Cordel Group PLC Business and Trading Update (3916I)
07 Agosto 2023 - 1:00AM
UK Regulatory
TIDMCRDL
RNS Number : 3916I
Cordel Group PLC
07 August 2023
7 August 2023
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Business and Trading Update
Cordel Group PLC (AIM: CRDL), the Artificial Intelligence (AI)
platform for transport corridor analytics, is pleased to provide an
update on full-year trading and activities.
The Company expects to report revenue for the year ending 30
June 2023 ("FY23") of c. GBP3.0 million, subject to audit
confirmation, representing growth of 32% over the previous
corresponding period (2022: GBP2.27 million). The FY23 audited
results are expected to be announced during October 2023 and are
expected to be in line with market expectations.
Projects and Existing Customers
-- The Railway Gauging Data Solution (RGDS) contract to redesign
and deliver the UK's National Gauging database ) delivered on time
and on budget and has now moved to live production with Network
Rail. Delivery included a successful 'first' in migration of legacy
data from Omnicom Balfour Beatty. The contract now moves into its 5
year operational phase.
-- Amtrak - the first two project milestones have been
successful and have been fully approved by Amtrak. In addition, we
have agreed to accelerate the Cordel automated data capture (laser
scanning) phase and supplied the first LiDAR unit in support of
this.
Company
-- Organisational Growth - our restructuring for growth plan is
ahead of schedule with key hires in the UK (including a Head of
Strategic Growth, a Project Delivery Lead and Marketing personnel),
in the US (a Senior Sales / Delivery Engineer) and in Australia
(Software Engineering, including lead AI engineers).
Campaigns, Pipeline Growth and Events
-- Clearance and Gauging Campaign - leveraging off our keystone
Amtrak contract, we successfully executed a multi-channel campaign
to drive inbound sales prospects and wider market perception as a
clear and differentiated leader in our domain, leading to
significant new US prospects looking to replicate the Amtrak
initiative.
-- RICA (Railway Industrial Clearance Association) Event in
Indianapolis, in June - our formal presence, supported by our
partner D/Gauge Ltd, has validated our approach to the significant
US clearance opportunity and has yielded further engagement with
[US] Class 1 railroad companies.
Product Development
-- Significant developments in our core product portfolio
driving greater automation, processing capability and the
application of AI to further our CaaS (Classification as a Service)
ambitions.
Cordel Chairman, Ian Buddery, said, "We are delighted with our
achievements in the 2023 Fiscal Year, including our major
breakthrough into the US market and continuing strength in the UK.
We are now positioned and resourced for accelerated growth.
Importantly, we have a rich technology development roadmap actively
in progress, as we begin to reap the benefits of our leadership in
the application of Artificial Intelligence to railway
infrastructure management. We look forward to further updating at
the time of our FY23 audited results in October."
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
Richard Johnson / James Bellman +44 (0)20 7409 3494
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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END
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