Cordel Group - Contract win momentum continues

Cordel has announced two new customer wins, with Aurizon Holdings, Australia's largest freight operator, and Southeastern, one of the UK's biggest rail operators. The company's customer base has more than doubled since the start of 2024 and these deals indicate that Cordel is now seeing some network benefits from this expansion. We believe that Cordel is well placed to sustain its 40%+ growth rate, as its customer base increases and the company expands its use cases and revenues from existing customers.

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