CyanConnode Holdings PLC AGM Statement (6007B)
June 10 2019 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 6007B
CyanConnode Holdings PLC
10 June 2019
10 June 2019
CyanConnode Holdings plc
("CyanConnode" or the "Company")
AGM Statement
CyanConnode Holdings plc (AIM: CYAN), a world leader in
Narrowband Radio Frequency (RF) Smart Mesh Networks, will be
holding its Annual General Meeting ("AGM") today at 14:00hrs at
Trowers & Hamlins LLP, 3 Bunhill Row, London, EC1Y 8YZ.
John Cronin, Chairman of CyanConnode, will update shareholders
with the following statement:
"2018 was a transformational year for CyanConnode, seeing
revenue growth of 281% to GBP4.5m, improved gross margins of 452%
to GBP2.7m and a 22% reduction in operating costs to GBP9.1m (or
GBP8.1m excluding stock impairment, foreign exchanges gains /
losses and share based payments).
"Our significant revenue growth in 2018 was attributable to the
launch of the standards-based Omnimesh Advanced Metering
Infrastructure (AMI) platform, which allows easy integration and
deployment into multiple markets. Omnimesh was launched in June
2018 and within six months it had gained considerable commercial
traction, especially in our largest market, India, where orders for
the period totalled GBP15m.
"India is poised to be the second fastest growing adopter of
smart metering globally, with the estimated number of smart meters
targeted to increase from the current level of less than 0.5
million meters to c.250 million meters by 2021. Following Narendra
Modi's re-election as India's Prime Minister, CyanConnode now
expect to see renewed activity of the Smart Meters National
Programme, resulting in further significant orders for our Omnimesh
AMI platform.
"During 2018, CyanConnode signed its first licensing agreement
with a well-established Chinese meter manufacture, Beijing
Instruments, who will incorporate the Company's technology into its
smart meters. In addition to a fee paid each time a unit is
manufactured, CyanConnode will receive a separate income stream
from its Omnimesh AMI platform, which is required to activate a
deployment.
"After several years of delay, UK SMIP version 2 is now being
rolled out in force, with approximately 200,000 SMET2 smart meters
being connected to the Data Communications Company, (DCC) each
month. The CyanConnode SMET2 contract relates to the Central and
Southern regions, where approximately 24 million SMET2 smart meters
will be connected to the DCC. The Company estimates that 2.4
million SMET2 smart meters will be fitted with RF mesh enabled
communication hubs and that the momentum of such installations will
increase during 2020.
"As announced in March 2019 Paul Ratcliff will step down from
the board of CyanConnode immediately following the AGM. I would
like to thank him for his contribution and support during his
tenure at the Company.
"The first five months of 2019 are performing in line with our
expectations and we remain confident that the Company has
sufficient capital to execute our business plan. We look forward to
updating the market on future developments and take this
opportunity to thank our shareholders, employees and advisors for
their continued support."
- Ends -
Enquiries:
CyanConnode Holdings plc
John Cronin, Executive Chairman Tel: +44 (0) 1223 225 060
Yellow Jersey PR (Financial PR) Tel: +44 (0) 20 3004 9512
Felicity Winkles / Sarah Hollins/ Annabel Atkins cyanconnode@yellowjerseypr.com
Arden Partners plc (Joint Broker)
Paul Shackleton / Dan Gee-Summons (Corporate Finance) Tel: +44
(0) 20 7614 5900
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
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END
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