CyanConnode Holdings PLC Trading Update (6277L)
January 14 2021 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 6277L
CyanConnode Holdings PLC
14 January 2021
14 January 2021
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Trading Update for the nine months ended 31 December 2020
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 GBP3.4m for the nine-month period ended December
2020 (GBP1.5m for the six-month period ended September 2020)
-- Period end net cash of GBP1.0m (September 2020: GBP1.0m)
-- Approximately GBP2.9m cash received from customers for the
nine-month period ended December 2020 and a further GBP0.4m
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)
Follow the link to view graph showing cumulative modules shipped
to date:
http://www.rns-pdf.londonstockexchange.com/rns/6277L_1-2021-1-13.pdf
Modules on order
- India Balance
Project Ordered Delivered 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."
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Yellow Jersey PR (Financial PR) Tel: +44 (0) 20 3004 9512
Sarah Hollins/ Annabel Atkins cyanconnode@yellowjerseypr.com
Arden Partners plc (Broker and Nomad) Tel: +44 (0) 20 7614
5900
Paul Shackleton / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
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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