CyanConnode Holdings plc (LON:CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has provided a trading update for the six months ended 30 September 2023 (H1 FY 2024).
Period Highlights
· Turnover of £5.8 million for the six-month period, 4.3 times higher than the equivalent FY 2023 period (H1 FY 2023: £1.35 million). Revenue for the full financial year ended 31 March 2024 expected to be in line with market expectations.
· Approximately £7.4 million cash received from customers during the period, 1.6 times higher than the equivalent FY 2023 period (H1 FY 2023: £4.5 million).
· 503k Omnimesh modules were shipped to customers during the period, 5.8 times higher than the equivalent FY 2023 period (H1 FY 2023: 86k).
· 1.4m Omnimesh modules ordered by IntelliSmart Infrastructure Pvt. Ltd. (IntelliSmart) for three new utility customers.
John Cronin, CyanConnode Executive Chairman, commented:
“I am pleased with the progress made during the first half of the financial year, which included winning orders and witnessing a significant increase in revenue compared with H1 FY 2023.
The rollout in India is gaining momentum, with a significant number of tenders being sanctioned and projects awarded to prime bidders during this period. Currently, we have a backlog of over 2.9 million Omnimesh modules in India alone. I’m also pleased to confirm that our revenue for the full financial year ended 31 March 2024 is expected to be in line with market expectations.”
CyanConnode Holdings (LON:CYAN), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode’s RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.
