Cordel Group PLC on Tuesday announced it expects to see strong growth in annual revenue from last year.

Cordel is a London-based company, whose flagship platform uses artificial intelligence to supply transport corridor analytics. It expects a 45% increase in annual revenue to ‘over £4.4 million’ for the financial year ended June 30, from £3.0 million the year before.

Cordel reported it began the year with four major customer contracts. The company has since won four new contracts including Genesee & Wyoming Inc, Tren Maya, and ‘major national players’ in each of the Middle East and Asia-Pacific. Cordel said that it expects 50% of revenue to be generated from the Americas this financial year.

Cordel announced the appointment of Cavendish Capital Markets Ltd as its sole corporate broker with immediate effect.

Chair Ian Buddery said: ‘The company has achieved excellent growth in the 2024 fiscal year, in particular in the USA where our advanced capabilities have gained widespread recognition and market engagement is strong’.

Cordel shares were flat at 4.50 pence per share in London on Tuesday afternoon.

The firm expects to release its annual results in November.

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