6th Jan 2020 11:02
(Alliance News) - Shares in Maestrano Group PLC nearly doubled on Monday on news it had won a contract with Australian government-owned rail network manager Australian Rail Track Corp.
Shares in Maestrano were up 88% at 3.00 pence in London in morning trading. However, a year ago, the stock traded above 9p.
The contract was awarded to Maestrano's recently acquired Airsight subsidiary, which will install its Corridor Insights LiDAR - which means light distance and ranging - system, as well as high-resolution camera equipment onto an Australian Rail Track data collection rail car.
The equipment will collect digital imagery and a "point cloud" of the rail network. A point cloud is a set of data points which represent an object in space. This data is to be processed by the Corridor Insights Artificial Intelligence platform and used to measure encroachment and extract and match network assets including trackside equipment".
Australian Rail Track manages the majority of Australia's interstate rail network, totalling 8,500 kilometres in length over five states. The value of the contract was not disclosed.
Nick Smith, who co-founded Airsight and is now vice president of Sales at Maestrano, said: "We are excited to announce this contract, which features our industry-leading NextCore LiDAR systems and our Corridor Insights AI platform for automated asset management in rail corridors. Together as Corridor.ai, the platform generates ongoing recurring revenue from the per-kilometre analysis of rail corridor data. [Australian Rail Track] is an existing client for other Airsight services, however this is their first contract for Corridor.ai and our largest deployment to date."
By Anna Farley; [email protected]
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