CyanConnode revenues up and losses down
Cambridge technology company CyanConnode has bolstered revenues and cut losses for the six months to September 30.
A world leader in narrowband radio frequency mesh networks, CyanConnode boosted revenue by 172 per cent to £4.1 million; gross profit was up 104 per cent to £1.7m and the operating loss reduced by 26 per cent to £1.2m. The company has slightly more cash – £1.7m as opposed to £1m the prior year.
Executive chair John Cronin said: “I am pleased with the continued successful deployment of projects, which has resulted in a significant increase of revenue for the first half of the financial year ending March 31, 2022.
“As with many companies, there have been challenges which impacted our business during the period. The year started with further Covid-19 lockdowns and ongoing component shortages, which resulted in higher costs and longer lead times.
“Nevertheless, we have been able to continue manufacturing and shipping our products to meet customer requirements on time. Despite these challenges, I believe CyanConnode will meet market expectations for the current financial year.”