CyanConnode Holdings plc (LON:CYAN), a global leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has provided a trading update for the financial year ended 31 March 2024 (FY24).
Highlights for the period
· Revenue expected to materially exceed market expectations
· £16.9m cash received from customers (FY23: £10.7m)
· 1.37m Omnimesh modules delivered to customers (FY23: 391k)
· 55.2k NBIoT gateways delivered to customers (FY23: 46.3k)
· 2.7m Omnimesh modules ordered for India (FY23: 2.3m), of which circa 540k were delivered in FY24
· 106k Omnimesh cellular modules ordered for Thailand
· 52.3k NBIoT hubs ordered for MENA (Middle East and North Africa) region (FY23: 65k)
· Expected deliveries on our backlog as at the end of FY24 will cover approximately 80% of FY25 revenue expectations
The post-period has started on a positive note, with an additional order from IntelliSmart under a Strategic Agreement signed in February 2023. Business in other regions remains buoyant, and the company is pleased to announce that it is in the process of establishing an entity in the UAE (United Arab Emirates) to promote business in the MENA (Middle East and North Africa) region.
John Cronin, CyanConnode’s Executive Chairman, commented:
“FY24 marked another exceptional period for CyanConnode in terms of our strategic footprint and revenue, and I’m delighted to announce that we expect revenue to materially exceed market expectations.
During the period, our order books continued to grow; for India alone, cumulative orders stand at approximately 6.6 million Omnimesh modules. To date, we have successfully delivered around 2.8 million Omnimesh modules, and we anticipate that deliveries of Omnimesh modules will significantly increase during FY25. It is encouraging to see that expected deliveries on our backlog as at the end of FY24 will cover approximately 80% of FY25 revenue expectations.”
The Company would also like to advise that John Cronin and Heather Peacock will be participating in a Q&A session for investors in the coming weeks. Further details will be provided in due course.
