Cordel Group — Pipeline expands by 133% despite H1 delays

While Cordel Group’s H126 results reflect the impact of drawn-out procurement cycles, these deals have either closed or are expected to close in Q3 and management is confident of catching up with FY26 consensus in H2. Notably, the company’s pipeline has expanded significantly and now totals c £70m, up 133% y-o-y, indicating that Cordel’s investment in business development capability, new products and growing market presence is substantially enhancing long-term growth prospects.