MNO Maestrano Group Plc

TIDMCRDL

RNS Number : 4090W

Cordel Group PLC

22 December 2021

22 December 2021

Cordel Group PLC

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

Cordel awarded 6.5 Year contract with Network Rail

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces it has been awarded a six-and-a-half-year contract with Network Rail to replace the UK's National Gauging Database (NGD) with a new Railway Gauging Data Solution (RGDS). The contract is worth a minimum of GBP3.2m over the initial contract term .

Commencing in January 2022, Cordel will provide a Software as a Service platform for the storage and processing of gauge and clearance information for the entire UK rail network. This covers 20,000 miles of track, 30,000 bridges, tunnels and viaducts and thousands of signals, level crossings and over 2,500 railway stations. Cordel is equipped to manage the scale and complexity of this engagement, and the data being processed will enable its true AI solution to fine-tune and continually improve its capabilities.

This is Cordel's longest-term contract to date, and the first full-scale deployment of the Cordel platform in the Northern Hemisphere. The contract may be extended by mutual agreement to a total of eight and a half years. The win follows the success of previous engagements with Network Rail, and Cordel's partnership with DGauge, UK-based gauging and clearances experts, that provide complementary software and consultancy.

Nick Smith, CEO, Cordel, said: "We are excited to have been selected for a long-term supplier agreement with Network Rail. The agreement builds on our valued relationship and capacity to provide advanced technology, which improves network reliability and reduces cost. Moreover, we expect to provide additional services over the life of the contract, as we release new data collection and AI-powered analytic products. This win also showcases our global partner programme, and we look forward to enjoying further success with DGauge."

Ian Buddery, Chairman of Cordel, commented: " The UK rail system is one of the oldest and most complex networks globally. It comprises a mixture of new and Victorian infrastructure and over 250 types of different rolling stock and therefore require s the highest standards of clearance and gauging management. Our ability to deliver to the se exacting standards , underpinned by our Machine Learning automation , ensures the credibility of Cordel as a compelling solution in many other rail markets around the world and gives us confidence in the growth potential of our business . "

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                                 c/o SEC Newgate 
 Ian Buddery, Chairman 
  Nick Smith, CEO 
 Arden Partners (Broker and Nominated Adviser)    +44 (0)20 7614 5900 
 Ruari McGirr / Richard Johnson 
 SEC Newgate (Financial PR)                       +44(0) 7540 106366 
 Robin Tozer / Bob Huxford / Tom Carnegie 
 

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

CNTBRBDDDUDDGBB

(END) Dow Jones Newswires

December 22, 2021 01:59 ET (06:59 GMT)

Maestrano (LSE:MNO)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025

Maestrano (LSE:MNO)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025