# Maestrano Group delighted with the trajectory of the business

- Link: https://www.directorstalkinterviews.com/maestrano-group-delighted-with-the-trajectory-of-the-business/412844900
- Published: 2020-07-22T07:23:42+01:00
- Author: Giles Arbor

**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’s | Twelve months to 30 June 2020* | Twelve months to 30 June 2019 | % Change | % Change constant currency | 
| Total Revenue         | 885 | 905 | -2% | +2% | 
| Cost of sales | 340 | 377 | -10% | -5% | 
| Total expenses | 1,900 | 3,633 | -48% | -47% | 
| Grant Income | 511 | 425 | +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’s | Twelve months to 30 June 2020 | Twelve months to 30 June 2019 | % Change | % Change constant currency* | 
| Total Revenue         | 1000 | 596 | +68% | +74% | 
| Cost of sales | 427 | 243 | +76% | +82% | 
| Total expenses | 978 | 794 | +23% | +28% | 
| Grant Income** | 178 | 137 | +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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