Cordel shares fell after the artificial intelligence platform posted lower first-half revenue and said its results were behind plan.
Revenue fell 13% to £629m, or by 11% at constant currency, in the six months to the end of December as expenses rose 23%, or 27% at constant currency, to £1.27bn.
The company, which uses AI to track transport corridors for customers such as the UK’s Network Rail, has appointed a chief revenue officer to help prevent revenue misses. Mike Turner, a software sales manager since the mid-1990s will be responsible for “securing more revenue and growth in line with shareholder expectations”.
Cordel shares fell 12.8% to 8.5p at 08:58 GMT. The company said its results were affected by Covid-19 in Australia and the US.
Ian Buddery, chairman of Cordel, said: “We have delivered positive progress with contract wins and exciting partnerships during the period. However, the interim results are currently running behind our plan. We can benefit from adding significant customer facing expertise to better manage the large and complex customer accounts we are now dealing with which, in the period under review, would have helped plan for and mitigate revenue slippage.”
