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Maestrano (MNO) Shares Rally On Contract Win

Updated: 5 Aug 2021

Maestrano Group's (LON: MNO) share price is rising on Thursday after it announced a new contract with Network Rail High Speed.

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The five-month Proof of Concept (POC) contract has been awarded to Maestrano's specialist rail analytics subsidiary, Cordel.

National Rail High Speed delivers the maintenance of engineering infrastructure assets for the High Speed One (HS1) railway. The POC will determine the suitability of Cordel's technology for monitoring the overhead line, vegetation, ballast profiles, track and passing clearances.

HS1 is the UK's high-speed railway running 109km from St Pancras International in London to the Channel Tunnel and connecting the UK with international high-speed routes.

Cordel's automated inspection will patrol the line every two weeks, capturing a complete picture of the network. The data captured will be uploaded into Cordel's platform, analysing the results and creating insights for engineers.

Nick Smith, CEO, Maestrano, said: “By conducting faster, more accurate, and more frequent inspections, railways like HS1 can save money, deliver travellers a better service, and improve safety. Cordel's machine learning technology alerts engineers promptly, enabling emerging and potential issues to be addressed cost-effectively.

“The NRHS contract is the first time our hardware has been deployed in tandem with our software in the UK, and we are confident that once this trial is complete, it will be adopted on a longer-term basis. As HS1 is designed and built to the same specification as all High-Speed European routes, validating our technology through this contract will enable us to engage with the whole Trans European Network.”

MNO
Maestrano Daily Chart, Source: IG

The contract is Maestrano's second with the UK rail network…

In December 2020, the company announced that Cordel had been awarded a 12-month contract with Network Rail after a fully funded six-month trial. On that day, Maestrano's share price gained 11%.

So far today, Maestrano shares are up 2% at 11.75p.

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