Cordel Group PLC on Wednesday said it is confident in achieving its annual revenue plan, as it hailed new contracts it had announced earlier this month.
The London-based company whose flagship platform uses artificial intelligence to supply transport corridor analytics said revenue rose 16% to £2.8 million in the six months to December 31 from £2.0 million a year ago.
Chair Ian Buddery said: ‘We made excellent progress on many fronts in the first half, setting up for a strong second half for both customer wins and technology development, already evident in the Angel Trains, Network Rail and Vossloh [AG] announcements this month.’
On Monday, the company announced a new partnership with VRSD, a subsidiary of Werdohl, Germany-based rail technology company Vossloh. ‘Cordel will provide automated, AI-enhanced outputs to Vossloh, including our proven Video and light detection & ranging data [LiDAR] deliverables, together with accurate geolocation and access to the Cordel Connect Data Management Platform,’ Cordel had said.
A week earlier, it had announced a deal with Network Rail in the UK, under which it will deliver a ‘package of enhancements’ to its ongoing Railway Gauging Data Solution offering.
Back on January 8, Cordel said it won a new contract through its ongoing partnership with Angel Trains Ltd. Cordel’s Locate system will be use to pinpoint track geometry data from High Speed Class 390 tilting trains on Network Rail’s West Coast Main Line. This will provide a more cost-effective and frequent alternative to the current infrastructure monitoring trains, and will allow the optimisation of track maintenance.
Cost of sales in the recent six months decreased 26% to £685,000 from £924,000.
Loss before interest, tax, depreciation and amortisation narrowed by 72% to £159,000 from £574,000.
Looking ahead, Chief Executive Officer John Davis said: ‘The company continues to win new contracts following competitive bid processes. This results in steady growth of the total mileage of railway track under long-term data management and, combined with new analytic services released in 2024 and planned for 2025, gives us confidence in achieving our revenue plan for [financial] year to 30 June 2025.’
Cordel shares rose 2.1% to 8.04 pence each on Wednesday afternoon in London.
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