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Rail analytics software provider Cordel reported wider first-half losses as revenue fell and costs climbed amid rising staff and product development costs.
For the six months to 31 December 2021, the earnings before interest, taxes, depreciation and amortisation, or EBITDA, loss widened by 85% to £1.3 million year-on-year as revenue fell 12% to £728,000.
Expenses increased by 23% as the company invested in 'additional engineers and sales staff, in response to the large-scale contracts won in the UK and USA,' the compan said.
The company also announced the appointment of Mike Turner in a new leadership role, chief revenue Officer to 'strengthen the alignment between marketing, sales and customer support.'
Looking ahead, the company said its it continued to be awarded new contracts following competitive bid processes.
'This results in steady growth of the total mileage of railway track under long-term data management and, combined with new analytic services released in 2021 and planned for 2022, will produce growth in recurring revenue,' it added.