(Alliance News) - Maestrano Group PLC on Tuesday reported a widened annual loss but saw revenue grow on the back of "strong demand" for its Cordel brand.
In the financial year ended April 30, the London-based software for transport corridor analytics firm recorded a pretax loss of GBP1.2 million, widened from GBP970,000 the year before.
Total expenses increased 45% to GBP2.9 million from GBP2.0 million.
Revenue almost doubled to GBP1.7 million from GBP872,000. The jump in revenue, Maestrano noted, came from "strong demand" for its processing railway LiDAR data, which is used under its Cordel brand.
Chief Executive Nick Smith said: "We are confident of continuing our current growth trend in financial 2022, acquiring new customers for Cordel and providing greater levels of service to our existing customer base.
"The market is becoming increasingly receptive to our Cordel solutions and their ability to help rail operators minimise accidents and delays while significantly reducing costs and emissions. In addition, we are developing our distribution network to drive increased Nextcore unit sales. We look forward to delivering further growth in value for our shareholders."
Shares in Maestrano were 1.8% lower in London on Tuesday morning at 14.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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