Business
Interim Accounts and Trading Update
Interim Accounts and Trading Update.
About this update from Cordel Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 4628D\n Maestrano Group PLC\n 19 February 2020\n \n \n \n 19 February 2020\n \n \n Maestrano Group PLC (\"Maestrano\" or the \"Company\" or the \"Group\")\n \n \n Interim Accounts and Trading Update\n \n \n \n \n Maestrano Group PLC (AIM: MNO), the Artificial Intelligence platform for transport corridor analytics, announces unaudited results for the six months ending 31 December 2019.\n \n \n \n \n \n \n GBP 000's\n \n \n Six months to December 2018 \n \n \n Six months to December 2019\n \n \n % Change\n \n \n % Change\n constant currency\n \n \n \n \n Total revenue\n \n \n 444\n \n \n 319\n \n \n -28%\n \n \n -27%\n \n \n \n \n Cost of sales\n \n \n 158\n \n \n 103\n \n \n -35%\n \n \n -34%\n \n \n \n \n Total expenses\n \n \n 1,958\n \n \n 934\n \n \n -53%\n \n \n -52%\n \n \n \n \n Other income\n \n \n 376\n \n \n 339\n \n \n - 9%\n \n \n -6%\n \n \n \n \n EBITDA\n \n \n -1,296\n \n \n -380\n \n \n 71%\n \n \n 57%\n \n \n \n \n \n \n \n \n *Constant currency reflects the results had the underlying transactional currencies, (i.e. USD, AUD and GBP) remained constant across the full financial year.\n \n \n \n \n \n Key Financial Highlights\n \n \n · \n Total revenue down 28% in reported currency and 27% at constant currency. This decline reflects the ending of the contract with a major US bank. Revenue contribution from the Airsight acquisition commenced 1 November 2019.\n \n \n · \n Total expenses decreased by 53% (52% at constant currency) as the Company decreased headcount and other overheads following the ending of the contract with a major US bank. \n \n \n · \n Underlying EBITDA before unusual one-off items was a loss of £380K, a 71% improvement driven by the changes in resources noted above.\n \n \n · \n Cash balance at 31/12/19 was £1,947,940, Net Assets £2,955,869.\n \n \n \n \n \n \n \n \n Review of operations by the Chief Executive Officer\n 31 December 2019\n \n Maestrano Group Plc (\"the Group\") provided a Master Data Management Platform that enabled medium to large enterprises to offer a differentiated service to their SMB customers, and until November 2019 had generated the majority of our revenue from one large US bank customer. That contract ended d...