CyanConnode Holdings PLC Ranked 2nd Fastest-Growing UK Company in India

TIDMCYAN

CyanConnode Holdings PLC

15 November 2023

15 November 2023

CyanConnode Holdings plc

("CyanConnode" or the "Company")

CyanConnode Ranked 2(nd) Fastest-Growing UK Company in India

CyanConnode Holdings plc (AIM: CYAN), a global leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that its Indian subsidiary, CyanConnode Pvt Ltd, has been recognised as the second fastest-growing UK company in India, according to the prestigious Britain Meets India (BMI) 2023 report.

The BMI 2023 report, a collaborative effort by Grant Thornton Bharat, the Confederation of Indian Industry (CII), and supported by the UK government's Department for Business and Trade (DBT), identifies and ranks the fastest-growing UK businesses based on their operational growth and employment contribution in India.

Key Highlights of the BMI 2023 Report:

   --    CyanConnode Pvt Ltd has been ranked as the second fastest-growing UK company in India. 
   --    The report analysed 635 UK-owned or controlled companies in India. 

-- Companies featured in the report have shown an annual turnover of more than INR 500 million and at least 10% year-on-year revenue growth.

-- The collective turnover of these companies is approximately INR 4,888.4 billion (GBP51 billion), employing around 666,992 people.

-- The UK-India bilateral trade relationship is valued at over GBP35 billion, with the UK being a significant investor in India.

CyanConnode Pvt Ltd specialises in Smart Internet of Things (IoT) communication solutions for Advanced Metering Infrastructure (AMI) in India, particularly in the design and development of Narrowband RF mesh networks that support Omni IoT communications. The company's innovative approach to smart metering communications infrastructure has led to the installation of over 1.5 million RF nodes across India, significantly enhancing service delivery, business efficiency, energy savings, and carbon emission reduction for its customers.

John Cronin, Executive Chairman of CyanConnode, commented :

"We are honoured to be recognised by the BMI 2023 report as one of the fastest growing UK companies in India. This accolade is a testament to our team's hard work and the strong relationships we have built with our customers in India. We remain committed to delivering innovative solutions that contribute to the smart infrastructure of the future."

For more details on the BMI 2023 report and CyanConnode's operations, investors and interested parties can refer to the full report - https://www.grantthornton.in/en/insights/articles/britain-meets-india-report-2023/

The company looks forward to continuing its growth trajectory in India and contributing to the strengthening of UK-India trade and investment ties.

Ends -

Enquiries:

CyanConnode Holdings plc Tel: [phone]

John Cronin, Executive Chairman www.cyanconnode.com

   Strand Hanson Limited (Nominated and Financial Adviser)         Tel: [phone] 

James Harris, Richard Johnson, David Asquith

Zeus Capital Limited (Broker) Tel: [phone]

Simon Johnson, Alexandra Campbell-Harris

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

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November 15, 2023 02:00 ET (07:00 GMT)