CyanConnode revenue up 570 per cent
CyanConnode, which specialises in narrowband radio mesh networks, increased revenues by 570 per cent to £1.823 million in the year to December 31.
Although the Cambridge company’s operating loss widened by 62 per cent to £7.939m, executive chairman John Cronin (pictured) said a strong order book and opportunities for fresh business would continue the drive towards profitability.
He said the business had achieved significant financial and operational milestones during the period. “We won our largest contract to date and completed the successful acquisition and integration of Connode.
“Our narrowband mesh networks are ideally suited to machine-to-machine communication where mobile networks cannot effectively operate. This capability means the company’s combination of hardware and software turnkey solutions continue to gain worldwide market recognition.
“We shall continue to strengthen relationships with existing customers and pursue with vigour new clients and further alliances with influential channel partners. Our ability to deliver real world energy and operating efficiencies underpins our confidence that 2017 will be another transformational year for the company.
“The current year has already started strongly with a $5.4m purchase order for a utility customer in Bangladesh. We also have several exciting near-term opportunities in place and a strong order pipeline, including follow-on orders from existing customers.
“We are delighted to have successfully evolved our business model and product range, with growing recurring software licence sales set to underpin further strong growth as we continue to drive towards profitability.”