LONDON (ShareCast) - (Sharecast News) - Cordel Group announced the extension of its existing clearances contract with the Australian Rail Track Corporation (ARTC) on Monday, until 31 August 2024.
The AIM-traded firm said its original contract with ARTC was signed on 6 January 2020, and subsequently extended on 26 November 2020, until 30 June 2023.

Over the past 12 months, Cordel and ARTC had tested and validated the effectiveness of Cordel's Wave OEM scanning equipment and automated processing techniques.

The validation process reportedly demonstrated that Cordel's technology reliably and efficiently managed clearances on the ARTC network, in full compliance with the ARTC code of practice.

As a result, the technology received official approval for use in clearance assessments.

In addition to the approval, Cordel said it had introduced additional services as part of the extended contract.

The services included point cloud classification, advanced structure gauge assessments, track spacing, and centreline reports.

"We are delighted to be continuing our important engagement with ARTC, for whom we have scanned and analysed over 150,000 kilometres of track distance," said chief executive officer John Davis.

"Moreover, the continuation of the contract allows ARTC to conduct assessments without the need to deploy inspection teams into the rail corridor.

"This is cost effective, efficient and reduces personnel risk whilst completing clearance assessments."

At 1127 BST, shares in Cordel Group were up 1.2% at 6.32p.

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