(Alliance News) - CyanConnode Holdings PLC shares rose on Tuesday, after it said it expects financial 2024 revenue to be "materially" ahead of market expectations.
CyanConnode is a Cambridge, England-based developer of narrowband radio frequency mesh networks. Its shares were up 8.0% to 8.64 pence each in London on Tuesday around midday.
In the financial year ended March 31, CyanConnode said revenue is expected to materially exceed market expectations.
It added that it has delivered 1.37 million Omnimesh modules delivered to customers, up from 391,000.
CyanConnode said the post-period has started on "a positive note". It noted that it is in the process of establishing an entity in the United Arab Emirates to promote business in the Middle East and North Africa region.
Executive Chair 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 6.6 million Omnimesh modules. To date, we have successfully delivered around 2.8 million Omnimesh modules, and we anticipate that deliveries of Omnimesh modules will significantly increase during FY25. It is encouraging to see that expected deliveries on our backlog as at the end of FY24 will cover approximately 80% of FY25 revenue expectations."
By Sophie Rose, Alliance News senior reporter
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Cyanconnode (CYAN)