CyanConnode Turnover £6.8m, doubles compared to last year

CyanConnode

CyanConnode Holdings plc (LON:CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has provided a trading update for the nine-month period ended 31 December 2021.

Highlights for the period

·    Turnover of £6.8m (2020: £3.4m)

·    Cash at 31 December 2021 of £1.1m (2020: £1.0m)

·    Approximately £5.9m cash received from customers (2020: £2.9m)

·    455k modules delivered to customers (nine-months to 31 December 2020: 259k)

·    3.1k gateways delivered to customers (nine-months to 31 December 2020: 0.2k)

John Cronin, CyanConnode’s Executive Chairman, commented:

“We have continued to make solid progress during the financial year with successful deployments which have led to record turnover and cash collection. I am also pleased to confirm that the Company expects to meet market forecasts for the current financial year.”

CyanConnode 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, the company 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, the company has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.

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