Cordel Group full-year revenue rises 45pc

23rd Jul 2024 14:53

(Sharecast News) - Transport analytics technology specialist Cordel Group said in an update on Tuesday that it expects to report revenue exceeding £4.4m for the 2024 financial year, subject to audit confirmation.

The AIM-traded firm said that would represent growth of around 45% compared to the previous year's revenue of £3m.

As of 30 June, the company's closing cash was £1.02m, down from £1.28m at the end of June 2023.

"The company has achieved excellent growth in the 2024 fiscal year, in particular in the US where our advanced capabilities have gained widespread recognition and market engagement is strong," said chairman Ian Buddery.

"Our software is delivering industry-leading accuracy and processing speed in the application of Artificial Intelligence to railway infrastructure management, while our train-mounted sensors are capturing data around the clock and we lead the world in track miles scanned and processed.

"The investment phase now transitions to a target of profitable growth and a continuing focus on new customer acquisition in the 2025 financial year."

Cordel said its audited results for the 2024 financial year were set to be announced in November.

It also said it had appointed Cavendish Capital Markets as its sole corporate broker, with immediate effect.

At 1412 BST, shares in Cordel Group were flat at 4.5p.

Reporting by Josh White for Sharecast.com.