Very disappointing revenue miss from Cordel. While it is understandable that at this stage the contracts are quite lumpy relative to the overall figure, this is at least the second time management have rolled back on guidance which is not good news. The product is still a very attractive proposition to railways, but it would take a few more years before the share price takes off in a meaningful way. Should have enough cash until it starts to break even, so hopefully there won’t be any more capital raises. Share price down 10-15% which is expected given the miss.