London South East caught up with John Cronin, Executive Chairman and Heather Peacock, Group CFO at AIM-listed CyanConnode after they released Half-Year results.
#CYAN's main product is smart meters for utilities using radio wave connectivity. Their two main markets are India and Thailand, with Nigeria amongst those with future potential.
Heather Peacock group CFO told us there has been a significant increase in the number of modules shipped to customers, that gross profit has increased by 74% to £831,000, revenues are up 48% to 1.5M and operating costs and losses are both down.
And significantly, that the revenue for the last 8 months to November (ie beyond the post period end) exceeds the previous 15 months. “We believe we are making great strides in all areas of our business and are really optimistic about the next period.”
John told us: “We are doing well despite uncertainty in the world, and notably we won a substantial follow-on order from the State-owned utility MPWZ for 350,000 of our Omnimesh models worth £6M. This is our second largest order ever, and brings the MPWZ total to 470,000. This is alongside the restart of another order for 430,000 modules from Genus Power."