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(Alliance News) - CyanConnode Holdings PLC said Thursday it is "unlikely" to meet market expectations for 2019 amid delays to securing "significant" Indian contracts.
Shares in CyanConnode were 36% lower at 2.60 pence in London on Thursday.
In September, the narrowband radio frequency mesh networks developer had said it expected to secure "substantial Indian contracts" by the end of October after delays to new tenders caused by the general election in the country.
On Thursday, CyanConnode explained the award of these contracts continues to take longer than expected. Despite this, it continues to expect them to be secured in coming weeks.
As a consequence, CyanConnode now believes it is unlikely to meet market expectations for 2019.
CyanConnode has carried out a review of its order book.
The firm said a USD48 million order from NIK LLC announced in 2017 was still to be rolled out, with discussions ongoing. The deal - covering three years - is intended to cover territories including Bangladesh and Ukraine, but revenue is not expected from these orders in the "near term".
Overall, the order book excluding the NIK contracts stands at GBP40 million. The firm remains "satisfied" it has "sufficient" cash to execute its strategy.
In 2018, CyanConnode recorded a GBP6.3 million pretax loss on revenue of GBP4.5 million.
By Ahren Lester; ahrenlester@alliancenews.com
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