REG - Cordel Group PLC - Interim Results
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RNS Number : 6026Q Cordel Group PLC 28 January 2026
28(th) January 2026
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Interim Results for the six months ended 31 December 2025
Cordel Group PLC (AIM: CRDL), the artificial intelligence platform for
transport corridor analytics, announces its unaudited results for the six
months ended 31 December 2025.
Six months to Six months to % change % change
31 Dec 2025 31 Dec 2024 (constant currency*)
£'000 £'000
Total revenue 1,725 2,277 -24% -22%
Cost of sales (550) (685) -20% -17%
Total expenses (2,209) (1,976) 12% 20%
Other income 149 225 -34% -34%
EBITDA (885) (159) 457% 494%
*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 decreased by 24% in reported currency and 22% at
constant currency due to delayed purchase orders from new engagements,
particularly in the USA and UK
● Cost of sales reduced by 20% (17% constant currency) due to lower
third party contracted costs and hardware in comparison to the prior period
● Total expenses increased by 12% (20% at constant currency) due
primarily to the impact of new hires in the previous financial year
● As at 31 December 2025, cash balance was £1.02m compared with
£1.50m at 30 June 2025, and £1.14m at 31 December 2024
● Total assets as at 31 December 2025 were £3.24m whilst net assets
were £2.09m compared with £4.48m and £3.05m respectively, as at 30 June
2025
● UK achievements during the period included the Track Innovation
project with Transport for London, which has dramatically advanced Cordel's
data and location capture technology in tunnels
● USA achievements included an uplift in miles of LiDAR data capture
and processing across our 3 major railroad clients, as we transition to a
"Data as a Service" recurring revenue business model
● EMEA achievements included the contract extension in Saudi Arabia
and our first major trial with Vossloh AG, with Cordel Rugged LiDAR units
mounted on track grinding vehicles for a major European Rail operator
● Australia achievements included the expansion and extension of the
ARTC contract and a new customer contract with V/Line, the freight and
passenger rail network in the state of Victoria
● Having regard to the current pipeline and the anticipated timing
of contracts being signed, the Board expects to be ahead of the FY25 revenue
position by end Q3 and in a strong position to deliver on the Board's
expectations for full year FY26 revenue
Ian Buddery, Chairman, Cordel, said: "First half results clearly did not meet
our expectations, largely as a result of protracted customer procurement
processes in the UK and USA. Negotiations are continuing to progress without
issues and the Board remains confident that these contracts will flow into
second half revenue, underpinning the full year plan.
Complex procurement is the nature of the rail industry and our focus is on
increasing our sales pipeline to ensure predicable forecasts. We are making
steady progress here with our current pipeline of quality opportunities, now
totalling c.£70m, compared to c.£30m in January 2025.
We were however delighted with the significant technology progress made with
multiple partners in all markets. This notably includes the TfL project which
has advanced our data capture and analysis capabilities for closed track
sections everywhere, e.g. tunnels and long covered platforms in major city
railroad stations."
Enquiries:
Cordel Group PLC c/o Cavendish
Ian Buddery, Chairman
John Davis, Chief Executive Officer
Cavendish Capital Markets Limited, Broker +44 (0)20 220 0500
Marc Milmo
Sunila de Silva (Corporate Broking)
Strand Hanson Limited, Nominated Adviser
Richard Johnson / James Bellman +44 (0)20 7409 3494
About Cordel
Cordel Group PLC ("the Group") is a global provider of specialist hardware and
software for capturing, analysing and reporting on large datasets within the
transport sector, powered by a sophisticated and proprietary artificial
intelligence platform.
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 2025
Cordel Group PLC ("the Group") is a global provider of specialist hardware and
software for capturing, analysing and reporting on large datasets within the
transport sector, powered by a sophisticated and proprietary artificial
intelligence platform.
Overview of results
During the half year ended 31 December 2025, the Company validated the market
opportunity for supporting US Railroads with Positive Train Control (PTC) and
released our 'PTC Asset Connect' system. We won new customers in the UK and
Australia and more than doubled our commercial pipeline of opportunity.
However, customer procurement processes were more protracted than usual,
leading to a disappointing revenue outcome for the first half. Our commercial
strategy has prioritised securing larger, multi-year commitments to strengthen
our recurring revenue base, resulting in lower revenue contribution from
one-off projects in the interim period. We remain confident this is largely a
matter of timing, and that the first-half efforts will materialise into
contract awards during the second half and beyond.
We continue to see considerable opportunity in the North American market and
we have invested significantly in our team there, to support delivery for our
existing clients and to win new ones. We are also seeing improved momentum and
traction in the UK where our small team is building on the very strong
delivery of RGDS within Network Rail.
In a little over a year, we have taken our PTC offering from conception to
market launch and we are in advanced conversations with several Class 1
railroads for commercial contracts. We continue to expect meaningful revenue
from this product in FY26. Using our multimodal AI capabilities, we have
created an end-to-end service which meets all the requirements that we have
gathered from these potential customers.
We have undertaken a Track Innovation project with TfL which was our first
foray into using our LiDAR within tunnels. In parallel, we are working with
Amtrak on a similar trial and believe that once we have clear deliverables and
outputs from both these projects, this should open up a new segment in the
market for us.
We have vastly increased the miles of track that we have processed in the half
and expect to more than double our total year on year. We remain immensely
proud of our delivery and support record and ability to react rapidly to any
requests or incidents worldwide. We have upgraded our hardware to ensure that
our sensors can function in the extreme weather conditions that we experience
from the Middle East to North America.
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 2025,
the Company had cash balances of £1.02m and cash and receivables totalling
£1.55m.
Outlook
The Company continues to win new contracts following extended negotiation
cycles. This results in continued growth of the total mileage of railway track
under long-term data management and, combined with new analytic services
released in 2025 and planned for 2026, gives us confidence in achieving our
revenue plan for the fiscal year to 30 June 2026.
John Davis
Chief Executive Officer
28 January 2026
Cordel Group PLC
Review of operations by the Chief Financial Officer
31 December 2025
A summary of the Group's results is as follows:
Six Months to Six Months to
30 Dec 2025 30 Dec 2024
£ '000 £ '000
Revenue from contracts with customers 1,725 2,277
Cost of sales (550) (685)
Gross Profit 1,175 1,592
Other income 149 225
Employee benefits expense (1,708) (1,609)
Other expenses (501) (367)
EBITDA (885) (159)
Depreciation and amortisation expense (84) (81)
Net finance income/(expense) 5 (13)
Other non-operating costs (38) (0)
Loss before income tax (1,002) (253)
The above summary should be read in conjunction with the accompanying
financial statements and notes.
Revenue
Total revenue for the period decreased by 24% to £1.72m due to delayed
purchase orders from new engagements, particularly in the USA and UK.
Cost of sales
Hosting and other direct costs reduced 20% to £550k from £685k due to lower
third-party and hardware costs in the half year, partially offset by increased
salary costs for delivery staff which were reallocated to cost of sales. Gross
margin dropped below target of 70% due to lower revenue.
Operating expenses
Total expenses (employee benefits expense and other expenses) increased 12% by
£233k compared to the corresponding period. An increase of staff expenses of
£99k is the largest contributor, reflecting the impact of new hires and cost
of living salary increases for existing staff. Cordel's headcount grew from 35
at 31 December 2024 to 43 employees 31 December 2025 across Australia, the
UK and the USA.
Other income
Other income of £149k includes an estimated R&D tax refund. The six
months ended 31 December 2024 included grant income from the Level Crossing
Safety Research and Innovation project which concluded during the financial
year ended 30 June 2025.
EBITDA was a loss of £885k, due to lower revenue achievement and a higher
operating cost base.
Balance sheet, cash and working capital
The Group balance sheet shows cash resources of £1.02m and receivables of
£526k as at 31 December 2025. Cash outflow from operating activities was
£437k due to protracted sales cycles coupled with unfavourable working
capital movements, including higher operating costs and increased inventory to
prepare for future deliveries.
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 7 to the financial statements.
Natasha Dinneen
Chief Financial Officer
28 January 2026
Cordel Group PLC
Consolidated statements of profit and loss and other comprehensive income
For the six months ended 31 December 2025
Unaudited six months Audited year ended
ended 31 December 30 June
Note 2025 2024 2025
£ £ £
Revenue from contracts with customers 4 1,724,945 2,276,925 4,788,516
Cost of sales (550,290) (685,112) (1,261,042)
Gross Profit 1,174,655 1,591,813 3,527,474
Other income 5 149,153 225,292 584,854
Employee benefits expense 6 (1,707,899) (1,609,404) (2,969,149)
Other expenses (501,074) (367,380) (1,301,174)
EBITDA 7 (885,165) (159,679) (157,995)
Depreciation and amortisation expense (83,497) (80,576) (162,882)
Net finance income/(expense) 5,019 (12,279) (26,344)
Other non-operating costs (37,932) (125) (10,791)
Loss before income tax expense (1,001,575) (252,659) (358,012)
Income tax expense 0 (613) (44,003)
Loss after income tax expense for the period (1,001,575) (253,272) (402,015)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Share option reserve 13,603 (5,853) 39,384
Foreign currency translation 24,357 12,479 (85,771)
Other comprehensive income for the period, net of tax 37,960 6,626 (46,387)
Total comprehensive income for the period (963,615) (246,646) (448,402)
Loss for the period attributable to:
Owners of Cordel Group PLC (1,001,575) (253,272) (402,015)
(1,001,575) (253,272) (402,015)
Total comprehensive income for the period is attributable to:
Owners of Cordel Group PLC (963,615) (246,646) (448,402)
(963,615) (246,646) (448,402)
Basic earnings per share (pence) 15 (0.46) (0.12) (0.19)
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 2025
Unaudited as at Audited
31 December 30 June
2025 2024 2025
Note £ £ £
Non-current assets
Goodwill 1,223,403 1,223,403 1,223,403
Right of use asset 74,471 149,056 108,253
Property, plant and equipment 145,761 196,434 160,668
Deferred tax asset 14,871 - 14,871
Total non-current assets 1,458,506 1,568,893 1,507,195
Current assets
Trade and other receivables 8 526,384 1,798,487 1,214,504
Inventories 239,454 167,750 249,952
Cash and cash equivalents 1,020,156 1,143,555 1,504,442
Total current assets 1,785,994 3,109,792 2,968,898
Non-current liabilities
Lease liabilities 0 89,020 42,202
Deferred tax 16,654 551 16,653
Total non-current liabilities 16,654 89,571 58,855
Current liabilities
Trade and other payables 9 560,081 732,991 922,399
Unearned income 18,557 141,330 61,810
Lease liabilities 100,662 102,440 99,284
Borrowings 10 119,584 104,090 -
Employee benefits 342,184 256,113 283,352
Total current liabilities 1,141,068 1,336,964 1,366,845
Net current assets 644,926 1,772,828 1,602,053
Total assets less current liabilities 2,103,432 3,341,721 3,109,248
Net assets 2,086,778 3,252,150 3,050,393
Equity
Share capital 2,169,232 2,169,232 2,169,232
Share premium account 11,661,758 11,661,759 11,661,758
Other reserves 11 483,286 573,474 445,326
Accumulated losses (12,227,498) (11,152,315) (11,225,923)
Total equity 2,086,778 3,252,150 3,050,393
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 28 January 2026. They were signed on its behalf by:
Ian Buddery
Thouraya Walker
Chairman
Director
28 January
2026
28 January 2026
Cordel Group PLC
Consolidated statements of changes in equity
For the six months ended 31 December 2025
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 fully attributable to owners of the - - 6,626 (253,272) (246,646)
parent
Share issue 174,346 804,905 - - 979,251
Balance at 31 December 2024 2,169,232 11,661,759 573,474 (11,152,315) 3,252,150
Share Share Other Accumulated Total
Unaudited six months ended Capital Premium account* reserves Losses Equity
31 December 2025
£ £ £ £ £
Balance at 1 July 2025 2,169,232 11,661,758 445,326 (11,225,923) 3,050,393
Loss after income tax expense for the period - - - (1,001,575) (1,001,575)
Other comprehensive income for the period, net of tax - - 37,960 - 37,960
Total comprehensive income for the period fully attributable to owners of the - - 37,960 (1,001,575) (963,615)
parent
Share issue - - - - -
Balance at 31 December 2025 2,169,232 11,661,758 483,286 (12,227,498) 2,086,778
* 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 cost
Cordel Group PLC
Consolidated statements of changes in equity (cont'd)
For the six months ended 31 December 2025
Share Share Other Accumulated Total
Audited year ended Capital premium reserves Losses Equity
30 June 2025 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 - - 0 (402,015) (402,015)
Other comprehensive income for the period, net of tax - - (121,522) 75,135 (46,387)
Total comprehensive income for the period fully attributable to owners of the - - (121,522) (326,880) (448,402)
parent
Share issue 174,346 804,904 - - 979,250
Balance at 30 June 2025 2,169,232 11,661,758 445,326 (11,225,923) 3,050,393
The above consolidated statements of changes in equity should be read in
conjunction with the accompanying notes
Cordel Group PLC
Consolidated statement of cash flows
For the six months ended 31 December 2025
Unaudited six months Audited year ended
ended 31 December 30 June
2025 2024 2025
£ £ £
Cash flows from operating activities
Loss before income tax expense for the period (1,001,575) (253,272) (358,012)
Adjustments for:
Depreciation and amortisation 83,497 80,576 162,882
Loss/(Gain) on disposal of equipment 936 125 300
Unwinding of lease liability incentive (8,155) - (10,907)
Share option reserve 13,603 (5,853) 39,384
Foreign exchange differences (2,081) 5,582 10,565
Interest received (12,678) (246) (484)
Interest and other finance costs 7,659 12,525 26,828
(918,794) (160,563) (129,444)
Change in operating assets and liabilities:
Decrease/(Increase) in inventories 10,498 (39,988) (122,189)
Decrease/(Increase) in trade and other receivables 347,844 (798,480) (242,813)
(Decrease)/Increase in trade and other payables (199,034) (312,646) (165,383)
(Decrease)/Increase in other liabilities 15,578 184,115 27,744
(743,908) (1,127,562) (632,085)
Interest received 12,678 246 484
Interest and other finance costs paid (2,296) (3,852) (12,491)
Income taxes paid (43,700) - -
R&D tax credit received 340,276 429,045 457,361
Net cash used in operating activities (436,950) (702,123) (186,731)
Cash flows from investing activities
Purchase of property, plant and equipment (29,846) (91,395) (117,191)
Net cash used in investing activities (29,846) (91,395) (117,191)
Cash flows from financing activities
Proceeds from issue of shares - 977,250 1,039,250
Interest on lease payments (5,364) (8,673) (14,337)
Cash payments for leases (45,658) (49,855) (83,337)
Transaction costs on issue of shares - (60,000) (60,000)
Net cash from financing activities (51,022) 858,722 881,576
Net increase/(decrease) in cash and cash equivalents (517,818) 65,204 577,654
Cash and cash equivalents at the beginning of the financial period 1,504,442 1,022,180 1,022,180
Effects of exchange rate changes on cash and cash equivalents 33,532 56,171 (95,392)
Cash and cash equivalents at the end of the financial period 1,020,156 1,143,555 1,504,442
The above consolidated statement of cash flows should be read in conjunction
with the accompanying notes
Cordel Group PLC
Notes to the consolidated financial statements
For the six months ended 31 December 2025
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 28 January 2026. 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 2025 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 2025 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.
Cordel Group PLC
Notes to the consolidated financial statements (cont'd)
For the six months ended 31 December 2025
Note 4. Revenue
Revenue by geographical area Unaudited six months Audited year ended
ended 31 December 30 June
2025 2024 2025
£ £ £
EMEA 771,421 811,478 2,003,223
APAC 185,125 274,816 502,299
The Americas 768,399 1,190,631 2,282,994
Total revenue 1,724,945 2,276,925 4,788,516
Note 5. Other income
Unaudited six months Audited year ended
ended 31 December 30 June
2025 2024 2025
£ £ £
Government grants and rebates 148,883 225,292 561,073
Other income 270 - 23,871
Total revenue 149,153 225,292 584,944
Cordel Group PLC
Notes to the consolidated financial statements (cont'd)
For the six months ended 31 December 2025
Note 6. Staff Costs
Total staff costs were as follows:
Unaudited six months Audited year ended
ended 31 December 30 June
2025 2024 2025
£ £ £
Wages and salaries 1,681,606 1,372,666 2,924,247
Social security costs 177,659 141,992 195,218
Other pension costs 124,693 100,599 215,952
Share-based payments 13,603 (5,853) 39,384
Total employee benefits expense 1,997,561 1,609,404 3,374,801
Staff costs are presented in the Consolidated Statement of Profit or Loss and
Other Comprehensive Income Within:
Unaudited six months Audited year ended
ended 31 December 30 June
2025 2024 2025
£ £ £
Cost of sales 289,662 0 405,652
Employee benefits expense 1,707,899 1,609,404 2,969,149
Total employee benefits expense 1,997,561 1,609,404 3,374,801
Staff costs were reallocated to cost of sales during the period for costs
relating to dedicated in-house customer support and delivery teams that were
established from January 2025.
Cordel Group PLC
Notes to the consolidated financial statements (cont'd)
For the six months ended 31 December 2025
Note 7. EBITDA reconciliation (earnings before interest expense, taxation,
depreciation and amortisation)
Unaudited six months Audited year ended
ended 31 December 30 June
2025 2024 2025
£ £ £
Loss before income tax (1,001,575) (252,659) (358,012)
Less: Interest revenue (12,678) (246) (484)
Add: Interest expense 7,659 12,525 26,828
Add: Depreciation and amortisation 83,497 80,576 162,882
Add: Other non-operating costs 37,932 125 10,791
EBITDA (885,165) (159,679) (157,995)
The financial statements include both the statutory financial statements and
the additional performance measure of EBITDA. The directors believe these
additional measures provide useful information on the underlying trend in
operational performance going forward.
Note 8. Trade and other receivables
Unaudited six months Audited year ended
ended 31 December 30 June
2025 2024 2025
£ £ £
Trade receivables 125,834 1,292,566 675,341
R&D tax offset refundable 148,571 148,344 367,854
Prepayments 203,528 317,786 167,427
Other receivables 48,451 39,791 3,882
526,384 1,798,487 1,214,504
Cordel Group PLC
Notes to the consolidated financial statements (cont'd)
For the six months ended 31 December 2025
Note 9. Trade and other payables
Unaudited six months Audited year ended
ended 31 December 30 June
2025 2024 2025
£ £ £
Trade payables 290,980 521,597 342,783
Accrued expenses 178,095 147,995 369,511
Other payables 91,006 63,399 210,105
560,081 732,991 922,399
Note 10. Borrowings
During the interim period, the Group entered into new short-term supplier
financing arrangements carrying interest at 4.56% that mature on 30 August
2026 and 30 September 2026.
Note 11. Reserves
Unaudited six months Audited year ended
ended 31 December 30 June
2025 2024 2025
£ £ £
Foreign currency reserve 230,606 359,912 206,249
Share-based payment reserve 252,680 213,562 239,077
483,286 573,474 445,326
Note 12. Dividends
There were no dividends paid, recommended, or declared during the current or
prior financial periods.
Cordel Group PLC
Notes to the consolidated financial statements (cont'd)
For the six months ended 31 December 2025
Note 13. 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 14. 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 dates.
Note 15. Earnings per share
Unaudited six months Audited year
ended 31 December ended 30 June
2025 2024 2025
£ £ £
Loss after income tax attributable to the owners of Cordel Group PLC (1,001,575) (253,272) (402,015)
Number Number Number
Weighted average number of ordinary shares used in calculating basic earnings 216,923,230 216,923,230 216,923,230
per share
Pence Pence Pence
Basic earnings per share (0.46) (0.12) (0.19)
Cordel Group PLC
Notes to the consolidated financial statements (cont'd)
For the six months ended 31 December 2025
Note 16. Events after the reporting period
On the 6th of January 2026, Jeff Songer, an established senior USA rail
industry executive with over 30 years of experience in operations, engineering
and finance was appointed to the Board as a Non-Executive Director.
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