Maestrano Group PLC Quarterly Trading Update (4049D)
October 28 2020 - 3:00AM
UK Regulatory
TIDMMNO
RNS Number : 4049D
Maestrano Group PLC
28 October 2020
28 October 2020
Maestrano Group PLC ("Maestrano" or the "Company" or the
"Group")
Quarterly Trading Update
Maestrano Group PLC (AIM: MNO), the Artificial Intelligence
platform for transport corridor analytics, announces unaudited
results for the three months ending 30 September 2020.
Three months Three months
GBP 000's to to % Change % Change
3 0 Sep 2020 3 0 Sep 20 19 constant currency
Total revenue 436 101 332% 346%
Cost of sales 1 55 37 31 9 % 329%
Total expenses 627 379 65% 67%
EBIT D A - 346 -316 -9 % -11%
*Constant currency reflects the results had the underlying
transactional currencies been constant in both periods reported.
Revenue for the September quarter was predominantly Australian
dollars.
Key Financial Highlights
-- Total revenue up 332% in reported currency and 346% at constant currency.
-- Total expenses increased by 318% (329% in constant currency)
reflecting increased investment in product and market
development.
-- Cash balance at 30/09/20 was GBP1,143,762 with Net Assets of GBP2,615,555.
Comparison to Airsight pre-merger results for the corresponding
quarter in 2019.
Maestrano Group Airsight
Three months Three months
GBP 000's to to % Change % Change
3 0 Sep 2020 3 0 Sep 20 19 constant currency
Total revenue 436 225 94% 75%
Cost of sales 1 55 125 24% 28%
Total expenses 627 223 181% 191%
EBIT D A - 346 -93 -272% -290%
Nick Smith, VP Sales of Maestrano, commented:
" The business has performed very well in our first fiscal
quarter, driven by strong uptake and user acceptance from our major
rail corridor analytics contracts, together with excellent results
from our Nextcore distributors around the world . There are
positive sales discussions in progress across our major markets,
leveraging the technology benefits already achieved. We are
engaging with both new and existing clients, demonstrating and
delivering solutions, helping to improve safety and reduce
operating costs. "
Ian Buddery, Chairman of Maestrano, commented:
"The board continues to be delighted with not only sales growth
but also customer appetite for our solutions, which gives us
confidence in our technology and competitive advantage. We are
investing in products and people, particularly in the USA, where we
have built an industry-respected team. We believe this investment
will help to secure long term growth for our shareholders, while
revenue growth will balance cash flows over time."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
Maestrano Group plc
Andrew Pearson, CEO c/o Arden Partners
Grant Thornton (Nominated Adviser)
Jamie Barklem / Niall McDonald +44 (0)20 7383 5100
Arden Partners (Broker)
Ruari McGirr / Ciaran Walsh +44 (0)20 7614 5900
About Maestrano
Maestrano 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.
Further information on the Company is available at:
www.maestrano.com
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END
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