Cyan chief predicts transformational year
Smart metering and lighting company Cyan Holdings is on the cusp of a transformational year, according to chairman John Cronin.
The Cambridge UK wireless business has announced a 40 per cent rise in still modest revenues for the last financial year and a very slight drop in operating loss. But Cronin says the ground has been prepared for a more lucrative 2015.
In the year to December 31, Cyan revenues were £193.55k and operating loss down to £3.26 million.
The company spent £1.84m – 25 per cent up on the previous year – on Research & Development. It ended the year with 43 per cent more cash at £2.34m but only thanks to a £3.5m fundraising.
Commercial orders were received from Tata Power Mumbai and Essel Utilities in India and Cyan signed a teaming agreement with Vodafone Machine to Machine. The company also received an order for smart street lighting solutions in China.
Cyan put its stall in the marketplace by participating in multiple pilots across India and Brazil while growing its potential reach to Sub-Saharan Africa and increasing its eco-system of partners in target markets across the globe.
Cronin believes Cyan is about to cross the ROI Rubicon. He said: “During 2014 and post period end we have successfully built and consolidated our position in multiple emerging markets.
“We have won multiple contracts in India for the commercial deployment of Cyan’s smart metering technology and recently reported that the Tata Power smart metering project has been successful.
“The Cyan board and management team have been significantly strengthened and we are now firmly established as a leader in our chosen markets.
“Over the next 12 months we expect the rate of adoption of smart metering and smart lighting technology to accelerate in our chosen markets and we remain very well placed to profit from this.”
Since the period end – additional to the Tata trial success – Cyan has received a smart metering purchase order worth around £1m from a publicly owned Indian utility and confirmed a presence in South Africa through a distribution agreement and proof of concept order.