Maestrano Group PLC (LON:MNO), the Artificial Intelligence platform for transport corridor analytics, today announced unaudited results for the three months ending 31 March 2020.
|GBP 000’s||Three months to||Three months to||% Change||% Change|
|31 March 2020||31 March 2019||constant currency|
|Cost of sales||119||119||0%||1%|
*Constant currency reflects the results had the underlying transactional currencies been constant in both periods reported. Revenue for the March quarter was predominantly Australian dollars.
Key Financial Highlights
• Total revenue up 20% in reported currency and 28% at constant currency.
• Total expenses decreased by 49% (47% in constant currency).
• Cash balance at 31/03/20 was £1,890,240.
Andrew Pearson, CEO of Maestrano, commented:
“Whilst the revenue reflects the change from the Company’s previous core business to the new Airsight business, it is very encouraging to see improved results as the Company has transitioned to a lower overhead structure that complements the Airsight business model. With the successful merger integration process behind us, we are now focused on future growth. The long term nature of our contracts and the essential nature of the services we deliver, provide stability in the current environment.”
Ian Buddery, Chairman of Maestrano Group, commented:
“Whilst we do not intend to release quarterly reports on an ongoing basis, the board is delighted with the trajectory of the business, particularly in the uncertain economic conditions since early March and wanted to update shareholders on the progress being made. The 2021 Fiscal Year plan is well advanced and the revenue forecast very encouraging, based on current contracts and carefully considered opportunities, with no requirement for additional capital in our considered outlook.”
The Company advises that all global staff are working safely and productively from home, with the exception of skeleton crews in its secure facilities in Australia.