Trading Update (8382J)
July 06 2011 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 8382J
Cyan Holdings Plc
06 July 2011
Cyan Holdings plc
("Cyan" or "the Company")
Trading Update for the First Half of 2011
Cyan (AIM:CYAN), the integrated system design company delivering
mesh based flexible wireless solutions for lighting control,
utility metering and industrial telemetry, is pleased to provide
the following trading update for the six months ended 30 June
2011.
In the first half of 2011 revenues significantly exceeded
revenues for the whole of 2010.
Additionally, Cyan has received a new order for 50,000 units of
a legacy product increasing a substantial order backlog. Assuming
this backlog of orders, accumulated during the first half of 2011,
is delivered within the current financial year, the revenues
generated in the second half of this year are likely to be double
that shown in the first half and in excess of the total revenues
shown in 2009 and 2010 combined.
Kenn Lamb CEO of Cyan Holdings commented:
"I am delighted to be able to report such strong growth in the
first half despite the seasonal effects of reduced first quarter
trading in China. The revenues and backlog halfway through the year
represent the tip of the anticipated growth curve and we expect
bookings in the second half to be stronger than those in the first
half.
"The backlog represents only the initial orders for initial
projects of existing customers, who prefer to place regular orders
that match the rate of installation and not a single order for the
total opportunity. Whilst we are targeting orders from new
customers during the second half of 2011, additionally, we expect
significant repeat orders for initial projects from existing
customers, as well as new orders from existing customers for new
projects. Added to this we expect to enjoy a run of orders from a
pipeline of new customers.
"These factors should support a faster rate of growth in the
second half than we have experienced during the first half of
2011."
Cyan Holdings plc
Tel: +44 (0) 1954 234 400
Kenn Lamb, CEO
www.cyantechnology.com
Cenkos Securities plc
Tel: +44 (0)20 7397 8900
NOMAD and Joint Broker
Stephen Keys / Adrian Hargrave
XCAP Securities plc
Tel: +44 (0)20 7101 7070
Joint Broker
John Belliss / Parimal Kumar
Hansard Communications
Tel: +44 (0)20 7245 1100
Adam Reynolds / Nicholas Nelson / Guy McDougall
This information is provided by RNS
The company news service from the London Stock Exchange
END
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