Full Year Unaudited Trading Update

RNS Number : 2900F

Maestrano Group PLC

15 July 2021

 

15 July 2021

Maestrano Group PLC ("Maestrano" or the "Company" or the "Group")

Full Year Unaudited Trading Update

Maestrano Group PLC (AIM: MNO), the Artificial Intelligence platform for transport corridor analytics, is pleased to announce a full year trading update for the twelve months ended 30 June 2021.

Maestrano Group PLC Full Year Comparison

GBP 000's	Twelve months to 30 June 2021*	Twelve months to 30 June 2020**	% Change	% Change constant currency
Total Revenue	1,677	872	92%	94%
Cost of sales	-604	-335	80%	81%
Total expenses	-2,811	-1951	44%	41%
Grant Income	445	442	1%	-1%
Other Income	25	2	1150%	1418%
Loss before Income tax	-1,268	-970	31%	26%

*Constant currency reflects the results had the underlying transactional currencies been constant in both periods reported. Revenue for the twelve months to June 2020 was predominantly in Australian dollars.

** as per FY2020 Financial Statements

Key Highlights for the Period

· First US Contract with Union Pacific Railroad, the second largest Class 1 Railroad in the United States.

· Network Rail (UK) 12-month gauging automation contract awarded.

· Over 40,000 miles of track scanned for ARTC, with contract extended in scope and value through to 30 June 2023.

· Despite the challenges of the COVID-19 pandemic, customer support for the Cordel products saw total revenue up 92% in reported currency and up 94% in constant currency.

· Total expenses increased by 44% (41% in constant currency), with additional hardware and software engineers, and market development staff employed during the period.

· Cash balance and receivables at 30/06/21 was £2,163,888

Nick Smith, CEO of Maestrano, commented:

" The success of o ur move to international markets is reflected in the near-doubling of year-on-year revenue and strong demand for our unique AI capabilities for processing railway LiDAR data. As collected data grows, our AI training models become even more precise and our competitive advantage increases .   With our pipeline of new opportunities and the recent breakthrough in the USA, w e are confident of  continuing growth in FY2 2 ."

Ian Buddery, Chairman of Maestrano, commented:

"The board is delighted to see these excellent results and the underlying growth trajectory. We will continue to invest in R&D to maintain our lead in end-to-end LiDAR+AI solutions. Our team of AI scientists, computer engineers, surveyors, mathematicians, LiDAR technicians and railroad engineers will be working hard to expand this lead as we address further international markets."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:  

Maestrano Group plc Ian Buddery, Chairman  Nick Smith, CEO	c/o Arden Partners c/o Arden Partners
Arden Partners (Broker / Nominated Adviser) Ruari McGirr / Richard Johnson / Akhil Shah	[phone]
SEC Newgate (Communications Adviser) Robin Tozer, Bob Huxford, Tom Carnegie

About Maestrano

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

Further information on the Company is available at: www.maestrano.com

 

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