REG - CyanConnode Holdings - Interim Results
19/12/2023 07:00
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RNS Number : 2201X CyanConnode Holdings PLC 19 December 2023
19 December 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Interim results for the six months ended 30 September 2023 (H1 FY 2024)
CyanConnode (AIM: CYAN), a world leader in narrowband radio frequency (RF)
mesh networks, announces its unaudited interim results for the six months
ended 30 September 2023 (H1 FY 2024).
John Cronin, CyanConnode Executive Chairman, commented:
"The Indian smart metering market and the Revamped Distribution Sector Scheme
(RDSS) continues to gather momentum with tenders for more than 220 million
smart meters having been sanctioned to date.
CyanConnode is experiencing a period of rapid growth and has won orders for a
total of 5.3 million Omnimesh modules to date in India alone, with a
significant portion of these (4 million) having been won during the past 18
months.
Orders have continued to be won in other territories too, such as the order
announced in October from the MENA region, which was a follow-on order from
the contract announced in April 2022.
We can confirm that revenue is expected to meet market expectations and look
forward to updating on further progress in due course."
Financial Highlights
· Revenue of £5.8m (H1 FY 2023: £1.3m) which is in line with
management's expectations
· Gross profit of £1.8m (H1 FY 2023: £0.7m)
· Operating loss of £2.2m (H1 FY 2023: £2.4m)
· Cash received from customers of £7.4m (H1 FY 2023: £4.5m)
· Cash and cash equivalents at end of period £0.9m (FY 2023:
£4.1m)
Operational Highlights
· Three orders won from IntelliSmart Infrastructure Pvt Ltd
(IntelliSmart) for a total of 1.4 million Omnimesh RF Modules and associated
products, under the strategic agreement announced in February 2023, taking the
total order book for India to 5 million Omnimesh modules
· CyanConnode India recognised as Dun and Bradstreet 'Start-Up 50
Trailblazer'
· Memorandum of Association (MOU) signed with Alfanar to explore
opportunities in Advanced Metering Infrastructure (AMI) projects
· 503,000 modules shipped in H1 of FY24 vs 391,000 shipped in the
whole of FY 2023
· Investment into recruitment, to scale up the business, and
research and development to develop further products in response to market
demand
Post-Period Highlights
· Order won for a further 300,000 Omnimesh modules and associated
products from IntelliSmart, taking the Company's total order book for India to
5.3 million modules, of which 3.1 million are yet to be shipped
· Letter of award (LOA) received for a follow-on smart metering
deployment in the Middle East and North Africa (MENA) region
· Cash collected from customers since the period end of £2.4m
taking cash received for the financial year to date to £9.8m
· Cash at end of November 2023 of £1.1m , with a further £0.6m
received from customers in December 2023
· £2.7m (before expenses) raised in November 2023 through an
oversubscribed placing and subscription, together with the issue of warrants
at an exercise price of 15.0 pence per ordinary share, which would provide a
potential further £4.1m if fully exercised
· Current market share of installed smart metering base in India of
approximately 25%
· Win ratio in India in terms of tenders to date of 40%, and 25% in
terms of volumes
· CyanConnode India recognised as second fastest-growing UK company
in India according to the prestigious Britain Meets India (BMI) 2023 report
· CyanConnode ranked as 12th fastest-growing business in the
Midlands and East of England, according to the 2023 Fast Growth 50 index
· Indian smart metering market continues to gather momentum -
current tenders for more than 220 million Smart Meters have been sanctioned to
the end of November 2023, with almost 100 million being awarded to prime
bidders, typically Advanced Metering Infrastructure Service Providers (AMISPs)
· Revenue for the financial year ending 31 March 2024 is forecast
to meet market expectations
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865 750
John Cronin, Executive Chairman www.cyanconnode.com (http://www.cyanconnode.com)
Strand Hanson Limited (Nominated and Financial Adviser) Tel: +44 (0) 20 7409 3494
James Harris / Richard Johnson / David Asquith
Zeus Capital Limited (Broker) Tel: +44 (0) 20 3829 5000
Simon Johnson, Louisa Waddell
About CyanConnode
CyanConnode (AIM:CYAN.L) 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.
For more information, please visit www.cyanconnode.com
(http://www.cyanconnode.com/) .
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018.
Chairman's Statement
Financial review
Key figures
H1 FY 2024 H1 FY 2023
£'000 £'000 % Change
Revenue 5,775 1,347 + 329%
Gross profit 1,810 665 + 172%
Operating costs (3,987) (3,043) + 31%
Operating loss (2,177) (2,378) - 8%
EBITDA (2,008) (2,135) - 6%
Adjusted EBITDA (1,916) (2,128) - 10%
Cash 945 1,033 - 9%
Basic and diluted loss per share 0.72p 0.94p - 23%
Revenue and Operating Costs
Revenue for the first six months of FY 2024 was in line with management's
expectations, and 4.3 times the revenue for the same period of FY 2023. With
orders having been won in India for 1.4 million Omnimesh modules during the
period, and a further order for 0.3 million Omnimesh modules won since period
end, as well as order backlog from projects won in FY 2023, the Company
expects a significant increase in revenue during the second half of FY 2024.
Gross margins are weaker than H1 FY 2023 as H1 FY 2024 has been hardware sales
intensive, including lower margin sales of third-party hardware in territories
outside India. Gross margins for hardware in India remain as expected. The
increase in operating costs was largely due to increased headcount to meet the
growth of the business.
Cash
During the period cash was utilised to both purchase stocks of long lead-time
components to support delivery during the remainder of the financial year,
(stock of 360,000 long lead-time components were held at period end to allow
H2 FY24 deliveries to be met) and investing in recruitment to support growth.
Accounts receivable
A total of £7.4m cash was collected from customers during the period
(compared to £4.5m for the entirety of FY 2023), and a further £2.4m since
the period end. In the period, our contract assets, reported in the
non-current assets part of the balance sheet, increased to £2.4m (FY 2023:
£2.1m), where revenue has been recognised in accordance with IFRS 15, and
will be paid for over the period of the contract. The remainder of trade
receivables included in non-current assets related to accrued income from
contracts. Approximately 44% of cash collection during H1 FY 2024 related to
trade receivables from FY 2023 and a further 17% of FY 2023 trade receivables
have been collected since period end.
£1,124k of trade receivables has been collected via invoice discounting and
reflected as short-term borrowings in the balance sheet as required by IFRS.
The net value of trade receivables in the current section of the balance sheet
after taking this into account is therefore £8,056k less £1,124k = £6,932k
(FY23 £7,224k less £426k = £6,798k) (see Note 4).
Operational Review
India
The Government of India plans to rollout 250 million smart meters through
tenders for large volumes, of which tenders for more than 220 million smart
meters had been sanctioned to the end of November 2023.
The table further below is a summary taken from
https://www.nsgm.gov.in/en/sm-stats-all
(https://www.nsgm.gov.in/en/sm-stats-all) which lists all tenders sanctioned,
along with the numbers of meters awarded and deployed to date. The highlighted
sections in green show the utilities in which CyanConnode has deployed
Omnimesh modules. While contracts for almost 100 million smart meters have
been awarded to date, these awards have been to prime bidders who are
typically AMISPs, and there can be a delay of a few months between the award
of the contract to the AMISP and the subsequent award to subcontractors such
as CyanConnode.
CyanConnode has seen its strategic agreement with IntelliSmart (signed
February 2023) begin to take effect, with three orders placed in H1 FY 2024
under the agreement, and a fourth placed following the end of the period as
set out below. In addition to the modules, the orders include advanced
metering infrastructure, standards-based hardware, services, Omnimesh head-end
software, perpetual license, and annual maintenance contracts.
· In May 2023, an order was received for 600,000 Omnimesh RF
Modules, for the Pachimanchal Vidyut Vitran Nigam Ltd (PVVNL) smart metering
project in Uttar Pradesh
· In July 2023, an order was received for 300,000 Omnimesh RF
Modules, for the Dakshin Gujarat Smart Metering Private Limited (DGVCL) smart
metering project in Gujarat
· In August 2023, an order was received for 500,000 Omnimesh RF
Modules, for the Power Grid Corporation of India Limited (PGCIL) smart
metering project for Madhya Gujarat Vij Company Limited (MGVCL) in Gujarat
· In October 2023, an order was received for 300,000 Omnimesh RF
Modules, for the South Bihar Power Distribution Company Ltd (SBPDCL) smart
metering project
APAC and Middle East
The smart metering market in the APAC and Middle East continues to mature and
presents a significant opportunity for CyanConnode.
During the period CyanConnode continued to deploy its contract for the MENA
region which was announced in April 2022. In October 2023, the Company was
pleased to announce a follow-on order for this project, and shipments for this
order are now underway.
Additionally, the Metropolitan Electricity Authority (MEA) Smart Grid Project,
won in December 2019 continues to roll out in Thailand. The Company has now
also provided its Cellular Network Interface Cards (CNICs) which are
successfully connecting to the network.
Post period end developments and outlook
Orders
In October 2023, an order for a further 300,000 Omnimesh modules and
associated products was won from IntelliSmart, taking the Company's total
order book for India to 5.3 million modules, of which 3.1 million are yet to
be shipped. In addition, a letter of award was received for a follow-on smart
metering deployment in the MENA region. This follow-on contract builds upon
the first MENA order announced by the Company in April 2022 and is for
CyanConnode's cellular communications product, which will be deployed to
connect smart electricity and smart water meters. Under the LOA, CyanConnode
will supply cellular hubs, with a capacity to connect 1.41 million devices.
Delivery of the first hubs has now commenced, with the full contract expected
to be delivered over the next 12 months.
As of the end of November 2023, CyanConnode has won orders for 5.3 million
Omnimesh modules in India alone, with 2.2 million shipped to the end of
November 2023, leaving a backlog still to be shipped of 3.1 million.
CyanConnode's presence in the market represents 25% of the total installed
base, and its win rate is 25% in terms of volumes and 40% in terms of tenders
awarded.
Cash
On 9 November 2023 CyanConnode Holdings plc raised £2.7 million (before
expenses) through an oversubscribed placing of 19,188,500 ordinary shares of
2.0 pence each and a subscription for 8,000,000 New Ordinary Shares. In
addition, each subscriber in the Placing and the Subscription has been issued
one Investor Warrant (as defined in the placing announcement of 8 November
2023) for each new Ordinary Share subscribed for. Each Investor Warrant has an
exercise price of 15.0 pence per ordinary share. If exercised in full, the
Investor Warrants would result in the issue of a total of 27,188,500 further
new Ordinary Shares, raising a further £4.1m.
Cash as at the end of November 2023 was £1.1m. Cash collected from customers
since the period end was £2.4m taking cash received for the eight-month
period to the end of November 2023 to £9.2m, plus £0.6m received from
customers since the end of November 2023.
Awards and recognition
In November 2023, CyanConnode was pleased to announce that its subsidiary in
India had been recognised as the second fastest-growing UK company in India
according to the prestigious Britain Meets India (BMI) 2023 report.
Additionally, the Company was ranked as 12th fastest-growing business in the
Midlands and East of England, according to the 2023 Fast Growth 50 index.
Consolidated income statement
Note Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2023 2022 2023
£000 £000 £000
Continuing operations
Revenue 5,775 1,347 11,732
Cost of sales (3,965) (682) (7,518)
Gross profit 1,810 665 4,214
Exceptional item: impairment of intangible assets - - (968)
Other operating costs (3,987) (3,043) (6,593)
Operating loss (2,177) (2,378) (3,347)
Amortisation and depreciation 169 243 489
Share based payments 100 100 224
Stock impairment - - 102
Impairment of intangible assets - - 968
Foreign exchange (gains)/losses (8) (93) 8
Adjusted EBITDA (1,916) (2,128) (1,556)
Finance income 8 11 35
Finance costs (72) (49) (136)
Loss before tax (2,241) (2,416) (3,448)
Tax credit 367 302 1,042
Loss for the period (1,874) (2,114) (2,406)
Loss per share (pence)
Basic 3 (0.72) (0.94) (1.03)
Diluted 3 (0.72) (0.94) (1.03)
Consolidated statement of comprehensive income
Derived from continuing operations and attributable to the equity owners of
the Company
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2023 2022 2023
£000 £000 £000
Loss for the period (1,874) (2,114) (2,406)
Exchange differences on translation of foreign operations 37 425 21
Total comprehensive income for the year (1,837) (1,689) (2,385)
Consolidated statement of financial position
Unaudited Unaudited Audited
As at 30 September 30 September 31 March
2023 2022 2023
£000 £000 £000
Non-current assets
Intangible assets 3,798 3,988 3,433
Goodwill 1,930 1,930 1,930
Other financial assets 69 68 62
Property, plant and equipment 75 33 30
Right of use asset 108 152 122
Trade and other receivables (note 4) 2,456 520 2,076
Total non-current assets 8,436 6,691 7,653
Current assets
Inventories 1,540 955 793
Trade and other receivables (note 4) 8,513 4,586 7,182
R&D tax credit receivables 374 884 748
Cash and cash equivalents 945 1,033 4,070
Total current assets 11,372 7,458 12,793
Total assets 19,808 14,149 20,446
Current liabilities
Short term borrowing (1,424) (800) (1,226)
Trade and other payables (4,734) (2,362) (3,833)
Corporation tax liabilities - (137) -
Lease liabilities (29) (15) (29)
Total current liabilities (6,187) (3,314) (5,088)
Net current assets 5,185 4,144 7,705
Non-current liabilities
Lease liabilities (80) (137) (94)
Deferred tax liability (465) (745) (452)
Other payables (43) (97) (42)
Total non-current liabilities (588) (979) (588)
Total liabilities (6,775) (4,293) (5,676)
Net assets 14,770
13,033 9,856
Equity
Share capital 5,438 4,728 5,438
Share premium account 78,671 73,895 78,671
Own shares held (3,611) (3,611) (3,611)
Share option reserve 904 1,168 804
Translation reserve 89 456 52
Retained losses (68,458) (66,780) (66,584)
Total equity being equity attributable to 14,770
owners of the Company 13,033 9,856
Consolidated statement of changes in equity
Share Capital £000 Translation Reserve Retained Losses £000 Total Equity £000
Share Own Shares Held Share Option Reserve £000
Premium £000 £000
Account
£000
Balance at 31 March 2022 4,726 73,883 (3,611) 1,068 31 (64,666) 11,431
Loss for the period - - - - - (2,114) (2,114)
Other comprehensive income for the period - - - - 425 - 425
Total comprehensive income for the period - - - - 425 (2,114) (1,689)
Issue of share capital 2 12 - - - - 14
Credit to equity for share options - - - 100 - - 100
Total transactions with owners 2 12 - 100 - - 114
Balance at 30 September 2022 4,728 73,895 (3,611) 1,168 456 (66,780) 9,856
Loss for the period - - - - - (292) (292)
Other comprehensive income for the period - - - - (404) - (404)
Total comprehensive income for the period - - - - (404) (292) (696)
Issue of share capital 710 4,776 - - - - 5,486
Credit to equity for share options - - - 124 - - 124
Transfer - - - (488) - 488 -
Total transactions with owners 710 4,776 - (364) - 488 5,610
Balance at 31 March 2023 5,438 78,671 (3,611) 804 52 (66,584) 14,770
Loss for the period - - - - - (1,874) (1,874)
Other comprehensive income for the period - - - - 37 - 37
Total comprehensive income for the period - - - - 37 (1,874) (1,837)
Credit to equity for share options - - - 100 - - 100
Total transactions with owners - - - 100 - - 100
Balance at 30 September 2023 5,438 78,671 (3,611) 904 89 (68,458) 13,033
Consolidated cash flow statement
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2023 2022 2023
£000 £000 £000
Net cash outflow from operating activities (Note 5) (2,714) (143) (2,217)
Investing activities
Interest received 8 11 3
Purchases of property, plant and equipment (23) (6) (31)
Capitalisation of software development (498) (109) (734)
Purchase of investments (7) (10) (4)
Net cash used in investing activities (520) (114) (766)
Financing activities
Interest paid on borrowings (67) (43) (125)
Cash inflow from borrowing - - 500
Cash net inflow/(outflow) from debt factoring 698 (967) (541)
Cash outflow from Directors' loan - (100) -
Loan repayment (500) - (600)
Capital repayments of lease liabilities (14) (15) (30)
Interest paid on lease liabilities (5) (6) (11)
Proceeds on issue of shares - - 5,844
Share issue costs - - (344)
Net cash from financing activities 112 (1,131) 4,693
Net (decrease)/increase in cash and cash equivalents (3,122) (1,388) 1,710
Effects of exchange rate changes on cash and cash equivalents (3) 66 5
Cash and cash equivalents at beginning of period 4,070 2,355 2,355
Cash and cash equivalents at end of period 945 1,033 4,070
Notes to the Accounts
1. Basis of Preparation
The interim financial statements are for the six months ended 30 September
2023. They do not include all the information required for full annual
financial statements and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 31 March 2023, which have
been filed at Companies House. The Group's auditor issued a report on those
financial statements that was unqualified and did not contain a statement
under section 498(2) or section 498(3) of the Companies Act 2006, however, the
auditor's report emphasized the uncertainty around the Group's ability to
continue as a going concern.
These interim financial statements have been prepared in accordance with
UK-adopted International Accounting Standards. These financial statements have
been prepared under the historical cost convention.
These interim financial statements have been prepared in accordance with the
accounting policies adopted in the last annual financial statements for the
year to 31 March 2023. The accounting policies have been applied consistently
throughout the group for the purpose of preparation of these interim financial
statements and are expected to be followed throughout the year ending 31 March
2024.
2. Going Concern
To assess the ability of the Group to continue as a going concern, the
Directors have prepared a business plan and cash flow forecast for the period
to 31 March 2025 which, together, represent the Directors' best estimate of
the future development of the Group. The forecast contains certain
assumptions, the most significant of which are the level and timing of sales
and the timing of customer payments. These detailed cashflow scenarios include
Letters of Credit which have been secured from the customers against contracts
recently won.
The Group's business activities, together with the factors likely to affect
its future development, performance and position, have been considered in
depth as part of the Directors' assessment of the Group's ability to continue
as a going concern. The Directors have reviewed detailed trading forecasts for
H2 of FY24. An upturn in business activities and revenue is expected during
this period, which will ensure the Group's ability to meet market expectations
for the full financial year. At 30 September 2023 the Group had cash reserves
of £0.9 million (31 March 2023: £4.1 million) and completed a fundraise in
November 2023, raising £2.7 million before expenses. In addition to the funds
raised, warrants were issued to each investor in the fundraise, which if
exercised in full during the exercise period of eighteen months, would raise a
further £4.1 million. Based on detailed cash flow provided to the Board to 31
March 2025, there is sufficient cash for a period of at least 12 months from
the date of approval of this report, with forecasts prepared in line with its
standard operating model. However, should the Company require additional cash
to cover working capital as a result of rapid growth, there could be a
requirement for additional funding for this purpose. The Company continues to
discuss working capital funding solutions with banks, particularly in India.
The Company has been approached with alternative sources of finance, to
support growth, such as secured loans, which it could accept should such a
requirement arise.
The Company received a R&D tax credit of £747,154 from HMRC in August
2023. An advance loan of £500,000, received in November 2022 was in place
against this R&D tax credit, and was repaid out of the proceeds of the tax
credit received in August 2023. The Company intends to secure an advance
against its R&D tax credit for the current financial year, anticipated to
be for a minimum of £0.5 million, in the coming months.
Notwithstanding the material uncertainties described above, which may cast
significant doubt on the ability of the Group to continue as a going concern,
on the basis of sensitivities applied to the cash flow forecast, the directors
have a reasonable expectation that the company can continue to meet its
liabilities as they fall due, for a period of at least 12 months from the date
of approval of this report.
Notes to the Accounts continued
3. Loss per Share
The calculation of the basic and diluted loss per share is based on the
following data:
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2023 2022 2023
Loss for the purposes of basic loss per share being net loss attributable to (1,874) (2,114) (2,406)
equity holders of the parent (£000)
Weighted average number of ordinary shares for the purposes of basic and 260,581,840 225,033,577 232,763,664
diluted loss per share
Loss per share (pence) (0.72) (0.94) (1.03)
The denominations used are the same as those detailed above for both basic and
diluted earnings per share from continuing operations. However, in accordance
with IAS 33 "Earnings Per Share", potential ordinary shares are only
considered dilutive when their conversion would decrease the profit per share
or increase the loss per share from continuing operations attributable to the
equity shareholders.
4. Trade and Other Receivables
Unaudited Unaudited Audited
6 months to 6 months to 12 month 31 March 2023
30 September 30 September
2023 2022
Non-current
Contract assets 2,141 - 1,784
Other non-current assets 315 520 292
Trade and other receivables 2,456 520 2,076
Current
Trade receivables: amount receivable for the sale of goods and services 1 8,056 3,708 7,224
(#_ftn1)
Allowance for expected credit losses (275) (193) (274)
7,781 3,515 6,950
Contract assets 374 648 24
Other debtors 274 253 52
Prepayments 84 170 156
Trade and other receivables 8,513 4,586 7,182
Notes to the Accounts continued
5. Reconciliation of Operating Loss to Operating Cash Flows
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2023 2022 2023
£000 £000 £000
Operating loss for the period (2,177) (2,378) (3,347)
Adjustments for:
Depreciation of property, plant and equipment 22 15 32
Amortisation of intangible assets 133 214 426
Depreciation on right of use assets 14 14 31
Impairment of intangible assets - - 968
Interest received on contract assets - - 32
Foreign exchange (8) 334 8
Share issued in lieu of service/bonus - 14 24
Share-option payment expense 100 100 224
Operating cash flows before movements in working capital (1,916) (1,687) (1,602)
Increase in inventories (747) (796) (634)
(Increase)/decrease in receivables (1,711) 2,410 (1,827)
(Decrease)/increase in payables 901 (2) 1,475
Cash outflows from operating activities (3,473) (75) (2,588)
Income taxes received/(paid) 759 (68) 371
Net cash outflow from operating activities (2,714) (143) (2,217)
6. Post Balance Sheet Event
On 9 November 2023 CyanConnode Holdings plc raised £2.7 million (before
expenses) through a placing of 19,188,500 ordinary shares of 2.0 pence each
and a subscription for 8,000,000 New Ordinary Shares. In addition, each
subscriber in the Placing and the Subscription has been issued one Investor
Warrant, as defined in the placing announcement of 8 November 2023, for each
new Ordinary Share subscribed for by it in the Placing or the Subscription.
Each Investor Warrant has an exercise price of 15.0 pence per ordinary share.
If exercised in full, the Investor Warrants would result in the issue of a
total of 27,188,500 further new Ordinary Shares, raising a further £4.1
million.
7. Interim Results
The Group's Interim Results report is available for download on the Group's
website, www.cyanconnode.com. The report will not be posted to shareholders.
1 (#_ftnref1) £1,124k of trade receivables has been collected via invoice
discounting and reflected as short-term borrowings in the balance sheet as
required by IFRS. The net value of trade receivables in the current section of
the balance sheet after taking this into account is therefore £8,056k less
£1,124k = £6,932k (FY23 £7,224k less £426k = £6,798k)
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