Business
Interim Results
Cordel Group PLC reported interim results for the six months ended 31 December 2025, showing a 24% decrease in total revenue to £1.725 million compared to the prior period, attributed to delayed purchase orders. Despite a 20% reduction in the cost of sales to £550,000, total expenses rose by 12% to £2.209 million, primarily due to new hires. The company's EBITDA loss widened significantly to £885,000 from £159,000 in the previous year. Cash reserves stood at £1.02 million as of 31 December 2025, down from £1.50 million at the end of June 2025. The Board remains confident in securing contracts in the second half of the year, with a current sales pipeline valued at approximately £70 million. Disclaimer*
About this update from Cordel Group Plc
[{"type":"text","content":"\n\n28th January 2026\nCordel Group PLC\n(\"Cordel\" or the \"Company\" or the \"Group\")\n \nInterim Results for the six months ended 31 December 2025\n \n \nCordel Group PLC (AIM: CRDL), the artificial intelligence platform for transport corridor analytics, announces its unaudited results for the six months ended 31 December 2025.\n \n \n\n\n\n\n\n\n\nSix months to\n\n\nSix months to\n\n\n% change\n\n\n% change\n\n\n\n\n31 Dec 2025\n\n\n31 Dec 2024\n\n\n(constant currency*)\n\n\n\n\n£'000\n\n\n£'000\n\n\n \n\n\n\n\nTotal revenue\n\n\n1,725\n\n\n2,277\n\n\n-24%\n\n\n-22%\n\n\n\n\nCost of sales\n\n\n(550)\n\n\n(685)\n\n\n-20%\n\n\n-17%\n\n\n\n\nTotal expenses\n\n\n(2,209)\n\n\n(1,976)\n\n\n12%\n\n\n20%\n\n\n\n\nOther income\n\n\n149\n\n\n225\n\n\n-34%\n\n\n-34%\n\n\n\n\nEBITDA\n\n\n(885)\n\n\n(159)\n\n\n457%\n\n\n494%\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 \nHighlights:\n● Total revenue decreased by 24% in reported currency and 22% at constant currency due to delayed purchase orders from new engagements, particularly in the USA and UK\n● Cost of sales reduced by 20% (17% constant currency) due to lower third party contracted costs and hardware in comparison to the prior period\n● Total expenses increased by 12% (20% at constant currency) due primarily to the impact of new hires in the previous financial year\n● As at 31 December 2025, cash balance was £1.02m compared with £1.50m at 30 June 2025, and £1.14m at 31 December 2024\n● Total assets as at 31 December 2025 were £3.24m whilst net assets were £2.09m compared with £4.48m and £3.05m respectively, as at 30 June 2025 \n● UK achievements during the period included the Track Innovation project with Transport for London, which has dramatically advanced Cordel's data and location capture technology in tunnels\n● USA achievements included an uplift in miles of LiDAR data capture and processing across our 3 major railroad clients, as we transition to a \"Data as a Service\" recurring revenue business model\n● E...