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REG - Cordel Group PLC - Preliminary Interim Results

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RNS Number : 2465N  Cordel Group PLC  19 January 2023

19 January 2023

Cordel Group PLC

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

 

Preliminary Interim Results

 

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces unaudited preliminary results for the
six months ending 31 December 2022.

 

                 Six months to      Six months to      % change  % change

                 31 December 2021   31 December 2022             (constant currency*)

                 £'000              £'000
 Total revenue   629                945                50.3%     47.5%
 Cost of sales   (329)              (200)              -39.3%    -41.8%
 Total expenses  (1,564)            (1,523)            -2.6%     -7.7%
 Other Income                       57

 EBITDA          (1,264)            (721)              43.0%     44.0%

 

*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 50.3% in reported currency and 47.5% at
constant currency.

·    Cost of sales decreased by 39.3% (41.3% at constant currency) due to
reduced labour costs and easing component costs for hardware sales.

·    Total expenses decreased by 2.6% (7.7% at constant currency) as the
Company continued to manage its discretionary costs

·    As at 31 December 2022, cash balance was £433,945 compared with
£339,665 as at 30 June 2022, and net assets were £2,572,037 compared with
£2,735,272 as at 30 June 2022.

·    UK achievements during the period include a 5-year contract with
Angel Trains to install fully-automated hardware onto passenger trains and a
new partnership with Ricardo plc to identify and pursue opportunities in
railway inspection and asset management.

·    In the USA, increasing sales engagements in the Class 1 Railroad
market and continuing progress with key partners.

·    Contracted revenue will be carried into the second half, with a
satisfactory FY23 cash position expected.

 

Ian Buddery, Chairman, Cordel, said: "The interim results show a return to
growth compared to the corresponding period last year, as we benefit from long
term contracts secured earlier. We are pleased by the market's recognition of
our technology advantages and confident we will add new contracts as 2023
progresses.  We are managing the business to balance the requirements of
growth opportunities while maintaining adequate cash reserves.  The
half-yearly report will be released  in early February."

Enquiries:

 Cordel Group PLC                           c/o Zeus Capital
 Ian Buddery, Chairman

 Nick Smith, CEO
 Zeus Capital Limited Broker                +44 (0)20 3829 5000
 Simon Johnson / Alexandra Campbell-Harris

 Strand Hanson Limited Nominated Advisor

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

 

 

About Cordel

Cordel 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.

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

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

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