(Sharecast News) - Narrowband mesh networks developer CyanConnode revealed on Thursday that interim turnover had more than quadrupled year-on-year.
CyanConnode said turnover for the six months ended 30 September came to £5.8m, 430% higher than the equivalent period in the prior trading year, while full-year revenues were expected to be in line with market expectations.
The AIM-listed group added that approximately £7.4m in cash was received from customers during the period, up 160% year-on-year, while 503,000 Omnimesh modules were shipped to customers during the period - a 580% increase on FY23.
Chairman John Cronin said: "I am pleased with the progress made during the first half of the financial year, which included winning orders and witnessing a significant increase in revenue compared with H1 FY 2023.
"The rollout in India is gaining momentum, with a significant number of tenders being sanctioned and projects awarded to prime bidders during this period. Currently, we have a backlog of over 2.9m Omnimesh modules in India alone. I'm also pleased to confirm that our revenue for the full financial year ended 31 March 2024 is expected to be in line with market expectations."
As of 1500 BST, CyanConnode shares were up 0.24% at 10.40p.
Reporting by Iain Gilbert at Sharecast.com
Cyanconnode (CYAN)