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(Alliance News) - CyanConnode Holdings PLC on Monday said that revenue in its recently ended financial year will exceed market expectations as momentum continues into the current financial year.
Shares in the Cambridge, England-based narrowband radio frequency technology firm were up 9.6% to 12.88 pence each in London on Monday morning.
CyanConnode said that revenue in the year to March 31 exceeded market expectations of GBP9.3 million, up from GBP6.4 million the year prior.
Further, the company said that cash at March 31 was up 60% to GBP2.4 million from GBP1.5 million year-on-year. It added that it received GBP8.2 million in cash from customers during the period compared to GBP5.3 million the year before.
Also, 612,000 modules were delivered to customers during the period, up 27% from 481,000 the year prior.
Executive Chair John Cronin said: "The financial year ended March 31, 2022, was a record year for CyanConnode in terms of revenue. Momentum has continued into the new financial year, especially in the Indian market."
By Sophie Rose; sophierose@alliancenews.com
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