(Alliance News) - CyanConnode Holdings PLC said Tuesday it has agreed to a GBP400,000 unsecured loan from two directors, which will go towards working capital to fund growth.
Under the loan terms, the radio frequency mesh networks maker can borrow GBP400,000 in total from Executive Chair John Cronin and Non-Executive Director Peter Tyler over a period of 12 months.
In addition, CyanConnode confirmed that revenue for the six months to the end of September beat the same period a year before by 50%. Revenue then was GBP1.0 million, suggesting interim revenue this year of GBP1.5 million.
"CyanConnode has reached a pivotal point in the deployment of its products against recently won contracts. We are now shipping larger volumes than at any point in the company's history. I am therefore pleased to be able to provide this loan for working capital to assist CyanConnode's future growth," Cronin said.
Shares in CyanConnode were up 8.4% at 6.02 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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