Cordel Group PLC on Monday said it expects revenue for the financial year 2023 to June 30 to be higher than a year ago, boosted by the US and the UK.

The London-based artificial intelligence platform for transport corridor analytics said annual revenue is anticipated to jump 32% to £3.0 million from £2.3 million a year prior, with annual results to be in line with market expectations.

Chair Ian Buddery said the company was helped by a ‘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.’

In financial year 2022, the company had reported a pretax loss of £1.2 million, flat from a year before.

The company expects to release its full year results during October.

Cordel shares were flat at 5.30 pence each on Monday morning in London.

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