REG - Cordel Group PLC - March Quarter Business Update

CordelAnnouncement

02/04/2024 07:00

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RNS Number : 6077I  Cordel Group PLC  02 April 2024

2 April 2024

 

Cordel Group PLC

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

 

March Quarter Business Update

 

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, provides a business update.

Key updates:

·    Amtrak Contract - The delivery of our US$6.7 million contract with
Amtrak continues to make good progress as we reach the late stages of the
18-month configuration and reporting phase. The Board remains confident that
extensions to the existing scope of work will be agreed in due course, as we
prepare to enter into the 5-year software-as-a-service phase.

·    US Update - We have proposals pending with a number of Class 1 US
Railroads, focusing on our core use cases of improving inspection and
maintenance for clearances, vegetation infringements and overhead line
obstructions.

·    UK Update - In the UK, we continue to develop our ongoing
relationship with Angel Trains, offering new business initiatives to deliver
more efficient infrastructure management for Network Rail through value-adding
data services.

·    Marketing Update - To continue to feed our commercial pipeline, we
have relationship and business development visits and roadshows planned for
the Middle East, Ireland, Australia, Asia Pacific and Germany during 2024.

·    Operational Update - We have further honed our delivery capability in
Newcastle, Australia to ensure we are ready to take on new projects as we
rapidly increase our client base.

The Board are encouraged by the very positive progress being made and are
confident in achieving the Company's revenue expectations for the fiscal year.

 

John Davis, CEO of Cordel, commented:

"Our sales team around the world is working hard towards our 30 June
objectives, while our technology team continues to deliver high quality,
on-time results to customers. New product development continues at pace, with
a particular focus on automation and refinement."

 

Ian Buddery, Chairman of Cordel, commented:

"We are very confident in continuing growth for current and future years and
also comfortable with our cash position. We have world-leading AI technology
and a unique approach to automated delivery which underpins our ability to
scale the business while maintaining a minimal cost base. Everyone at Cordel
is focused on delivering long-term value for our shareholders."

 

 

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    +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)

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