REG - CyanConnode Holdings - Trading Update

Cyanconnode HoldingsAnnouncement

16/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240416:nRSP7042Ka&default-theme=true

RNS Number : 7042K  CyanConnode Holdings PLC  16 April 2024

 

16 April 2024

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

Trading Update For The Financial Year Ended 31 March 2024 (FY 24)

 

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

 

- 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 5900

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)

 

 

The information contained within this announcement is deemed to constitute
inside information for the purposes of Article 7 of EU Regulation 596/2014
(Market Abuse Regulations) which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018. Upon publication of this announcement, this
inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTFLFLTSIIELIS