CyanConnode warmed by Indian summer
AIM-quoted CyanConnode, which specialises in narrowband radio frequency mesh networks, posted interim revenues of £1.637million to June 30 – which is 40 per cent higher than 2017 full year revenues.
The operating loss fell to £3.315m from almost £4.8m year-on-year and was a significant improvement on the loss of £11.15m for 2017 full year. Cash burn was modest and the company holds £2.752m.
Executive chairman John Cronin said: “My focus is to deliver CyanConnode’s order book and for the company to become cashflow positive as soon as possible.
“I am encouraged by the progress made in India, a key contributor to the revenue growth in H1. CyanConnode’s experience in India and the suitability of its technology has strengthened its market position. I am very confident that India presents CyanConnode with a vast opportunity.
“During the period CyanConnode officially launched Omnimesh, its IPv6 based technology that is designed to support global communication standards.
“With an increasing magnitude of deployments, CyanConnode is seeing increasing opportunities for large scale license-based contracts that offer high-margin business.”
• PHOTOGRAPH SHOWS: John Cronin