16 April 2024
CyanConnode Holdings
plc
("CyanConnode" or
the "Company")
Trading Update For The
Financial
Year Ended 31
March 2024 (FY 24)
CyanConnode Holdings plc (AIM:
CYAN), a global leader in Narrowband Radio Frequency (RF) Smart
Mesh Networks, is pleased to provide a trading update for the
financial year ended 31 March 2024 (FY24).
Highlights for the period
· Revenue expected to materially exceed market
expectations
· £16.9m cash received from customers (FY23: £10.7m)
· 1.37m Omnimesh modules delivered to customers (FY23:
391k)
· 55.2k NBIoT gateways delivered to customers (FY23:
46.3k)
· 2.7m Omnimesh modules ordered for India (FY23: 2.3m), of which
circa 540k were delivered in FY24
· 106k Omnimesh cellular modules ordered for Thailand
· 52.3k NBIoT hubs ordered for MENA (Middle East and North
Africa) region (FY23: 65k)
· Expected deliveries on our backlog as at the end of FY24 will
cover approximately 80% of FY25 revenue expectations
The post-period has started on a positive note,
with an additional order from IntelliSmart under a Strategic
Agreement signed in February 2023. Business in other regions
remains buoyant, and the company is pleased to announce that it is
in the process of establishing an entity in the UAE (United Arab
Emirates) to promote business in the MENA (Middle East and North
Africa) region.
John Cronin,
CyanConnode's Executive Chairman,
commented:
"FY24 marked another exceptional period for
CyanConnode in terms of our strategic footprint and revenue, and
I'm delighted to announce that we expect revenue to materially
exceed market expectations.
During the period, our order books continued to
grow; for India alone, cumulative orders stand at approximately 6.6
million Omnimesh modules. To date, we have successfully delivered
around 2.8 million Omnimesh modules, and we anticipate that
deliveries of Omnimesh modules will significantly increase during
FY25. It is encouraging to see that
expected deliveries on our backlog as at the end of FY24 will cover
approximately 80% of FY25 revenue
expectations."
The Company would also like to advise that John
Cronin and Heather Peacock will be participating in a Q&A
session for investors in the coming weeks. Further details will be
provided in due course.
- Ends
-
Enquiries:
CyanConnode Holdings plc
Tel:
+44 (0) 1223 865 750
John Cronin, Executive Chairman
www.cyanconnode.com
Strand Hanson Limited (Nominated and Financial Adviser)
Tel: +44 (0) 20 7409 3494
James Harris
Richard Johnson
David Asquith
Zeus
Capital Limited (Broker)
Tel: +44 (0) 20 3829
5900
Simon Johnson
Louisa Waddell
About
CyanConnode
CyanConnode (AIM:CYAN.L), is a world
leader in Narrowband Radio Frequency (RF) Smart Mesh Networks,
which are used for machine to machine (M2M) communication. As
well as being self-forming and self-healing, CyanConnode's RF Smart
Mesh Networks are designed for rapid deployment, whilst giving
exceptional performance and competitive total cost of
ownership.
In June 2018, CyanConnode launched
its award-winning Omnimesh Advanced Metering Infrastructure (AMI)
platform, which has already gained considerable commercial
traction, especially in India which is a key market for the
Company.
Through a Global partner eco-system,
which is vendor agnostic, CyanConnode has several routes to market,
therefore it is well positioned to capitalise upon increasing
Global demand for smart metering solutions.
For more information, please
visit www.cyanconnode.com
The information contained within
this announcement is deemed to constitute inside information for
the purposes of Article 7 of EU Regulation 596/2014 (Market Abuse
Regulations) which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018. Upon publication of this announcement,
this inside information is now considered to be in the public
domain.