Cyanconnode Share News (CYAN)

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8.75 0.00 (0.00%)

Bid:

8.70

Ask:

8.80

Spread: 0.10 (1.149%)

Market Cap: £30.80m

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Mon, 30th Sep 2013 14:16

LONDON (Alliance News) - Cyan Holdings PLC Monday reported narrowed losses for the first half of the year as it cut costs, but revenues declined as it focused on providing smart meters in India.

The company reported a loss of GBP1.2 million for the six months to June 30 compared with a loss of GBP1.5 million a year earlier, even though revenues declined to GBP51,512, from GBP192,923.

The company said it remains in talks about providing its smart metering and smart lighting products around the world, and those talks give it confidence for the future.

"The recent meeting with India's Minister for Power confirmed their ambition to supply electricity to all households by 2017 through smart grid technologies. This provides enormous confidence that India remains an exciting and significant opportunity for Cyan," Chairman John Cronin said in a statement.

Separately, the company said it had appointed Simon Smith as Chief Financial Officer.

Cyan Holdings shares were up 2.2% at 0.419 pence Monday afternoon.

By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1