Maestrano Group PLC Quarterly Trading Update (4049D)

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 [phone]

Arden Partners (Broker)

Ruari McGirr / Ciaran Walsh [phone]

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTFEAEEWESSEES

(END) Dow Jones Newswires

October 28, 2020 03:00 ET (07:00 GMT)