Cordel wins six-and-a-half-year, £3.2m contract with Network Rail
By Josh White
Date: Wednesday 22 Dec 2021
(Sharecast News) - Transport corridor analytics technology company Cordel Group has been awarded a six-and-a-half-year contract with Network Rail, it announced on Wednesday, to replace the UK's National Gauging Database (NGD) with a new Railway Gauging Data Solution (RGDS).
The AIM-traded firm said the contract would be worth at least £3.2m over the initial term.
It said the contract, starting in January, would see it provide a software-as-a-service platform for the storage and processing of gauge and clearance information for the entire UK rail network.
That would cover 20,000 miles of track, 30,000 bridges, tunnels and viaducts, and "thousands" of signals, level crossings and more than 2,500 railway stations.
Cordel said it was equipped to manage the scale and complexity of the engagement, with the data being processed, which would enable its "true artificial intelligence" (AI) solution to fine-tune and continually improve its capabilities.
"We are excited to have been selected for a long-term supplier agreement with Network Rail," said chief executive officer Nick Smith.
"The agreement builds on our valued relationship and capacity to provide advanced technology, which improves network reliability and reduces cost."
Moreover, Smith said the company expected to provide additional services over the life of the contract, as it released new data collection and AI-powered analytic products.
"This win also showcases our global partner programme, and we look forward to enjoying further success with DGauge."
The contract would be Cordel's longest-term to date, as well as the first full-scale deployment of the Cordel platform in the Northern Hemisphere.
Cordel said the contract could be extended by mutual agreement to a total of eight and a half years.
The win followed the success of previous engagements with Network Rail, and Cordel's partnership with UK-based gauging and clearances expert DGauge, which provides complementary software and consultancy.
"The UK rail system is one of the oldest and most complex networks globally," said Cordel chairman Ian Buddery.
"It comprises a mixture of new and Victorian infrastructure and over 250 types of different rolling stock and therefore requires the highest standards of clearance and gauging management.
"Our ability to deliver to these exacting standards, underpinned by our machine learning automation, ensures the credibility of Cordel as a compelling solution in many other rail markets around the world and gives us confidence in the growth potential of our business."
At 1118 GMT, shares in Cordel Group were up 4.55% at 1.5p.
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