(Alliance News) - CyanConnode Holdings PLC on Tuesday expressed a confident outlook going forward, despite Covid-19, as its loss narrowed in 2019 .
The radio frequency mesh networks company reported a pretax loss of GBP5.5 million for 2019 compared to GBP6.3 million a year ago, as operating costs were reduced to GBP6.9 million from GBP9.1 million.
Revenue, however, declined to GBP2.3 million from GBP4.5 million year-on-year due to the Indian general election which delayed the roll-out of a key project and the award of other tenders. The election also caused delays in the awarding of new Indian contracts during the period, CyanConnode explained.
"With demand remaining strong in India and Thailand, the group has made an encouraging start to the first quarter of 2020," said Executive Chair John Cronin.
Looking ahead, CyanConnode said it is confident that it is effectively managing the challenges that Covid-19 presents.
CyanConnode is managing cash and costs and it expects to meet its obligations as and when they fall due. Almost GBP1 million of cash has been received from customers since the end of 2019.
AIM-listed CyanConnode shares were trading 7.7% lower in London on Tuesday at 1.80 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Cyanconnode (CYAN)