Cordel has reported interim results (YE Dec) that demonstrate strong operational progress with two new logos secured, offset by contract procurement delays. A growing £70m pipeline from more than 40 projects across new and existing logos, along with management confidence in negotiation timings of several final-stage opportunities lead us to reiterate FY26 expectations and publish FY27 forecasts. 1H26 revenue of £1.7m is -24% lower yoy following final-stage contracting delays out of the company’s ....
