CyanConnode reports solid progress


14-01-2021

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 nine-month period ended 31 December 2020.

Highlights

  • Revenues of £3.4m for the nine-month period ended December 2020 (£1.5m for the six-month period ended September 2020)
  • Period end net cash of £1.0m (September 2020: £1.0m)
  • Approximately £2.9m cash received from customers for the nine-month period ended December 2020 and a further £0.4m received to date during January 2021
  • 259k modules shipped to customers during the nine-month period ended December 2020 (92k shipped during the six-month period ended September 2020)

   

Modules on order - India

Project

Ordered

Delivered

Balance remaining

JVVNL(1)

281,782

81,202

200,580

JVVNL(2)

149,089

65,057

84,032

Tangedco

142,069

39,000

103,069

MPWZ

350,000

16,050

333,950

Total

922,940

201,309

721,631

 

John Cronin, CyanConnode Executive Chairman, commented: "We have made solid progress during the current financial year and I am particularly pleased with the level of Module deployments in India. These deployments are secured against Letters of Credit, which has significantly improved our cash collection, and with ongoing cost control, our cash position is at a similar level to March 2020.

 

"CyanConnode is now delivering higher volumes of Modules than at any point during the Company's history and we expect increased demand for deliveries during the remainder of this financial year.  I look forward to releasing further updates in due course."

 Full announcement: https://www.londonstockexchange.com/news-article/CYAN/trading-update/14826153

 

CyanConnode is a global leader in Internet of Things (IoT) communications.

CyanConnode Limited