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(Alliance News) - CyanConnode Holdings PLC on Thursday said that it has made pleasing progress in the first half, propped up by winning orders and a "significant" increase in revenue.
For the six months to September 30, the Cambridge, England-based narrowband radio frequency mesh networks provider posted revenue of GBP5.8 million, multiplied from GBP1.4 million a year prior.
CyanConnode said GBP7.4 million in cash was received from customers during the period, up from GBP4.5 million the previous year.
Omnimesh modules proved more popular than the year before, with 503,000 shipped to customers in the first half, up from 86,000 year-on-year.
Meanwhile, 1.4 million modules were ordered by IntelliSmart Infrastructure Pvt Ltd for three new utility customers. IntelliSmart is a New Delhi, India-based smart metering and digital solutions provider.
"I am pleased with the progress made during the first half of the financial year, which included winning orders and witnessing a significant increase in revenue compared with [the previous half]," said Executive Chair John Cronin.
Looking ahead, Cronin noted: "The rollout in India is gaining momentum, with a significant number of tenders being sanctioned and projects awarded to prime bidders during this period. Currently, we have a backlog of over 2.9 million Omnimesh modules in India alone."
Revenue for the full year ending March 31 is expected to be in line with market expectations, though CyanConnode didn't specify what these were.
CyanConnode shares were trading 1.2% higher at 10.50 pence each in London on Thursday.
By Holly Beveridge, Alliance News reporter
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