REG - Cordel Group PLC - Third Quarter Trading Update

CordelAnnouncement

17/04/2023 07:00

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RNS Number : 2788W  Cordel Group PLC  17 April 2023

17 April 2023

Cordel Group plc

("Cordel" or the "Company")

Third Quarter Trading Update

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces unaudited third quarter results for
the three months ending 31 March 2023.

 

 GBP 000's                3 months to 31/03/23                                              3 months to 31/03/22                                              % Change                          % Change (constant currency*)
 Total revenue             743                                                              629                                                               18%                               15%
 Cost of sales             177                                                              168                                                                5%                                 3%
 Total expenses           581                                                               665                                                               -13%                              -18%
 EBITDA                   - 15                                                              -204                                                              93%                               94%

 

 GBP 000's                9 months to 31/03/23                                              9 months to 31/03/22                                              % Change                          % Change (constant currency*)
 Total revenue            1,688                                                             1,258                                                              34%                              31%
 Cost of sales               443                                                               497                                                            -11%                              - 13%
 Total expenses           2,104                                                             2,229                                                             -  6%                             -11%
 Other income                  57                                                                 0                                                              100%                           100%
 EBITDA                   - 802                                                             -1,468                                                            45%                               46%

 

*Constant currency reflects the results had the underlying transactional
currencies been constant in both periods reported.

 

Key Financial Points in relation to Year-to-date Performance

·    Total revenue up 34% in reported currency and 31% at constant
currency.

·    Total expenses decreased by 6% (11% in constant currency).

·    Cash balance and receivables as at 31/03/23 was £628,954 (further
enhanced through the £1.7m (gross) placing after the quarter end).

 

Key Business Points

·    Amtrak contract signed in March 2023, with significant positive
impact on full year revenue and cashflow.

·    Marketing campaign around Clearances and Gauging launched.

·    Continuing growth in sales pipeline provides confidence for FY24
growth.

 

John Davis, Interim CEO of Cordel, commented:

"The Amtrak contract signing was the third quarter highlight, together with
continuing progress in the UK with both existing contracts and new
opportunities.  We have confidence in the full year outlook and will carry
our largest ever backlog into the 2024 fiscal year commencing 1 July 2023."

Ian Buddery, Chairman of Cordel, commented:

"Our breakthrough win with Amtrak sets us up for long term success in the
all-important USA rail market. Following our recent successful capital raise
we are investing in our team and products, to achieve the full potential of
our position and deliver shareholder value growth."

 

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

 

Enquiries:

 

 Cordel Group PLC                              c/o Zeus
 Ian Buddery, Chairman

 John Davis, Interim Chief Executive Officer

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

 Strand Hanson Limited Nominated Advisor       +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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