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8.75 -0.15 (-1.69%)

Bid:

8.70

Ask:

8.80

Spread: 0.10 (1.149%)

Market Cap: £30.80m

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Cyanconnode secures major new contract

Wed, 28th Aug 2024 09:45

(Sharecast News) - Radiofrequency networks business Cyanconnode said on Wednesday that it had scored a major new contract from a global partner for 6.5m Omnimesh modules to be used in various smart metering projects in India.

Cyanconnode said its supply of Omnimesh modules was expected to commence during H225, with the installations for each project to then be completed within 27 months and followed by a 93-month support and maintenance contract.

The AIM-listed group said approximately 70% of the contract will be paid during the installation phase, while the remaining 30% will be paid for in equal monthly instalments over the duration of the support and maintenance contract.

Executive chairman John Cronin said: "I am delighted to announce Cyanconnode's largest order to date from a global partner, with whom we have successfully collaborated on various projects over the years. This order nearly doubles our order book for India, increasing it from 6.6m units to 13.1m units, and solidifies our position in India's nationwide smart metering rollout."

As of 0945 BST, Cyanconnode shares were up 2.51% at 8.0p.

Reporting by Iain Gilbert at Sharecast.com