CyanConnode Holdings PLC Trading Update (6277L)

TIDMCYAN

RNS Number : 6277L

CyanConnode Holdings PLC

14 January 2021

14 January 2021

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Trading Update for the nine months ended 31 December 2020

CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to provide a trading update for the nine-month period ended 31 December 2020.

Highlights

-- Revenues of GBP3.4m for the nine-month period ended December 2020 (GBP1.5m for the six-month period ended September 2020)

   --      Period end net cash of GBP1.0m (September 2020: GBP1.0m) 

-- Approximately GBP2.9m cash received from customers for the nine-month period ended December 2020 and a further GBP0.4m received to date during January 2021

-- 259k modules shipped to customers during the nine-month period ended December 2020 (92k shipped during the six-month period ended September 2020)

Follow the link to view graph showing cumulative modules shipped to date: http://www.rns-pdf.londonstockexchange.com/rns/6277L_1-2021-1-13.pdf

 
Modules on order 
 - India                               Balance 
 Project           Ordered  Delivered   remaining 
-----------------  -------  ---------  ---------- 
JVVNL(1)           281,782  81,202     200,580 
JVVNL(2)           149,089  65,057     84,032 
Tangedco           142,069  39,000     103,069 
MPWZ               350,000  16,050     333,950 
-----------------  -------  ---------  ---------- 
Total              922,940  201,309    721,631 
 

John Cronin, CyanConnode Executive Chairman, commented:

"We have made solid progress during the current financial year and I am particularly pleased with the level of Module deployments in India. These deployments are secured against Letters of Credit, which has significantly improved our cash collection, and with ongoing cost control, our cash position is at a similar level to March 2020.

"CyanConnode is now delivering higher volumes of Modules than at any point during the Company's history and we expect increased demand for deliveries during the remainder of this financial year. I look forward to releasing further updates in due course."

- Ends -

Enquiries:

CyanConnode Holdings plc Tel: [phone]

John Cronin, Executive Chairman www.cyanconnode.com

Yellow Jersey PR (Financial PR) Tel: [phone]

Sarah Hollins/ Annabel Atkins [e-mail]

Arden Partners plc (Broker and Nomad) Tel: [phone]

Paul Shackleton / Dan Gee-Summons (Corporate Finance)

Simon Johnson (Corporate Broking)

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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January 14, 2021 02:00 ET (07:00 GMT)