TIDMCYAN
RNS Number : 6083J
CyanConnode Holdings PLC
14 December 2022
14 December 2022
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Interim results for the six months ended 30 September 2022 (H1
FY 2023)
CyanConnode (AIM: CYAN), a world leader in narrowband radio
frequency (RF) mesh networks, announces its interim results for the
six months ended 30 September 2022 (H1 FY 2023).
John Cronin, CyanConnode Executive Chairman, commented:
"Revenue for the six months ended 30 September 2022 met our
expectations. We have, in previous statements, spoken of the
significant contracts secured so far this year and as a result
revenue for the next quarter is expected to be at least three times
higher than the first six months. The Board hopes that this
success, which we have been working towards for some time now, is a
sign of things to come. Consequently, we are pleased to confirm
that we expect to meet market revenue forecasts for the full
financial year ended 31 March 2023.
"Despite a delay to tenders until India's Prime Minister, Shri
Narendra Modi PM, launched the power sector's Revamped Distribution
Sector Scheme, (RDSS) in August 2022, CyanConnode was delighted to
announce its first order for one million Omnimesh Modules from
India. However, at the same time tenders were delayed until India's
Prime Minister, Shri Narendra Modi PM, launched the power sector's
Revamped Distribution Sector Scheme, (RDSS) in August 2022. As we
have previously highlighted, the 'Collection Efficiency' of not
less than 98%, as set out in the RDSS and which CyanConnode
Omnimesh achieves, favours our technology for network communication
and management and as a result our partners are currently busy
tendering for more than 75 million Smart Meters. CyanConnode
therefore expects to announce material orders from India in due
course.
"As well as the positive news flow from India, further
substantial orders were also received from new territories during
the period, including orders from the Middle East and North Africa
(MENA) region worth over USD 9 million.
"Our recent win rate from contracts tendered has been 27% in
volume (this financial year) and installed rate is circa 25%.
CyanConnode is currently bidding for contracts worth more than GBP1
billion in value. Our Partners have recently been named as Level 1
status for greater than 25 million units, which, whilst we don't
expect to win all of them, suggests a bright future and we look
forward to making further announcements in due course."
Financial Highlights
-- Revenue of GBP1.3m (H1 FY 2022: GBP4.1m) which is in line
with the Board's expectations (management forecast that circa 90%
of full financial year revenue will be delivered in H2).
-- Gross profit of GBP0.7m (H1 FY 2022: GBP1.7m)
-- Operating loss of GBP2.4m (H1 FY 2022: loss of GBP1.2m)
-- Cash received from customers of GBP4.5m (H1 FY 2022: GBP3.8m)
-- Cash and cash equivalents at end of period GBP1.0m (H1 FY 2022: GBP1.7m)
Operational Highlights
-- 1,000,000 Omnimesh RF Modules and associated products ordered
from Genus Power Infrastructure Limited (Genus)
-- Two orders won from IntelliSmart Infrastructure Pvt Ltd
(IntelliSmart) for a total of 300,000 Omnimesh RF Modules and
associated products
-- Order worth USD 6.7 million won from MENA for NB-IoT gateways
-- Further new order worth USD 2.5 million won from MENA for Cellular gateways
-- Omnimesh integration implemented for nine new meter types in India
-- RDSS approved by the Government of India
-- Power Distribution Companies in India (DISCOMS) empowered to release tenders under the RDSS
-- CyanConnode's technology aligns with RDSS for network communication and management
Post-Period Highlights
-- GBP0.5 million raised by way of a share subscription
-- Revenue for the quarter ending 31 December 2022 expected to
be three times higher than the first half of the financial year
-- Revenue for the financial year ending 31 March 2023 expected to meet market forecasts
-- Cash collected from customers since the period end of GBP2.3
million taking cash received for the nine-month period to GBP6.8
million
-- Cash at end of November 2022 of GBP1 million
-- Current tenders in India for circa 75 million Smart Meters
following the launch of the RDSS Scheme
-- GBP1 million worth of components purchased to meet current orders
The information contained within this announcement is deemed
to constitute inside information for the purposes of Article
7 of EU Regulation 596/2014 (Market Abuse Regulations) which
is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon publication of this announcement, this inside
information is now considered to be in the public domain.
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865
750
John Cronin, Executive Chairman www.cyanconnode.com
Cenkos Securities plc (Nomad and Joint Tel: +44 (0) 20 7397
Broker) 8900
Stephen Keys / Charlie Combe (Corporate
Finance)
Arden Partners Plc (Joint Broker) Tel: +44 (0) 20 7614
5900
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 .
Chairman's Statement
Financial highlights
Key figures
H1 FY 2023 H1 FY 2022
GBP'000 GBP'000 % Change
Revenue 1,347 4,078 - 67%
============ ============ ==========
Gross profit 665 1,696 - 61%
============ ============ ==========
Operating costs (3,043) (2,900) + 5%
============ ============ ==========
Operating loss (2,378) (1,204) + 97%
============ ============ ==========
Cash 1,033 1,740 - 41 %
============ ============ ==========
Basic and diluted loss per share 0.94p 0.49p +92%
============ ============ ==========
Revenue and Operating Costs
Revenue for the first six months of FY 2023 was in line with
management's expectations. With orders having been won in India for
1.3m Omnimesh modules and associated products during H1 of FY 2023,
and large orders being won for other regions, the Company expects a
significant increase in revenue during the second half of FY 2023.
The increase in operating costs was mainly due to the growth of the
business and increasing inflation rates.
Cash
During the period cash was utilised to purchase stocks of long
lead-time components to support delivery during the remainder of
the financial year. Stock of 350,000 long lead-time components were
held at period end to ensure H2 FY23 deliveries are met.
Accounts receivable
A total of GBP4.5m cash has been collected from customers during
the period (FY22: GBP3.8m), and a further GBP2.3 million since the
period end. Receivables for new contracts in India, signed during
the period and going forward, are expected to be received earlier
than historically due to a change in the business model, (payments
that were previously milestone based will now be received in Equal
Monthly Instalments (EMIs)). Contracts in the MENA region require
payments prior to delivery.
Operational Review
India
The Government of India plans to rollout 250 million smart
meters and tenders for large volumes, which currently total 75
million smart meters, have now been issued.
CyanConnode has had a successful period in India, doubling its
order book in 5 months and significantly increasing its pipeline of
opportunities and key partnerships which include;
-- In May 2022, an order was received for 100,000 Omnimesh RF
Modules together with advanced metering infrastructure,
standards-based hardware, services, Omnimesh head-end software,
perpetual license and an annual maintenance contract, for a smart
metering project in Assam. This order was received from
IntelliSmart, who were the first service provider to use the
Design, Build, Finance, Own, Operate, Transfer (DBFOOT) model and
they also installed the first smart prepaid meter in India under
the RDSS.
-- In June 2022, CyanConnode announced a further order from
Intellismart for the same project for 200,000 Omnimesh RF Modules
together with advanced metering infrastructure, standards-based
hardware, services, Omnimesh head-end software, perpetual license,
and annual maintenance contract.
-- In August 2022, the Group was delighted to announce that its
subsidiary, CyanConnode India Pvt Ltd, won its largest-ever order.
The Order was for 1,000,000 Omnimesh Modules, together with
Advanced Metering Infrastructure, Standards-Based Hardware,
Omnimesh Head-End Software, Perpetual License and a Support and
Maintenance Contract.
In August 2022, the Government of India approved the RDSS to
help DISCOMs improve their operational efficiencies and financial
sustainability by providing result-linked financial assistance to
strengthen supply infrastructure. The 'Collection Efficiency' of
not less than 98%, as set out in the RDSS and which CyanConnode
achieves, favours the Group's technology for network communication
and management, and the RDSS has an outlay of Rs 3,03,758 Crore
(circa GBP30 billion) over 5 years. RDSS mandates compulsory
installation of smart meters across the country.
In addition, the Rural Electrification Corporation floated a
Request for Empanelment (RFE) to allow participation in the RDSS
tenders. This requires Advanced Metering Infrastructure Service
Providers (AMISP) to demonstrate their solutions in a controlled
test environment. Empanelment will be required by all AMISPs to
allow participation in RDSS tenders. Following an initial delay in
the empanelment process, thirty-one companies are now
empanelled.
CyanConnode's Omnimesh mesh networks reliably meet stringent
service level agreements (SLAs) in dense terrain as well as
semi-urban, rural and mountainous regions, this has resulted in its
technology being deployed in approximately 25% of all smart
metering deployments. CyanConnode has a long track record of
successful deployments in India and is regarded as a safe pair of
hands, which is borne out by the strong take-up its Omnimesh
platform. The company is currently integrating its technology into
nine new meter types, a process which is required before new
suppliers enter the Indian market.
APAC and MENA
The smart metering market in the APAC and MENA continues to
mature and presents a significant opportunity for CyanConnode.
In April 2022, an order was won for a smart metering deployment
in the MENA region. Under this contract CyanConnode will supply
65,000 interoperable smart NB-IoT gateways which will communicate
with and control all existing smart meters for both electricity and
water; the gateways will have the capacity to connect up to one
million smart meters. The integration of all variants of water
meters for this project is now complete and ten types of
electricity meters have been integrated out of a total of
twenty-three. A large part of this order is expected to be
delivered during H2 of this financial year.
In August 2022, an order was announced for Cellular Gateways to
provide smart communications for an Advanced Metering
Infrastructure project located in the MENA region. This order,
worth USD 2.5 million, was for a new cellular product to be fitted
to existing electricity meters. The integration of the meters
required for this project is now complete and a large part of this
project is also expected to be delivered during H2 of this
financial year.
CyanConnode continues to deliver The Metropolitan Electricity
Authority (MEA) project with JST's partner Forth (Forth Corporation
Public Company Limited), a telecommunication and electronics
company that provides products and integration services throughout
Thailand. MEA, who serve around 4 million customers in the city of
Bangkok and two adjacent provinces, is deploying a Smart Metro Grid
platform to improve power availability and reliability, as well as
to analyse distribution losses, automate meter reading, and
increase customer satisfaction.
CyanConnode's Omnimesh technology has been integrated into
Forth's electricity meters, using the frequency bands of 442 and
447MMHz, which have been allocated to the Thai energy utilities by
The National Broadcasting and Telecommunications Commission (NBTC)
of Thailand. During the period CyanConnode's scope of the Site
Acceptance Test (SAT) has been successfully delivered.
Post period end developments and outlook
In October 2022, the Company raised GBP0.5 million by way of a
share subscription from an existing shareholder. The net proceeds
of this share subscription will be used for working capital
purposes.
Business has expanded significantly since the end of the period
with revenue in the three months following the end of the period
expected to be more than three times the revenue in the first six
months. In addition, cash collection has continued favourably with
a further GBP2.3 million being collected since the period end,
taking total cash collection to date to circa GBP6.8 million.
Tenders for significant volumes have begun to be awarded in
India. Since the launch of the RDSS in August 2022, tenders for
more than 30 million units have been awarded, with more than 20
million of those units having been awarded since mid-November and
CyanConnode expects to receive material orders from those tenders
in due course.
Consolidated income statement
Note Unaudited Unaudited Audited
6 months 6 months to 12 months to
to 30 September 31 March
30 2021 2022
September GBP000 GBP000
2022
GBP000
============================== ===== ========== ======================== ========================================
Continuing operations
Revenue 1,347 4,078 9,562
Cost of sales (682) (2,382) (4,554)
============================== ===== ========== ======================== ========================================
Gross profit 665 1,696 5,008
Other operating costs (3,043) (2,900) (6,025)
------------------------------ ----- ---------- ------------------------ ----------------------------------------
Underlying operating loss (2,035) (838) (38)
Amortisation and depreciation (243) (296) (616)
Share based payments (100) (70) (363)
------------------------------ ----- ---------- ------------------------ ----------------------------------------
Operating loss (2,378) (1,204) (1,017)
Finance income 11 3 3
Finance costs (49) (61) (164)
============================== ===== ========== ======================== ========================================
Loss before tax (2,416) (1,262) (1,178)
Tax credit 302 333 307
------------------------------ ----- ---------- ------------------------ ----------------------------------------
Loss for the period (2,114) (929) (871)
============================== ===== ========== ======================== ========================================
Loss per share (pence)
Basic 3 (0.94) (0.49) (0.42)
Diluted 3 (0.94) (0.49) (0.42)
============================== ===== ========== ======================== ========================================
Consolidated statement of comprehensive income
Derived from continuing operations and attributable to the
equity owners of the Company
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2022 2021 2022
GBP000 GBP000 GBP000
========================================================== ================== ============== ==============
Loss for the period (2,114) (929) (871)
Exchange differences on translation of foreign operations 425 186 76
========================================================== ================== ============== ==============
Total comprehensive income for the year (1,689) (743) (795)
========================================================== ================== ============== ==============
Consolidated statement of financial position
Unaudited Unaudited Audited
As at 30 September 30 September 31 March
2022 2021 2022
GBP000 GBP000 GBP000
========================================== ============= ==============
Non-current assets
Intangible assets 3,988 4,131 4,093
Goodwill 1,930 1,930 1,930
Fixed asset investments 68 64 58
Property, plant and equipment 33 37 31
Right of use asset 152 25 153
Trade receivables 520 - 458
------------------------------------------ ------------- -------------- ---------
Total non-current assets 6,691 6,187 6,723
========================================== ============= ============== =========
Current assets
Inventories 955 560 159
Trade and other receivables 4,586 7,563 6,993
R&D tax credit receivables 884 276 562
Cash and cash equivalents 1,033 1,740 2,355
========================================== ============= ============== =========
Total current assets 7,458 10,139 10,069
========================================== ============= ============== =========
Total assets 14,149 16,326 16,792
========================================== ============= ============== =========
Current liabilities
Short term borrowing (800) (2,593) (1,867)
Trade and other payables (2,362) (3,612) (2,364)
Corporation tax liabilities (137) - (193)
Lease liabilities (15) (25) (28)
------------------------------------------ ------------- -------------- ---------
Total current liabilities (3,314) (6,230) (4,452)
========================================== ============= ============== =========
Net current assets 4,144 3,909 5,617
========================================== ============= ============== =========
Non-current liabilities
Lease liabilities (137) - (125)
Deferred tax liability (745) (779) (746)
Other payables (97) - (38)
------------------------------------------ ------------- -------------- ---------
Total non-current liabilities (979) (779) (909)
------------------------------------------ ------------- -------------- ---------
Total liabilities (4,293) (7,009) (5,361)
========================================== ============= ============== =========
Net assets 9,856 9,317 11,431
========================================== ============= ============== =========
Equity
Share capital 4,728 4,400 4,726
Share premium account 73,895 71,978 73,883
Own shares held (3,611) (3,253) (3,611)
Share option reserve 1,168 995 1,068
Translation reserve 456 141 31
Retained losses (66,780) (64,944) (64,666)
========================================== ============= ============== =========
Total equity being equity attributable to
owners of the Company 9,856 9,317 11,431
========================================== ============= ============== =========
Consolidated statement of changes in equity
Share Own Shares Share
Share Premium Held Option Translation Total
Capital Account GBP000 Reserve Reserve Retained Losses Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Balance at 1
April
2021 3,735 69,662 (3,253) 925 (45) (64,015) 7,009
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Loss for the
period - - - - - (929) (929)
Other
comprehensive
income for the
period - - - - 186 - 186
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Total
comprehensive
income for
The period - - - - 186 (929) (743)
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Issue of share
capital 665 2,316 - - - - 2,981
Credit to equity
for
share options - - - 70 - - 70
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Total
transactions
with owners 665 2,316 - 70 - - 3,051
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Balance at 30
September
2021 4,400 71,978 (3,253) 995 141 (64,944) 9,317
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Profit for the
period - - - - - 58 58
Other
comprehensive
income for the
period - - - - (110) - (110)
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Total
comprehensive
income for the
period - - - - (110) 58 (52)
Issue of share
capital 326 1,905 (358) - - - 1,873
Credit to equity
for
share options - - - 293 - - 293
Transfer - - - (220) - 220 -
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Total
transactions
with owners 326 1,905 (358) 73 - 220 2,166
---------
Balance at 31
March
2022 4,726 73,883 (3,611) 1,068 31 (64,666) 11,431
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Loss for the
period - - - - - (2,114) (2,114)
Other
comprehensive
income for the
period - - - - 425 - 425
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Total
comprehensive
income for the
period - - - - 425 (2,114) (1,689)
Issue of share
capital 2 12 - - - - 14
Credit to equity
for
share options - - - 100 - - 100
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Total
transactions
with owners 2 12 - 100 - - 114
---------
Balance at 30
September
2022 4,728 73,895 (3,611) 1,168 456 (66,780) 9,856
----------------- --------- ---------- ------------- ---------- -------------------- ----------------- --------
Consolidated cash flow statement
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2022 2021 2022
GBP000 GBP000 GBP000
============================================================== ==============
Net cash outflow from operating activities (Note 4) (143) (2,968) (3,134)
Investing activities
Interest received 11 3 3
Purchases of property, plant and equipment (6) (6) (26)
Capitalisation of software development (109) (76) (259)
(Purchase)/disposal of investments (10) (20) (14)
============================================================== ============== ============== ==============
Net cash used in investing activities (114) (99) (296)
============================================================== ============== ============== ==============
Financing activities
Interest paid (43) (60) (157)
Cash (outflow)/inflow from borrowing - 860 500
Cash net outflow from debt factoring (967) - (366)
Cash outflow from Directors' loan (100) - -
Loan repayment - (385) (385)
Capital repayments of lease liabilities (15) (73) (153)
Interest paid on lease liabilities (6) (1) (7)
Proceeds on issue of shares - 3,151 5,177
Share issue costs - (174) (327)
-------------------------------------------------------------- -------------- -------------- --------------
Net cash from financing activities (1,131) 3,318 4,282
============================================================== ============== ============== ==============
Net (decrease)/increase in cash and cash equivalents (1,388) 251 852
Effects of exchange rate changes on cash and cash equivalents 66 - 14
Cash and cash equivalents at beginning of period 2,355 1,489 1,489
============================================================== ============== ============== ==============
Cash and cash equivalents at end of period 1,033 1,740 2,355
============================================================== ============== ============== ==============
Notes to the Accounts
1. Basis of Preparation
The interim financial statements are for the six months ended 30
September 2022. They do not include all the information required
for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group
for the year ended 31 March 2022, which have been filed at
Companies House. The Group's auditor issued a report on those
financial statements that was unqualified and did not contain a
statement under section 498(2) or section 498(3) of the Companies
Act 2006, however, the auditor's report emphasized the uncertainty
around the Group's ability to continue as a going concern.
These interim financial statements have been prepared in
accordance with UK-adopted International Accounting Standards.
These financial statements have been prepared under the historical
cost convention.
These interim financial statements have been prepared in
accordance with the accounting policies adopted in the last annual
financial statements for the year to 31 March 2022. The accounting
policies have been applied consistently throughout the group for
the purpose of preparation of these interim financial statements
and are expected to be followed throughout the year ending 31 March
2023.
2. Going Concern
To assess the ability of the Group to continue as a going
concern, the Directors have prepared a business plan and cash flow
forecast for the period to 31 March 2024 which, together, represent
the Directors' best estimate of the future development of the
Group. The forecast contains certain assumptions, the most
significant of which are the level and timing of sales and the
timing of customer payments. These detailed cashflow scenarios
include Letters of Credit which have been secured from the
customers against contracts recently won.
The Group's business activities, together with the factors
likely to affect its future development, performance and position,
have been considered in depth as part of the Directors' assessment
of the Group's ability to continue as a going concern. The
Directors have reviewed detailed trading forecasts for H2 of FY23.
An upturn in business activities and revenue is expected during
this period, which will ensure the Group's ability to meet market
expectations for the full financial year. At 30 September 2022 the
Group had cash reserves of GBP1 million (31 March 2022: GBP2.4
million) and based on detailed cash flow provided to the Board to
31 March 2024, there is sufficient cash to see the Group through to
profitability based on its standard operating model. If a more
pessimistic scenario were taken and an assumption were taken that
no cash is received within the next twelve months from any new
orders not currently contracted, and that there were significant
delays to receipts from customers, there is a material uncertainty
relating to the Group's ability to continue as a going concern.
Should the Group experience such downside sensitivities the
directors would first continue to look at measures such as cost
reduction and working capital facilities as ways to conserve cash
within the business. The Company has offers of convertible and
secured loans which it could accept should such a requirement
arise.
To assist with working capital, one Director has extended a
short-term loan of GBP300,000. The Company received a R&D tax
credit of GBP585,000 from HMRC in October 2022 and have an advance
of GBP500,000 in place which is secured against its R&D tax
credit for FY23. The Group also completed a GBP0.5 million
subscription in October 2022.
Notwithstanding the material uncertainties described above,
which may cast significant doubt on the ability of the Group to
continue as a going concern, on the basis of sensitivities applied
to the cash flow forecast, the directors have a reasonable
expectation that the company can continue to meet its liabilities
as they fall due, for a period of at least 12 months from the date
of approval of this report.
3. Loss per Share
The calculation of the basic and diluted loss per share is based
on the following data:
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2022 2021 2022
====================================================================== ==============
Loss for the purposes of basic loss per share being net loss
attributable to equity holders
of the parent (GBP000) (2,114) (929) (871)
====================================================================== ============== ============== ==============
Weighted average number of ordinary shares for the purposes of basic
and diluted loss per
share 225,033,577 188,367,747 205,173,434
====================================================================== ============== ============== ==============
Loss per share (pence) (0.94) (0.49) (0.42)
====================================================================== ============== ============== ==============
The denominations used are the same as those detailed above for
both basic and diluted earnings per share from continuing
operations. However, in accordance with IAS 33 "Earnings Per
Share", potential ordinary shares are only considered dilutive when
their conversion would decrease the profit per share or increase
the loss per share from continuing operations attributable to the
equity shareholders.
4. Reconciliation of Operating Loss to Operating Cash Flows
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2022 2021 2022
GBP000 GBP000 GBP000
======================================================== ============================ ============== ==============
Operating loss for the period: (2,378) (1,204) (1,017)
Adjustments for:
Depreciation of property, plant and equipment 15 13 31
Amortisation of Intangible assets 214 210 432
Depreciation on right of use assets 14 73 153
Foreign exchange 334 (6) 20
Share issued in lieu of service/bonus 14 4 5
Share-option payment expense 100 70 363
-------------------------------------------------------- ---------------------------- -------------- --------------
Operating cash flows before movements in working capital (1,687) (840) (13)
(Increase)/decrease in inventories (796) (349) 52
Decrease/(increase) in receivables 2,410 (1,908) (2,054)
(Decrease)/increase in payables (2) (468) (1,568)
-------------------------------------------------------- ---------------------------- -------------- --------------
Cash reduced by operations (75) (3,565) (3,583)
Income taxes received/(paid) (68) 597 449
-------------------------------------------------------- ---------------------------- -------------- --------------
Net cash outflow from operating activities (143) (2,968) (3,134)
======================================================== ============================ ============== ==============
5. Interim Results
The Group's Interim Results report is available for download on
the Group's website. The report will not be posted to
shareholders.
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