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RNS Number : 2900F

Maestrano Group PLC

15 July 2021

15 July 2021

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

Full Year Unaudited Trading Update

Maestrano Group PLC (AIM: MNO), the Artificial Intelligence platform for transport corridor analytics, is pleased to announce a full year trading update for the twelve months ended 30 June 2021.

Maestrano Group PLC Full Year Comparison

 
 GBP 000's         Twelve months   Twelve months   % Change   % Change constant 
                      to 30 June      to 30 June                       currency 
                           2021*          2020** 
 Total Revenue             1,677             872        92%                 94% 
 Cost of sales              -604            -335        80%                 81% 
 Total expenses           -2,811           -1951        44%                 41% 
 Grant Income                445             442         1%                 -1% 
 Other Income                 25               2      1150%               1418% 
 Loss before 
  Income tax              -1,268            -970        31%                 26%

*Constant currency reflects the results had the underlying transactional currencies been constant in both periods reported. Revenue for the twelve months to June 2020 was predominantly in Australian dollars.

** as per FY2020 Financial Statements

Key Highlights for the Period

-- First US Contract with Union Pacific Railroad, the second largest Class 1 Railroad in the United States.

   --    Network Rail (UK) 12-month gauging automation contract awarded.

-- Over 40,000 miles of track scanned for ARTC, with contract extended in scope and value through to 30 June 2023.

-- Despite the challenges of the COVID-19 pandemic, customer support for the Cordel products saw total revenue up 92% in reported currency and up 94% in constant currency.

-- Total expenses increased by 44% (41% in constant currency), with additional hardware and software engineers, and market development staff employed during the period.

   --    Cash balance and receivables at 30/06/21 was GBP2,163,888

Nick Smith, CEO of Maestrano, commented:

" The success of o ur move to international markets is reflected in the near-doubling of year-on-year revenue and strong demand for our unique AI capabilities for processing railway LiDAR data. As collected data grows, our AI training models become even more precise and our competitive advantage increases . With our pipeline of new opportunities and the recent breakthrough in the USA, w e are confident of continuing growth in FY2 2 ."

Ian Buddery, Chairman of Maestrano, commented:

"The board is delighted to see these excellent results and the underlying growth trajectory. We will continue to invest in R&D to maintain our lead in end-to-end LiDAR+AI solutions. Our team of AI scientists, computer engineers, surveyors, mathematicians, LiDAR technicians and railroad engineers will be working hard to expand this lead as we address further international markets."

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:

 
 Maestrano 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 / Akhil 
  Shah                                        +44 (0)20 7614 5900 
                                           ---------------------- 
 SEC Newgate (Communications Adviser) 
  Robin Tozer, Bob Huxford, Tom Carnegie 
                                           ----------------------

About Maestrano

Maestrano offers a patented cloud-based platform for master data management and 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.maestrano.com

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July 15, 2021 02:00 ET (06:00 GMT)

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