REG - CyanConnode Holdings - Trading Update

Cyanconnode HoldingsAnnouncement

05/10/2023 07:00

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RNS Number : 7350O  CyanConnode Holdings PLC  05 October 2023

 

5 October 2023

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

Trading Update For The Six Month Period Ended 30 September 2023

 

CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio
Frequency (RF) Smart Mesh Networks, is pleased to provide 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."

 

- Ends -

 

Enquiries:

 

CyanConnode Holdings plc
 
Tel: +44 (0) 1223 865 750

John Cronin, Executive Chairman
                                   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, Alexandra Campbell-Harris

 

 

 

 

 

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 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

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