REG - Cordel Group PLC - USA Contract Expansion and Trading Update

CordelAnnouncement

09/12/2021 07:00

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RNS Number : 0549V  Cordel Group PLC  09 December 2021

9 December 2021

 

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

USA Contract Expansion and Trading Update

 

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces the expansion of the contract with its
Class 1 Railroad customer in the United States.

 

Cordel's specialist rail analytics subsidiary, Cordel Technology Inc announced
on 23(rd) June 2021, the first Pilot project with this customer, engineered to
demonstrate both the efficient data capture process and rapid Artificial
Intelligence analysis of digital "point clouds".

 

The first Pilot was successfully completed with all milestones achieved.  The
customer has now expanded the scope for data capture and analysis to up to
4500 miles of track, to prove Cordel's ability to scale its automated process
and deliverables over a larger territory.

 

Nick Smith, CEO, Cordel, said: "We are excited to be moving forward with this
expanded Pilot. We will be installing our scanning hardware on one of their
geometry cars and collecting LiDAR and video data.  We will produce and
deliver the same analytics and also begin working on solutions for other
applications, including ballast profiling. The USA represents our largest
growth opportunity and will provide a meaningful contribution to the Group's
performance in 2022."

 

Ian Buddery, Chairman, Cordel, said: "The board is pleased with the increasing
engagement in the USA with customers and partners, as we deliver high quality
results and prove the benefits of the Cordel platform. We note that external
conditions, such as the CoVID lockdowns in Australia, have impacted our
December half year and we are likely to report similar revenue to the
corresponding period in 2020. However we will carry a significant backlog into
2022  and are confident of growth for the full year."

 

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

Enquiries:

Cordel Group plc

Ian Buddery,
Chairman
c/o Arden Partners

Nick Smith, CEO
                                          c/o
Arden Partners

Arden Partners (Broker / Nominated Adviser)

Ruari McGirr / Richard Johnson                +44 (0)20 7614
5900

 

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

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