TIDMCYAN
RNS Number : 1196F
CyanConnode Holdings PLC
06 July 2023
6 July 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Trading Update for the financial year ended 31 March 2023
CyanConnode Holdings plc (AIM: CYAN), a global leader in
Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to
provide a trading update for the financial year ended 31 March 2023
("FY23").
Highlights for the period
-- Unaudited turnover for FY23 shows substantial growth against
FY22 revenue, and is broadly in line with market expectations
[1]
-- H2 FY23 revenue significantly greater compared to GBP5.5m for H2 FY22
-- Cash at 31 March 2023 of GBP4.1m compared to GBP2.4m at 31 March 2022
-- Cash received from customers was approximately GBP10.7m compared to GBP8.2m in FY22
-- Higher proportion of revenue from Middle East, albeit on
lower margin hardware, affecting forecast overall gross margin.
While it is too early to determine at this stage, it is expected
that as a result Adjusted EBITDA will also be lower than market
expectation
-- 391k Omnimesh modules delivered to customers
-- 46k NBIoT gateways and 63k cellular gateways delivered to customers
-- Orders for 2.3m Omnimesh modules received in FY23 compared to
a total of 1.3m modules for all previous years
Post Period Highlights
-- Order received for 600k Omnimesh modules
-- Order book to date for India alone consists of 4.2 million units
-- Revenue for Q1 FY24 is expected to be greater than GBP2.8m,
more than double the revenue for H1 FY23
-- 291k Omnimesh modules delivered in Q1 FY24
-- GBP3.6m cash received from customers in Q1 FY24
John Cronin, CyanConnode's Executive Chairman, commented :
"The financial year ending on 31 March 2023, marked another
exceptional period for CyanConnode in terms of revenue and order
bookings, continuing the fourth consecutive year of growth. The
positive momentum observed during the second half of the year,
particularly in the final quarter, has carried over into the new
financial year, predominantly in the Indian market. I am pleased to
report that our revenue for Q1 FY24 already surpasses H1 FY23, as
we continue to fulfil our order book.
While the Indian market remains our largest and most promising
market, CyanConnode's global growth is ongoing, with significant
interest across all markets. We anticipate providing further
updates in our forthcoming complete set of results, which will be
released in due course."
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865 750
John Cronin, Executive Chairman www.cyanconnode.com
Strand Hanson Limited (Nominated and Financial Adviser) Tel: +44 (0) 20 7409 3494
James Harris
Richard Johnson
David Asquith
Zeus Capital Limited (Broker) Tel: +44 (0) 20 3829 5900
Simon Johnson
Alexandra Campbell-Harris
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
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.
[1] The majority of the Group's revenues are received in rupees
for India and US dollars for the rest of world, whilst accounts are
reported in Pound Sterling. Foreign exchange volatility can have an
impact on the reported figures. Company forecasts during 2022 used
a rate of 1.15 against the USD and 95 against the Rupee
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