LONDON (Alliance News) - CyanConnode Holdings PLC on Monday said it traded in line with forecasts in the first five months of 2019 following a "transformational" 2018.
Ahead of its annual general meeting, the wireless communication technology provider noted its revenue almost quadrupled in 2018 to GBP4.5 million.
"Our significant revenue growth in 2018 was attributable to the launch of the standards-based Omnimesh advanced metering infrastructure platform, which allows easy integration and deployment into multiple markets," explained Chair John Cronin.
Omnimesh was launched in June last year and, within six months, it had gained "considerable" commercial traction, especially in CyanConnode's largest market, India, where orders for the period totalled GBP15 million.
Following Narendra Modi's re-election as India's prime minister, the company said it now expect to see renewed activity of the smart meters national programme, resulting in further significant orders for its Omnimesh platform.
In China, CyanConnode signed its first licensing agreement with meter manufacturer Beijing Instruments, which will incorporate the company's technology into its smart meters. In addition to a fee paid each time a unit is manufactured, CyanConnode said it will receive a separate income stream from its Omnimesh platform, which is required to activate a deployment.
In the UK, CyanConnode said it is each month connecting 200,000 SMET2 smart meters to the Data Communications Co under the UK smart meter implementation programme.
Data Communications Co is also known as Smart DCC Ltd, a subsidiary of outsourcing firm Capita PLC.
The UK smart meter implementation programme is a major national infrastructure project that involves the roll-out of 53 million electric and gas meters across the country by 2020.
The CyanConnode SMET2 contract relates to the Central and Southern regions of the UK, where 24 million SMET2 smart meters will be connected to the Smart DCC.
CyanConnode estimates that 2.4 million SMET2 smart meters will be fitted with radio frequency mesh enabled communication hubs in 2019.
Looking ahead, Cronin added: "The first five months of 2019 are performing in line with our expectations, and we remain confident that the company has sufficient capital to execute our business plan."
The stock was trading 2.1% lower on Monday morning at 4.70 pence each.
Capita (CPI)