(Sharecast News) - Narrowband radio mesh networks business Cyanconnode said on Tuesday that full-year revenues were expected to "materially exceed" market expectations.
Cyanconnode received £16.9m in cash from customers in the twelve months ended 31 March, up from £10.7m a year earlier, as 1.37m Omnimesh modules were delivered to customers, surging from 391,000 in the prior year.
The AIM-listed group stated that 2.7m Omnimesh modules were ordered for India, while 106,000 Omnimesh cellular modules were ordered for Thailand.
Cyanconnode also highlighted that expected deliveries on its backlog will cover approximately 80% of FY25 revenue expectations.
Chief executive John Cronin said: "FY24 marked another exceptional period for Cyanconnode in terms of our strategic footprint and revenue, and I'm delighted to announce that we expect revenue to materially exceed market expectations.
"During the period, our order books continued to grow; for India alone, cumulative orders stand at approximately 6.6m Omnimesh modules. To date, we have successfully delivered around 2.8m Omnimesh modules, and we anticipate that deliveries of Omnimesh modules will significantly increase during FY25."
As of 1105 BST, Cyanconnode shares were up 2.75% at 8.22p.
Reporting by Iain Gilbert at Sharecast.com
Cyanconnode (CYAN)