Financial and Operational Highlights
- Revenue up 48% to £1.499m (H1 2019: £1.01m)
- Gross profit up 74% to £831k (H1 2019: £477k)
- LBITDA reduced by 55% to £1.317m (H1 2019: £2.909m)
- £1.6 million cash received from customers during the period
- Cash and cash equivalents at end of period £1m (H1 2019: £2.3m)
- Order for 350,000 Omnimesh modules worth more than £6 million
- Previously delayed Indian contract resumed worth INR 1 billion (c. £10.5m) with cash being received for the first 40,000 modules and a Letter of Credit securing remaining payments
- Commencement of rollout of projects in India and Thailand following easing of COVID-19 lockdowns
- Continued rollout of Swedish projects
- 92,000 modules shipped against current contracts during the period
Post-Period Highlights
- The appointment of a new senior management team in India in December 2020
- Significant increases of deliveries against existing contracts in India and Thailand with the shipment of 121,000 modules since the end of September
- Revenue in the eight months to the end of November 2020 exceeds revenue for the whole of the previous fifteen-month financial period
- Short-term working capital loan of £400,000 secured from certain Directors in December 2020
John Cronin, CyanConnode Executive Chairman, commented: “Despite most countries in which CyanConnode operates being in lockdown for the first half of the period, between June and September 2020 the Company saw a significant increase in the volume of modules being shipped to customers and a significant increase in cash collection as a result. The Board is very encouraged by the success of all CyanConnode’s deployments, and is especially pleased to see the progress being made against contracts in India and Thailand during the period.
“With the Government of India executing its plan to rollout 250 million meters in the next few years we were very pleased to announce the appointment of a new senior management team, and look forward to utilising their significant experience to take our Indian business to the next stage of its development.
“The world continues to be affected by the COVID-19 pandemic and the wellbeing and safety of our staff is paramount during these unprecedented times. We continue to reassure our customers and stakeholders that, as always, we are monitoring the situation and working tirelessly to ensure that CyanConnode can continue to deliver its products and services.
“Our teams continue to work closely with partners to demonstrate the capability of our solution and to ensure that customers realise the benefit of a fully automated smart metering system.”