CyanConnode bridges Gulf with timely Dubai deal
Cambridge technology company CyanConnode saw its UK share price tick up almost 10 per cent to an admittedly modest 9.25p after winning a timely piece of international business.
A specialist in Narrowband Radio Frequency Smart Mesh Networks, the business has been engaged by EESL Energy Solutions LLC, Dubai, as technology partner for projects in the Middle East and Africa for smart metering and smart lighting projects.
EESL India is a joint venture of four Indian public-sector undertakings; NTPC Limited, Power Finance Corporation Limited, Rural Electrification Corporation Limited and POWERGRID Corporation of India Limited.
EESL has also established a joint venture in Dubai, partnering with Hansa Energy Solutions to form EESL Energy Solutions LLC.
John Cronin, executive chairman of CyanConnode, said: “I believe this partnership with EESL Energy Solutions will deliver new opportunities for CyanConnode. Offering a range of business models gives a flexible approach to our partnership with EESL and we look forward to collaborating with them to develop and deliver large-scale projects in the Middle East and African markets.”
CyanConnode boosted revenues in the year to March 31, according to a trading update. Revenue was approximately 2.5 times the 15-months to March 2020 of £2.5 million, exceeding market expectations.
Period-end cash and equivalents were slightly ahead to £1.5m (March 2020: £1.2m). Approximately £5.3m cash was received from customers during the 12-month period (15-months to March 2020: £4.1m).
Some 481k modules were shipped to customers during the year (15-months to March 2020: c. 115k).