalents 1,143,555 1,191,528 1,022,180
Total current assets 3,109,792 2,903,270 2,578,995
Total Assets 4,678,685 4,358,513 4,137,069
Liabilities
Non-Current liabilities
Lease Liabilities 89,020 - 148,780
Deferred tax 551 2,031 552
Total non-current liabilities 89,571 2,031 149,332
Current liabilities
Trade and other payables 8 732,991 1,052,789 1,045,636
Unearned Income 141,330 29,425 45,911
Lease Liabilities 102,440 - 105,138
Borrowings 9 104,090 - -
Employee benefits 256,113 192,972 271,507
Total current liabilities 1,336,964 1,275,186 1,468,192
Net assets/(liabilities) 3,252,150 3,081,296 2,519,545
Equity
Share Capital 2,169,232 1,994,886 1,994,886
Share premium account 11,661,759 10,856,854 10,856,854
Other reserves 10 573,474 2,434,421 566,848
Accumulated losses (11,152,315) (12,204,865) (10,899,043)
Equity attributable to the owners of Cordel Group PLC 3,252,150 3,081,296 2,519,545
Total equity 3,252,150 3,081,296 2,519,545
The above consolidated balance sheet should be read in conjunction with the
accompanying notes.
The interim financial statements of Cordel Group PLC (company number 11098701
(England and Wales)) were approved by the Board of Directors and authorised
for issue on 22 January 2025. They were signed on its behalf by:
Ian Buddery
Jonathan Macleod
Chairman
Director
22 January 2025
22 January 2025
Cordel Group PLC
Consolidated statements of changes in equity
For the period ended 31 December 2024
Share Share Other Accumulated Total
Unaudited six months ended Capital Premium reserves Losses Equity
31 December 2023 Account*
£ £ £ £ £
Balance at 1 July 2023 1,994,886 10,856,854 2,437,108 (11,489,772) 3,799,076
Loss after income tax expense for the period - - - (715,093) (715,093)
Other comprehensive income for the period, net of tax - - (2,687) - (2,687)
Total comprehensive income for the period 1,994,886 10,856,854 2,434,421 (12,204,865) 3,081,296
Transactions with owners in their capacity as owners:
Share issue - - - - -
Balance at 31 December 2023 1,994,886 10,856,854 2,434,421 (12,204,865) 3,081,296
Share Share Other Accumulated Total
Unaudited six months ended Capital premium reserves Losses Equity
31 December 2024 account*
£ £ £ £ £
Balance at 1 July 2024 1,994,886 10,856,854 566,848 (10,899,043) 2,519,545
Loss after income tax expense for the period - - - (253,272) (253,272)
Other comprehensive income for the period, net of tax - - 6,626 - 6,626
Total comprehensive income for the period 1,994,886 10,856,854 573,474 (11,152,315) 2,272,899
Transactions with owners in their capacity as owners:
174,346 804,905 - - 979,251
Share issue
Balance at 31 December 2024 2,169,232 11,661,759 573,474 (11,152,315) 3,252,150
*The share premium account is used to recognise the difference between the
issued share capital at nominal value and the share capital received, net of
transaction costs.
Cordel Group PLC
Consolidated statements of changes in equity (cont'd)
For the period ended 31 December 2024
Share Share Other Accumulated Total
Audited year ended Capital premium reserves Losses Equity
30 June 2024 account*
£ £ £ £ £
Balance at 1 July 2023 1,994,886 10,856,854 2,437,108 (11,489,772) 3,799,076
Loss after income tax expense for the period - - - (1,299,111) (1,299,111)
Other comprehensive income for the period, net of tax - - 19,580 - 19,580
Total comprehensive income for the period - - 19,580 (1,299,111) (1,279,531)
Transactions with owners in their capacity as owners of the parent:
Return of capital on wind - - (1,889,840) 1,889,840 -
down of Maestrano Pty Ltd
Balance at 30 June 2024 1,994,886 10,856,854 566,848 (10,899,043) 2,519,545
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes.
Cordel Group PLC
Consolidated statements of cash flows
For the period ended 31 December 2024
Unaudited six months Audited year ended
ended 31 December 30 June
2024 2023 2024
£ £ £
Cash flows from operating activities
Loss before income tax expense for the period (253,272) (715,093) (1,195,886)
Adjustments for:
Depreciation and amortisation 80,576 44,687 123,234
Loss/(Gain) on disposal of equipment 125 (1,687) (1,761)
Discontinued operations inventory written off - 92,437 -
Unwinding of lease liability incentive - - (8,777)
Share option reserve (5,853) - 33,617
Foreign exchange differences 5,582 2,130 (1,327)
Interest received (246) (99) (372)
Interest and other finance costs 12,525 3,841 14,434
(160,563) (573,784) (1,036,838)
Change in operating assets and liabilities:
Decrease/(Increase) in inventories (39,988) (13,746) 16,019
Decrease/(Increase) in trade and other receivables (798,480) 102,717 227,879
(Decrease)/Increase in trade and other payables (312,646) 390,629 383,476
(Decrease)/Increase in other liabilities 184,115 (137,739) (10,016)
(1,127,562) (231,923) (419,481)
Interest received 246 99 372
Interest and other finance costs paid (3,852) (3,841) (4,571)
R&D tax credit received 429,045 329,025 329,025
Net cash used in operating activities (702,123) 93,360 (94,654)
Cash flows from investing activities
Purchase of property, plant and equipment (91,395) (116,665) (145,172)
Proceeds from disposal of fixed asset - 1,687 8,655
Net cash used in investing activities (91,395) (114,978) (136,517)
Cash flows from financing activities
Proceeds from issue of shares 977,250 - -
Interest on lease payments (8,673) (1,061) (9,863)
Lease liability incentive received - - 52,660
Cash payments for leases (49,855) (19,960) (58,384)
Transaction costs on issue of shares (60,000) - -
Net cash from financing activities 858,722 (21,021) (15,587)
Net increase/(decrease) in cash and cash equivalents 65,204 (42,639) (246,758)
Cash and cash equivalents at the beginning of the financial period 1,022,180 1,283,463 1,283,463
Effects of exchange rate changes on cash and cash equivalents 56,171 (49,296) (14,525)
Cash and cash equivalents at the end of the financial period 1,143,555 1,191,528 1,022,180
The above consolidated statements of cash flows should be read in conjunction
with the accompanying notes.
Cordel Group PLC
Notes to the consolidated financial statements
For the period ended 31 December 2024
Note 1. General information
Cordel Group plc is a public company, registered in England and Wales and
listed on the Alternative Investment Market ('AIM').
Its registered office and principal place of business are:
Registered office
Principal place of business
10 John Street
Level 4/745 Hunter Street
London WC1N 2EB
Newcastle West NSW 2302
United
Kingdom
Australia
A description of the nature of the Group's operations and its principal
activities are included in the directors' report, which is not part of the
financial statements. The financial statements were authorised for issue, in
accordance with a resolution of directors, on 22 January 2025. The directors
have the power to amend and reissue the financial statements.
Note 2. Significant accounting policies
These financial statements for the interim half-year reporting period ended 31
December 2024 have been prepared in accordance with International Accounting
Standards IAS 34 'Interim Financial Reporting'.
These interim financial statements do not include all the notes of the type
normally included in annual financial statements. Accordingly, these financial
statements are to be read in conjunction with the annual report for the year
ended 30 June 2024 and any public announcements made by the Company during the
interim reporting period.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and
Interpretations issued by the International Accounting Standards Board that
are mandatory for the current reporting period. Any new or amended
Accounting Standards or Interpretations that are not yet mandatory have not
been early adopted.
Going concern
The financial statements have been prepared assuming the Group will continue
as a going concern. Under the going concern assumption, an entity is
ordinarily viewed as continuing in business for the foreseeable future. In
assessing whether the going concern assumption is appropriate, the directors
have considered the Group's existing working capital and are of the opinion
that the Group has adequate resources to undertake its planned program of
activities for the 12 months from the date of approval of these financial
statements.
Note 3. Operating segments
Identification of reportable operating segments
The Group operates in one segment being provision of data integration and
analytic services. This operating segment is based on the internal reports
that are reviewed and used by the Board of Directors (who are identified as
the Chief Operating Decision Makers ('CODM')) in assessing performance and in
determining the allocation of resources.
The operating segment information is the same information as provided
throughout the consolidated financial statements and are therefore not
duplicated.
Note 4. Revenue from contracts with customers
Contract revenue by product Unaudited six months Audited year ended
ended 31 December 30 June
2024 2023 2024
£ £ £
Nextcore - 3,145 3,145
Cordel 2,276,925 1,957,789 4,436,296
2,276,925 1,960,934 4,439,441
Contract revenue by geography Unaudited six months Audited year ended
ended 31 December 30 June
2024 2023 2024
£ £ £
EMEA 811,478 1,045,959 2,084,132
APAC 274,816 123,812 327,976
The Americas 1,190,631 791,163 2,027,333
2,276,925 1,960,934 4,439,441
Note 5. Other income Unaudited six months Audited year ended
ended 31 December 30 June
2024 2023 2024
£ £ £
Government grants and rebates 225,292 147,638 519,145
Other Income - 1,687 18,869
225,292 149,325 538,014
Note 6. EBITDA reconciliation (earnings before interest expense, taxation,
depreciation and amortisation)
Unaudited six months Year ended
ended 31 December 30 June
2024 2023 2024
EBITDA reconciliation £ £ £
Loss before income tax (252,659) (715,093) (1,195,886)
Less: Interest revenue (246) (99) (372)
Add: Interest expense 12,525 3,841 14,434
Add: Depreciation and amortisation 80,576 44,687 123,234
Add: Other non-operating costs 125 92,437 111,321
EBITDA (159,679) (574,227) (947,269)
The financial statements include both the statutory financial statements
prepared in accordance with IFRS and the non-GAAP measure of EBITDA. The
directors believe this additional measure provides insight into the Group's
operational performance and financial condition excluding unusual and other
one-off items.
Note 7. Current assets - trade and other receivables Unaudited six months Audited
Year ended
ended 31 December 30 June
2024 2023 2024
£ £ £
Trade receivables 1,292,566 1,178,328 511,441
Other receivables 195,739 121,702 266,455
Prepayments 161,838 140,186 211,305
R&D tax offset refundable 148,344 114,000 439,852
1,798,487 1,554,216 1,429,053
Note 8. Current liabilities - trade and other payables Unaudited six months Audited year ended
ended 31 December 30 June
2024 2023 2024
£ £ £
Trade payables 521,597 460,580 457,861
Accrued expenses 147,995 579,644 454,015
Other payables 63,399 12,565 133,760
732,991 1,052,789 1,045,636
Note 9. Borrowings
During the interim period, the Group entered into a new short-term supplier
financing arrangement carrying interest at 6.99% which matures on 30 August
2025.
Note 10. Equity - other reserves Unaudited six months Audited year ended
ended 31 December 30 June
2024 2023 2024
£ £ £
Foreign currency reserve 359,912 358,784 347,433
Share-based payments reserve 213,562 185,797 219,415
Capital reorganisation reserve - 1,889,840 -
573,474 2,434,421 566,848
Movements in reserves
Movements in each class of reserve during the current financial period are set
out below:
Unaudited six months ended 31 December 2024 Foreign Share-based Total
Currency payments
£ £ £
Balance as at 1 July 2024 347,433 219,415 566,848
Foreign currency translation 12,479 - 12,479
Share-based payment - (5,853) (5,853)
Balance at 31 December 2024 359,912 213,562 573,474
Note 11. Equity - dividends
There were no dividends paid, recommended, or declared during the current or
previous financial period.
Note 12. Fair value measurement
The carrying amounts of trade and other receivables and trade and other
payables are assumed to approximate their fair values due to their short-term
nature.
The fair value of financial liabilities is estimated by discounting the
remaining contractual maturities at the current market interest rate that is
available for similar financial liabilities.
Note 13. Related party transactions
Parent entity
The parent entity and ultimate parent entity is Cordel Group PLC. There is no
ultimate controlling party.
Transactions with related parties
Ian Buddery was remunerated through his personal service company during the
period.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at
the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous
reporting date.
Note 14. Earnings per share
Unaudited six months Audited year
ended 31 December ended 30 June
2024 2023 2024
£ £ £
Loss after income tax attributable to the owners of Cordel Group PLC (253,272) (715,093) (1,299,111)
Number Number Number
Weighted average number of ordinary shares used in calculating basic earnings 216,923,230 199,488,614 199,488,614
per share
Weighted average number of ordinary shares used in calculating diluted 232,600,174 215,838,892 217,155,558
earnings per share
Pence Pence Pence
Basic earnings per share (0.12) (0.36) (0.65)
Diluted earnings per share (0.11) (0.33) (0.60)
Note 15. Events after the reporting period
The Group announced two new contract wins after the balance sheet date with
Network Rail to deliver a package of enhancements to Cordel's ongoing Railway
Gauging Data Solution (RGDS) and with Angel Trains Ltd for track geometry.
On 20 January a Partnership with Vossloh AG was announced.
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