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

 

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.