# CyanConnode Holdings reports a significant increase of revenue

- Link: https://www.directorstalkinterviews.com/cyanconnode-holdings-reports-a-significant-increase-of-revenue/4121027175
- Published: 2021-10-11T07:04:37+01:00
- Author: Giles

**[CyanConnode Holdings](https://www.directorstalkinterviews.com/company/cyanconnode-holdings-plc/cyan.l)
plc** ([LON:CYAN](https://www.directorstalkinterviews.com/company/cyanconnode-holdings-plc/cyan.l)),
a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has provided
a trading update for the six months ended 30 September 2021 (H1 FY 2022).

**Highlights**

·   Turnover of £4.1 million for the six-month period ended 30 September 2021, 2.7
times higher than the equivalent FY 21 period (H1 FY 2021: £1.5 million)

·   Period end cash and cash equivalents of c. £1.74 million (H1 FY 2021: £1.0 million)

·   Approximately £3.8 million cash received from customers during the period, 2.4
times higher than the equivalent FY 2021 period (H1 FY 2021: £1.6 million). A further
£0.24 million has been received since the end of the period.

·   315k Omnimesh modules shipped to customers during the period, 3.4 times higher
than the equivalent FY 2021 period (H1 FY 2021: 92k)

·   152k Omnimesh modules ordered for a new customer in northern India

·   Follow-on order from MEA (Metropolitan Electricity Authority) Smart Grid Project
in Thailand

·   100k Omnimesh modules ordered for a new customer in Africa

·   Key MOU (Memorandum of Understanding) signed with Intellismart (IntelliSmart
Infrastructure Private Limited)

·   Heavily oversubscribed Placing completed at a premium to the then share price,
raising £3.15 million before expenses

·   Selected as EESL (Energy Efficiency Services Limited) Technology Partner for
the Middle East and Africa

·   Global Strategic Alliance signed with SEW (Smart Energy Water)

·   Further strengthening of the Indian Management Team

·   Awarded the London Stock Exchange Green Economy Mark

·   Won the Frost and Sullivan Global Smart Metering Technology Innovation Leadership
Award

> **John Cronin, CyanConnode Executive Chairman, commented**:
> “I am pleased with the continued successful deployment of projects, which has 
> resulted in a significant increase of revenue for the first half of the financial
> year ending 31 March 2022 (H1 FY 2022).
> As with many companies, there have been challenges which impacted our business
> during the period. The year started with further Covid-19 lockdowns and ongoing
> component shortages, which resulted in higher costs and longer lead times.  Nevertheless,
> we have been able to continue manufacturing and shipping our products to meet 
> customer requirements on time.
> Despite these challenges, I believe CyanConnode will meet market expectations 
> for the current financial year.”

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