2 April 2024
Cordel Group
PLC
("Cordel"
or the "Company" or the "Group")
March Quarter Business
Update
Cordel Group PLC (AIM: CRDL), the
Artificial Intelligence platform for transport corridor analytics,
provides a business update.
Key
updates:
·
Amtrak Contract - The delivery of our US$6.7
million contract with Amtrak continues to make good progress
as we reach the late stages of the 18-month
configuration and reporting phase. The
Board remains confident that extensions to the existing scope
of work will be agreed in due
course, as we prepare to enter
into the 5-year
software-as-a-service phase.
·
US
Update
- We have proposals pending with a number
of Class 1 US Railroads,
focusing on our core use cases of improving
inspection and maintenance for clearances, vegetation
infringements and overhead
line obstructions.
·
UK
Update
- In the UK, we continue to develop our
ongoing relationship with
Angel Trains, offering new business initiatives to deliver more efficient infrastructure management for Network Rail through value-adding data
services.
·
Marketing Update - To continue to feed our
commercial pipeline, we have relationship and business development
visits and roadshows planned for the Middle East, Ireland,
Australia, Asia Pacific and Germany during 2024.
·
Operational Update - We have further honed our
delivery capability in Newcastle, Australia to ensure we are ready
to take on new projects as we rapidly increase our client
base.
The Board are encouraged by the very
positive progress being made and are confident in achieving the
Company's revenue expectations for the fiscal year.
John Davis, CEO of Cordel, commented:
"Our sales team around the world is working hard towards our
30 June objectives, while our technology team continues to deliver
high quality, on-time results to customers. New product development
continues at pace, with a particular focus on automation and
refinement."
Ian
Buddery, Chairman of Cordel, commented:
"We are very confident in continuing growth for current and
future years and also comfortable with our cash position. We have
world-leading AI technology and a unique approach to automated
delivery which underpins our ability to scale the business while
maintaining a minimal cost base. Everyone at Cordel is focused on
delivering long-term value for our
shareholders."
Enquiries:
|
Cordel Group PLC
|
c/o Zeus
|
|
Ian Buddery, Chairman
John Davis, Chief Executive
Officer
|
|
|
Zeus Capital Limited Broker
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+44 (0)20 3829 5000
|
|
Simon Johnson / Alexandra
Campbell-Harris
Strand Hanson Limited Nominated Adviser
Richard Johnson / James
Bellman
|
+44 (0)20 7409 3494
|
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