Acquisition remains on radar for ambitious Cyan
Smart metering and lighting technology business Cyan continues to weigh up a fresh cash raise for a potential strategic acquisition as it continues to scale globally from its Cambridge UK base.
Executive chairman John Cronin (above) stressed the growth agenda as theAIM-quoted company posted its results for the year to December 31.
Revenue was up 41 per cent to £272k but R & D spend increased 70 per cent to £3.126m. The operating loss widened to £4.9 million as opposed to £3.26m the previous year.
But Cronin said the real headlines had been written since the year-end, not least through the transformational £10m purchase order for smart metering in Iran.
The board is considering its financing options to raise additional funding to be used for a potential acquisition and for working capital purposes, although the terms of any potential financing are yet to be agreed.
Also since the end of the year, Cyan has received a follow-on order for a further 5,000 meters from Larson & Toubro for Tata Power and landed an R & D tax credit cash refund of £579,585.
Cronin said: “The last financial year has really demonstrated the value of the investment and momentum that was built in 2014 as our addressable markets continue to grow in terms of global reach and absolute size. We have not only strengthened existing relationships but have established new commercial partners, in new and existing territories. Recent orders further highlighted the scalability of our business model, with the Iran contract being 10 times the size of the previous largest order.
“We look forward to the coming year with confidence and expect to deliver further operational and financial progress.”