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Maestrano Group delighted with the trajectory of the business

Maestrano Group plc (LON:MNO), the Artificial Intelligence platform for transport corridor analytics, has announced a full year trading update for the twelve months ended 30 June 2020.

Maestrano Group PLC Full Year Comparison

GBP 000’sTwelve months to 30 June 2020*Twelve months to 30 June 2019% Change% Change constant currency
Total Revenue        885905-2%+2%
Cost of sales340377-10%-5%
Total expenses1,9003,633-48%-47%
Grant Income511425+20%+25%
EBITA-844-2,696+69%+69%

* All figures include the results of Airsight Holdings Pty Ltd (“Airsight”) for the period from 1 Nov 2019 to 30 June 2020

Airsight Pro-Forma Full Year Comparison

GBP 000’sTwelve months to 30 June 2020Twelve months to 30 June 2019% Change% Change constant currency*
Total Revenue        1000596+68%+74%
Cost of sales427243+76%+82%
Total expenses978794+23%+28%
Grant Income**178137+30%+35%
EBITA-227-304+25%+22%

*Constant currency reflects the results had the underlying transactional currencies been constant in both periods reported. Revenue for the twelve months to June 2020 was predominantly in Australian dollars.

** Grant income for Airsight for the period to 30 June 2019 has been adjusted post-acquisition in order to bring this into line with the Group’s revenue recognition policy

Key Financial Highlights

·    Total revenue down 2% in reported currency and up 2% in constant currency.

·    Airsight revenue standalone 1 July – 30 June 2020 grew 68% (74% in constant currency)

·    Total expenses decreased by 48% (47% in constant currency).

·    Cash balance at 30/06/20 was £1,584,891.

Andrew Pearson, CEO of Maestrano, commented:

“Following our March Quarter update (announced 20 April 2020) it is very encouraging to see the continuing strong growth in the core Airsight business units, Corridor and Nextcore. Airsight had a strong 4 months pre-merger (1/7/19 to 31/10/19) and when this is swapped for Maestrano revenue in the same period, we see the true trend in the business, with 74% year on year growth in constant currency and only 28% increase in expenses.  We are confident of continuing growth in FY21.”

Ian Buddery, Chairman of Maestrano Group, commented:

“The board is delighted with the trajectory of the business, particularly in the uncertain economic conditions since early March.  The acquisition of Airsight has exceeded expectations, along with the commercial uptake and results of the Corridor platform since our first signings with ARTC and Meitetsu in January. Further development of the software and our Nextcore LiDAR technology continues apace. Revenue from contracts in hand will continue in the 2021 Fiscal Year and we are excited by the pipeline of opportunities for growth, including in the USA, whilst maintaining caution over unforeseen economic impacts from COVID-19.”

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