Innovating for Safety, Efficiency, and Sustainability

At Cordel, we are dedicated to transforming railway infrastructure through innovation and technology. Our commitment to safety, efficiency, and sustainability drives us to push boundaries and redefine what's possible in the rail industry.

Focusing on leveraging cutting-edge AI and big data, we automate inspections and surveys across entire networks. Our vision is to revolutionize asset management, making railways more reliable and cost-effective for everyone involved.

Train on tracks

Investment Case

We are a UK-based technology company that provides AI-powered rail inspections on Cordel Connect, an open cloud-based enterprise platform. The platform enables the storage, management, visualisation, and intelligent analysis of railway inspection data.

In addition, we offer proprietary LiDAR sensors and machine vision camera hardware that enable automatic scanning and data collection of the track route. We also have a specialised artificial intelligence and machine learning engine layer that provides data processing at market-leading velocity and accuracy.

Our Strategy

We are revolutionizing the economics of how railways inspect and maintain assets by lowering costs, increasing the frequency of inspections, producing repeatable condition insights, and providing timely data to inform optimised maintenance.

We have multiple railway clients in the US, UK, APAC, and the Middle East. We plan to grow our existing relationships and bring on new customers worldwide.

Announcements

2024

13/11/2024 -

Two New Contract Wins for Cordel

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05/11/2024 -

Results for the year ended 30 June 2024

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31/10/2024 -

Cordel Expands and Extends Contract with ARTC

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23/10/2024 -

Cordel AI Technology for Electrified Lines Certified by Network Rail

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03/10/2024 -

Completion of Placing to raise £1.0 million

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26/09/2024 -

Proposed Placing to raise approximately £1.0 million

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16/09/2024 -

Cordel CFO Appointment

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09/08/2024 -

Issue of Options to PDMR

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05/08/2024 -

USA Contract Expansion

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23/07/2024 -

Business and Trading Update Appointment of Broker

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10/07/2024 -

New USA Customer (G&W)

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24/06/2024 -

Cordel announces Contract Expansion in Mexico

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18/06/2024 -

New Middle East Customer Contract

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11/06/2024 -

Cordel AI Technology Certified by Network Rail

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25/04/2024 -

Cordel wins first APAC rail trial

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24/04/2024 -

TR-1 Notification

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02/04/2024 -

March Quarter Business Update

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11/03/2024 -

Cordel CFO Sabbatical

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14/02/2024 -

Cordel rolls out Data-as-a-Service for Network Rail High Speed

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06/02/2024 -

Issue of Options to PDMR

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22/01/2024 -

Interim results

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2023

30/11/2023 -

Result of Annual General Meeting

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13/11/2023 -

Network Rail Project Update

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03/11/2023 -

Purchase of Shares by PDMR

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02/11/2023 -

TR-1 Cordel Chris Gorman 031123 RJ

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30/10/2023 -

Cordel NOTICE OF ANNUAL GENERAL MEETING

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30/10/2023 -

Results for the year ended 30 June 2023 Publication of Annual Report and Accounts

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27/10/2023 -

Cordel announces New Contract wins in Mexico and Australia

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24/10/2023 -

Cordel Wins New Contract with Network Rail High Speed

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04/09/2023 -

Cordel wins Trial Contract for Level Crossing Assessment

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07/08/2023 -

CRDL Business and Trading Update

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10/07/2023 -

ARTC Contract Extension

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05/07/2023 -

Purchase of Shares by Director

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21/06/2023 -

Cordel Microsoft ISV Announcement

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12/06/2023 -

Cordel Technology Certified by Network Rail

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04/05/2023 -

Issue of Options to PDMR

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03/05/2023 -

Further re CFO Appointment

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26/04/2023 -

Issue of Options to PDMR

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24/04/2023 -

CEO Announcement

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14/04/2023 -

Third Quarter Trading Update

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06/04/2023 -

TR-1: Standard form for notification of major holdings

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03/04/2023 -

Issue of Options to PDMR’s

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31/03/2023 -

Result of Oversubscribed Placing

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30/03/2023 -

Proposed Placing

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23/03/2023 -

Angel Trains Update

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15/03/2023 -

New USA Major Contract Announcement

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03/03/2023 -

CFO Appointment

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01/03/2023 -

CEO Change Announcement

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31/01/2023 -

Interim Results

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19/01/2023 -

Change of Adviser

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19/01/2023 -

Replacement - Preliminary Interim Results

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2022

28/11/2022 -

MOU with Ricardo plc

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17/11/2022 -

Result of AGM

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11/11/2022 -

TR-1: Standard form for notification of major holdings

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31/10/2022 -

Angel Trains Update

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17/10/2022 -

Annual Report and Financial Statements for the year ended 30 June 2022

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12/10/2022 -

Notice of Annual General Meeting 2022

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09/08/2022 -

Cordel awarded Angel Trains contract

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21/07/2022 -

Reissue of Options

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18/07/2022 -

Full Year Unaudited Trading Update

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11/07/2022 -

Completion of Nominated Adviser Due Diligence

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05/07/2022 -

New Contract Announcement (One Rail Australia)

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08/06/2022 -

New USA Contract Announcement

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11/04/2022 -

Cordel Group PLC Q3 FY22 Announcement + ARD

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21/03/2022 -

Exercise of options

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01/02/2022 -

Announcements 01/01/2022 Results Announcement Six Months to 31 December 2021 & Trading Update

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2021

09/12/2021 -

Cordel awarded 6.5 Year contract with Network Rail

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09/12/2021 -

USA Contract Expansion and Trading Update

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19/11/2021 -

Name Change to Cordel Group plc effective

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18/11/2021 -

Result of AGM and Name Change

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11/11/2021 -

New Contract

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12/10/2021 -

Notice of Annual General Meeting, 18 November 2021

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12/10/2021 -

Results for the year ended 30 June 2021

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12/10/2021 -

Annual Report and Financial Statements for the year ended 30 June 2021

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29/09/2021 -

Notice of Results and Investor Presentation

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27/09/2021 -

Cordel partners with leading US rail inspection company Holland, L.P.

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07/09/2021 -

TR-1: Standard form for notification of major holdings

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07/09/2021 -

Network Rail approves Cordel technology to automate gauge surveys

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13/08/2021 -

Director’s exercise of options

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05/08/2021 -

Cordel awarded contract with Network Rail High Speed

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23/07/2021 -

TR-1: Standard form for notification of major holdings

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20/07/2021 -

Cordel awarded Australian Northern Territory contracts

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15/07/2021 -

Full Year Unaudited Trading Update

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23/06/2021 -

First USA Contract

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07/06/2021 -

Historic Grants of Options

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20/04/2021 -

Cordel appoints Distributor in USA

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19/04/2021 -

Q3 Quarter Trading Update

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10/03/2021 -

TR-1 Standard form for notification of major holdings

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03/03/2021 -

Result of oversubscribed Placing to raise £2.0 million

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03/03/2021 -

Proposed Placing to raise approximately £2.0 million

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22/02/2021 -

TR-1 Standard form for notification for major holdings

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22/02/2021 -

Holdings in Company

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22/02/2021 -

Cordel announces international Advisory Board for Cordel

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12/02/2021 -

Results Announcement Six Months to 31 December 2020 & Trading Update

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12/02/2021 -

Interim Report, 31 December 2020

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04/01/2021 -

Arden Partners Appointed as NOMAD

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2020

16/12/2020 -

Cordel wins Phase 2 of Innovate UK - Network Rail

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03/12/2020 -

Purchase of Shares by Director

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26/11/2020 -

Cordel announces contract extension and USA appointment

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23/11/2020 -

Cordel RN100 Announcement

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19/11/2020 -

Results of Annual General Meeting

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18/11/2020 -

Corridor name change to Cordel

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28/10/2020 -

Quarterly Trading Update: 3 Months Ending 30 September 2020

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26/10/2020 -

Notice of Annual General Meeting, 19 November 2020

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26/10/2020 -

Annual Report & Accounts for year ended 30 June 2020

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12/10/2020 -

Cordel appoints new Chief Executive Officer

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30/09/2020 -

Directors’ and other shareholdings

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29/09/2020 -

Issue of shares to Airsight vendors

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24/09/2020 -

Purchase of Shares by Directors and Concert Party disposal of Shares

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20/08/2020 -

Nextcore signs joint Distribution Agreement with Acecore Technologies

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06/08/2020 -

Statement re Share Price Movement

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27/07/2020 -

USA Distributor Appointment and Meitetsu Update

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22/07/2020 -

Full Year Unaudited Trading Update

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06/07/2020 -

Partnership Agreement and ARTC Update

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29/06/2020 -

Cordel wins Innovate UK grant

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25/06/2020 -

Cordel wins Innovate UK Network Rail competition

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18/05/2020 -

Cordel appoints Vice President Americas

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20/04/2020 -

Trading Update

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13/03/2020 -

New Directors Announcement

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03/03/2020 -

Director dealing

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19/02/2020 -

Results Announcement Six Months to 31 December 2019 & Trading Update

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19/02/2020 -

Interim Report, 31 December 2019

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15/01/2020 -

Cordel wins Advanced AI Rail Project in Japan

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06/01/2020 -

Contract win with major Australian rail company

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2019

30/12/2019 -

Result of AGM and Directorate Change

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02/12/2019 -

Annual Report 2019

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02/12/2019 -

Notice of 2019 AGM

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29/11/2019 -

Cordel wins Australian Government Tender

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06/11/2019 -

Director and other shareholdings

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06/11/2019 -

Board and VP Sales Appointment

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31/10/2019 -

Result of General Meeting

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28/10/2019 -

Holding(s) in Company

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15/10/2019 -

Cordel Release of Notice 15 Oct 2019

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15/10/2019 -

Cordel Circular FINAL

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15/10/2019 -

Cordel Airsight Presentation

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23/09/2019 -

Conditional acquisition: Airsight Holdings Pty Limited

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15/07/2019 -

Term Sheet Signed for Potential Acquisition

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04/06/2019 -

Holding(s) in Company

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01/05/2019 -

Trading Update

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20/03/2019 -

Directors Dealings

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19/03/2019 -

Director Dealing

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05/02/2019 -

Results Announcement Six Months to 31 December 2018 & Trading Update

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05/02/2019 -

Interim Report, 31 December 2018

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28/01/2019 -

Cordel establishes Advisory Board and appoints William Pickup CTO

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2018

13/12/2018 -

2018 AGM Results

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13/12/2018 -

2018 AGM Presentation

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03/12/2018 -

CEO and Managing Director appointment

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21/11/2018 -

Go-live with major US Technology Distributor

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15/11/2018 -

Go-live with major US Bank

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08/11/2018 -

AGM notice RNS

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07/11/2018 -

Chairman Share Purchase

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07/11/2018 -

Notice of 2018 AGM

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31/10/2018 -

Results Announcement FY18

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31/10/2018 -

Annual Report 2018

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11/09/2018 -

Appointment of Deputy CEO

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26/07/2018 -

Trading Update

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12/06/2018 -

Vice President Engineering and key milestone on Australian project

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06/06/2018 -

TR1 Notification of Major Interest in Shares

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05/06/2018 -

TR1 Notification of Major Interest in Shares

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04/06/2018 -

TR1 Notification of Major Interest in Shares

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30/05/2018 -

2018 AGM PresentationCordel first day of dealings

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29/05/2018 -

Cordel Group Intention to Float

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AIM Rule 26

Business Description

Cordel offers a patented cloud-based platform for master data management and business analytics, together with specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated artificial intelligence algorithms

Country of Incorporation and Main Country of Operation

Country Of Incorporation United Kingdom
Country Registration Number 11098701
Main Country Of Operation Australia
Registered Office 10 John Street,
London WC1N2EB, United Kingdom

The Company is subject to the UK City Code on Takeovers and Mergers.

Key Advisors

Company Nominated and Financial Adviser Strand Hanson Limited
26 Mount Row, Mayfair, London W1K 3SQ
Broker Cavendish Capital Markets Limited
1 Bartholomew Close, London EC1A 7BL
Legal Advisors Bird & Bird LLP
12 New Fetter Lane, London EC4A 1JP
Auditors Oury Clark
58 Herschel Street, Slough Berkshire SL1 1PG
Share Registrar Computershare Investor Services Plc
The Pavilions, Bridgewater Road,
Bristol BS13 8AE, United Kingdom

Restrictions On The Transfer of AIM Securities

There are no restrictions on the transfer of securities.

Share Capital Information

Securities On Issue

214,873,230 ordinary shares of £0.01 each
Nil ordinary shares held in treasury.

Percentage Of Securities Not In Public Hands

28.23%

Significant Shareholders

The Company has received disclosure of interest from, or is aware of,  the following holders of more than 3% of the Company’s issued share capital:

Shareholder Name Percentage Of Shares
Nicholas Smith 11.91%
Aaron Hoye Family Investments Pty Ltd 11.91%
Rathbones 9.52%
Amati Global Investors 7.65%
Havenwood Pty Ltd 4.95%
Chris Gorman 4.57%
Ian Buddery 4.41%
New Highland Pty Limited 3.50%

Last reviewed date: 1 October 2024

Shareholders circulars (refer to announcements below)

Corporate Governance

The Directors acknowledge the importance of high standards of corporate governance and intend, given the Group’s size and the constitution of the Board, to comply with the principles set out in the QCA Corporate Governance Code published by the Quoted Companies Alliance in April 2018 (the “QCA Code”) and, where it does not comply with any of its recommendations, to explain the reasons thereof.

In the Board’s opinion, the Group currently complies with the ten principles of the QCA Code which, together, are designed to deliver growth, maintain a dynamic management framework and build trust.

As the Group expands, the Board will review its corporate governance framework and will consider adoption of additional principles and practices including from the UK Corporate Governance Code 2018 published by the Financial Reporting Council (the “UK Corporate Governance Code”).

The Company’s Corporate Governance Statement of Compliance was reviewed on 28th February 2024.

Read more in our Corporate Governance Statement of Compliance with the QCA Corporate Governance Code.

The Board

The Board comprises of seven Directors, three of whom are Executive Directors and four of whom are Non-Executive Directors, including the Chairman, reflecting a blend of different experiences and backgrounds.

The Board considers that Jonathan Macleod (senior independent non-executive director), Nicholas McInnes and Thouraya Walker are independent within the meaning of the QCA Code. The Board believes that the size and composition of the Board is appropriate given the size and stage of development of the Group and that the Directors bring a desirable range of skills and experience in light of the Group’s challenges and opportunities, while at the same time ensuring that no individual (or a small group of individuals) can dominate the Board’s decision making.

The Board is responsible for the overall management the Group and, save for those matters reserved for committees of the board, all matters pertaining to the overall management of the Group and the measurement and review of its performance are reserved for the Board. The Board will meet monthly and otherwise on an as required basis, to review, formulate and approve the Group’s strategy, budgets, corporate actions and oversee the Group’s progress towards its goals.

The key procedures which the Board intends to establish with a view to providing effective internal financial control include the following:

a monthly management reporting process to enable the Board to monitor the performance of the Company;

the Board has adopted and reviewed a comprehensive annual budget for the Company. Monthly results will be examined against the budget and deviations will be closely monitored by the Board; and

the Board is responsible for maintaining and identifying major business risks faced by the Company and for determining the appropriate courses of action to manage those risks.

The Company has established an Audit Committee and a Remuneration Committee, each with formally delegated duties and responsibilities and with written terms of reference. At this stage of the Company’s development the Board does not consider it appropriate to establish a Nominations Committee and the Board will take decisions regarding the appointment of new directors as a whole, following a thorough assessment of a potential candidate’s skill and suitability for the role. The merits of constituting a separate nominations committee will be kept under review.

Audit Committee

The Audit Committee has the primary responsibility for monitoring the quality of internal controls to ensure that the financial performance of the Group is properly measured and reported on. It will receive and review reports from the Group’s management and external auditors relating to the interim and annual accounts and the accounting and internal control systems in use throughout the Group. The Audit Committee will meet not less than two times in each financial year and will have unrestricted access to the Group’s external auditors. The members of the Audit Committee shall include two Non-Executive Directors, Jonathan Macleod (as chairman) and Nick McInnes and one Executive Director, Natasha Dinneen, CFO

Remuneration Committee

The Remuneration Committee will be responsible for determining and agreeing with the Board the framework or broad policy for the remuneration of the Chief Executive Officer, the chairman of the Board (where executive) and such other members of the executive and senior management as it is designated to consider. The Remuneration Committee will also make recommendations to the Board on proposals for the granting of share options and other equity incentives pursuant to any employee share option scheme or equity incentive plans in operation from time to time. The Remuneration Committee will meet as and when necessary, but at least twice each year. The members of the Remuneration Committee shall include two Non-Executive Directors, Nick Mcinnes (as chairman) and Jonathan Macleod.

Evaluating Board Performance

At the current stage of the Group’s development, assessment of the Board’s performance and that of its committees will be undertaken by the Board as a whole, led by the Company’s Chairman. Although the Company has no formal procedure for measuring the effectiveness of the Board, the Board will be carefully reviewing its effectiveness and the need to refresh its membership by reference to financial performance, adherence to budgets and the overall growth of the Group and taking account of the opinions and insights of its auditors, Nominated Adviser, broker, legal and other advisers. The method of assessing Board effectiveness and performance will be reviewed on a continuing basis.

Promoting Ethical Values and Behaviours

The Company is committed to ensuring that the Group operates according to the highest ethical standards for which the Board has primary responsibility. The Directors believe that the main determinant of whether a business behaves ethically and with integrity is the quality of its people. As the Board currently fulfills the responsibilities that might otherwise be assumed by a Nominations Committee, the Directors have responsibility for ensuring that individuals employed by the Group demonstrate the highest levels of integrity. In addition, the Group has a formal Bribery and anti-corruption policy and a Share Dealing Policy.

Bribery and Anti-Corruption Policy

The Group has a robust anti-bribery and anti-corruption policy which applies to the Board, all employees of the Group and persons associated with the Group (such as consultants, contractors or agency staff), requiring them to observe and uphold a zero tolerance position on bribery and corruption, as well as providing guidance on how to recognise and deal with bribery and corruption issues and their potential consequences, while preserving acceptable boundaries of corporate hospitality and entertainment. The Company expects all employees and persons associated with the Group to conduct their day-to-day business activities in a fair, honest and ethical manner, be aware of and refer to this policy in all of their business activities worldwide and to conduct business on the Group’s behalf in compliance with it. Management at all levels are responsible for ensuring that those reporting to them, internally and externally, are made aware of and understand this policy.

Share Dealing Policy

The Company has adopted a share dealing policy regulating trading and confidentiality of inside information for persons discharging managerial responsibility (“PDMRs”) and persons closely associated with them which contains provisions appropriate for a company whose shares are admitted to trading on AIM. The Company takes all reasonable steps to ensure compliance by PDMRs and any relevant employees with the terms of that share dealing policy.

Shareholder and Stakeholder Engagement

The Company will communicate with Shareholders and the market generally using a Regulatory Information Service provider for regulatory news releases which, in accordance with AIM Rule 26, will be available on the Company’s website along with interim and annual accounts, shareholder notifications and other corporate governance material for at least the last five years. Shareholder votes will be notified and kept on the website in a clear and transparent manner.

Shareholders will have the opportunity to meet Board members at general meetings and there may be other opportunities such as investor meetings and presentations and webcasts at which shareholders and stakeholders will be able to ask questions of management.

The primary responsibility for communication with shareholders lies with the Chairman who may be contacted via the following email address: investors@cordel.ai

Other Stakeholders

The Board believes that other than shareholders, the Group’s key stakeholders are the Group’s staff and customers. Given the size of the Group, all matters relating to customers and key employees are dealt with at Board level.

Key Facts

Company name: Cordel plc
Nation of domicile: United Kingdom
Place of registration: England and Wales
Company reg number: 11098701
Company type: Publicly traded
Place of stock listing: Alternative Investment Market (AIM),
London Stock Exchange
Stock symbol: CRDL

Key Documents

2018 AIM Admission Document and New Articles of Association PDF.

Admission Document

New Articles of Association

Financial Reports

30th June 2024 Full year results FY24 Document Annual Report & Accounts for year ended 30 June 2024
22nd June 2024 First Half Accounts 2023 Results Announcement Six Months to 31 December 2023
30th June 2023 Full year results FY23 Document Annual Report & Accounts for year ended 30 June 2023
31st January 2023 Interim Results & Trading Update Results Announcement Six Months to 31 December 2022 & Trading Update
30th June 2022 Full year results FY22 Document Annual Report & Accounts for year ended 30 June 2022
1 February 2022 Half Yearly results 1HFY22 Announcements 01/01/2022 Results Announcement Six Months to 31 December 2021 & Trading Update
12 October 2021 Full year results FY21 Results for the year ended 30 June 2021
11 February 2021 Half yearly results 1HFY21 Results Announcement Six Months to 31 December 2020 & Trading Update
26 October 2020 Full year results FY20 Annual Report & Accounts for year ended 30 June 2020
19 February 2020 Half yearly results 1HFY20 Results Announcement Six Months to 31 December 2019 & Trading Update
2 December 2019 Full year results FY19 Annual Report 2019
5 Feburary 2019 Half yearly results 1HFY19 Results Announcement Six Months to 31 December 2018 & Trading Update

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