Cyan Holdings Plc Trading Update (3116S)
July 07 2015 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 3116S
Cyan Holdings Plc
07 July 2015
7 July 2015
Cyan Holdings plc
("Cyan" or the "Company")
Trading Update
Cyan Holdings plc (AIM:CYAN.L), the integrated system and
software design company delivering mesh based flexible wireless
solutions for utility metering and lighting control, provides a
trading update for the six months ended 30 June 2015, which is in
line with management's expectations.
Activities during the first half built on the momentum achieved
during the previous year as the Company worked towards further
commercialising its smart metering and lighting solutions. As such,
the Company continued to increase its eco-system of partners,
expand its geographic reach and strengthen its sales and marketing
teams.
Successful delivery of the smart metering project at Tata Power
Mumbai ("Tata Power") helped to underpin revenue growth during the
first half to around GBP150,000, more than double of that achieved
for the same period last year, which stood at GBP65,510.
Key milestones during the period also included the GBP1M order
for a full end to end smart metering solution for Enzen Global
Solutions Pvt Ltd/Chamundeshwari Electricity Supply Corporation
Limited in India as well as the Letter of Intent from El Sewedy
Electrometer Group EMG ("El Sewedy"), which could be worth $3M to
Cyan upon conversion into a purchase order. Cyan has also announced
the successful implementation of the Company's smart metering
solution by Tata Power. This is believed to be the first 865MHz
Advanced Metering Infrastructure ("AMI") commercial volume
deployment in India.
The Company has very recently raised additional funding of
GBP4.6M gross and is now well funded to seek to secure more orders
and increase revenues. The two recently hired Vice Presidents, Mark
Coyle and Vikas Kashyap, are fully engaged in driving forward
commercial engagements and seeking new orders in their respective
regions.
Outlook
The Directors of the Company believe that Cyan's strong
ecosystem of partners and positioning within target growth markets
mean that it is well placed to take advantage of a growing number
of opportunities, while also building on existing relationships
with key customers including El Sewedy and Larsen & Toubro.
The Company is focused on developing existing agreements, has
identified a pipeline of potential new contracts and looks forward
to updating the market further in due course. As such, the Board
remains confident that these will result in further revenue growth
opportunities during the remainder of the year.
John Cronin, Executive Chairman of Cyan commented:
"There were a number of significant developments during the
period and we remain well placed to develop operations in all four
continents that we operate in. Through our eco system of partners,
we are bidding for a number of orders and are also hopeful that a
number of commercial pilots will come to fruition during the second
half. We very much look forward to updating the market in due
course."
-END-
Enquiries:
Cyan Holdings plc Tel: +44 (0) 1954
John Cronin, Executive Chairman 234 400
www.cyantechnology.com
Allenby Capital Limited Tel: +44 (0)20 3328
Nominated Adviser and Joint 5656
Broker
Jeremy Porter / Alex Brearley
Beaufort Securities Limited Tel: +44 (0)20 7382
Joint Broker 8300
Jon Belliss
Walbrook PR Tel: +44 (0)20 7933
Financial PR 8780
Paul Cornelius / Nick Rome cyan@walbrookpr.com
About Cyan
Cyan is an integrated system design company based in Cambridge,
UK. It provides a communication platform that enables the
measurement and control of energy consumption for the metering and
lighting markets, helping to reduce energy losses. Cyan's wireless
mesh networking platform offers 'last mile' connectivity between
millions of devices and enterprise software, supporting bilateral
communications with the end customer.
For more information, please visit www.cyantechnology.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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