Business
Business and Trading Update, Appointment of Broker
Business and Trading Update, Appointment of Broker.
About this update from Cordel Group Plc
[{"type":"text","content":"\n\n23 July 2024\nCordel Group PLC\n(\"Cordel\" or the \"Company\" or the \"Group\")\n \nBusiness and Trading Update\nAppointment of Broker\n \nCordel Group PLC (AIM: CRDL), the Artificial Intelligence (AI) platform for transport corridor analytics, is pleased to provide an update on full-year trading for the year ended 30 June 2024 and the progress made by the Company in the year.\n\nThe Company expects to report revenue for the year ending 30 June 2024 (\"FY24\") of over £4.4 million, subject to audit confirmation, representing growth of c.45% over the previous corresponding period (FY23: £3.0 million). Closing cash at 30 June 2024 was £1.02 million compared to £1.28 million at the end of June 2023.\n\nThe FY24 audited results are expected to be announced during November 2024.\n\nThe Company is also pleased to announce the appointment of Cavendish Capital Markets Limited as its sole Corporate Broker with immediate effect.\n\nCommentary from John Davis, Cordel CEO:\n \nProjects and Customers\nWe began FY24 with stretching revenue growth targets and a clear aspiration to improve our pipeline and win more new customers. We saw significant opportunities to grow our US business and to consolidate our strong positions in the UK and Australia.\n\nHaving started FY24 with 4 major customer contracts, we end it having doubled that number with a further 4 significant new contracts won in the period - these were Genesee & Wyoming Inc. in the USA, Tren Maya in Mexico and major national players in each of the Middle East and APAC. We expect 50% of FY24 revenues will be generated from the Americas.\n\nIn addition, we have continued to deliver successfully for our marquee clients: Amtrak in the US, Network Rail and Angel Trains in the UK and with ARTC in Australia. In particular, with Amtrak, the combination of capturing new data with our Cordel Rugged proprietary hardware and ingesting and analysing legacy data leaves us in a very positive position heading into FY25.\n\nCompany\nFollowing our successful fundraise in 2023, we have invested in organisational growth across all our regions and in all disciplines within Cordel. We have engaged new sales, sales support and delivery engineers in the USA, new sales support and delivery resources in the UK and new development engineers and delivery staff in Australia. We plan...