Cyan reports growing global order pipeline
Cambridge smart metering & lighting technology business Cyan Holdings reports a growing order book on top of a seminal last six months for the UK wireless business.
Executive chairman John Cronin said Cyan also remained well placed to add new customers across India, Brazil, Africa and China in the remainder of 2015 and into next year.
Cyan more than doubled revenue in the six months to June 30 from £65.5k to £157.328 but losses deepened to £2.289 million from £1.273m in the first half of 2014 as the company forged into more global markets.
It left Cyan with cash and equivalents of £628k after a small year-on-year cash burn but fresh money has since been raised.
Cronin said: “Having won the £1m smart metering contract with Enzen in January, announced the successful deployment of Cyan’s solution for Tata Power Mumbai in April, the $3m Letter of Intent from El Sewedy in May and the new funding of £4.6m in June, it has been six months of strong progress for Cyan.
“The company remains well placed to add new customers across India, Brazil, Africa and China and to develop existing commercial relationships with utilities through to large scale commercial rollout.
“The company has a pipeline of potential orders for the remainder of this year and going into 2016 across multiple regions and I look forward to reporting further progress to shareholders in due course.”
Since period-end £4.6m was raised via two equity placings to fund staffing costs for the delivery of customer projects won in India, development and delivery of managed services solutions, business development, customer pilot/project deployments in other regions and further product R & D.
The round was substantially supported by institutional investors, adding Herald Investment Management to the shareholder base as well as winning fresh backing from Legal & General.