(Alliance News) - CyanConnode Holdings PLC on Friday posted a substantially narrowed loss for the year, boosted by record annual revenue and reduced costs.
The narrowband radio frequency technology firm reported a pretax loss of GBP2.7 million for the year ended March 31, narrowed from GBP6.2 million in the previous year's corresponding 15 month period.
The improved bottom line was boosted by falling operating costs, 24% lower at GBP5.8 million. A sharp rise in revenue also helped, hitting GBP6.4 million for the year, compared to GBP2.5 million for the 15-month period in 2020.
"We have been pleased with the company's achievements during the financial year being reported and momentum going into the new one. Despite Covid-19 imposing lockdowns in all countries around the world during our financial year, we've seen our highest annual revenues to date," commented Executive Chair John Cronin.
Despite disruption caused by the pandemic, the number of modules shipped for the year rose sharply to 481,000, up from 86,000 in financial year 2020.
Cambridge, England-based CyanConnode highlighted a number of new contracts it secured in the year, including a previously delayed Indian contract resuming worth INR1 billion or around GBP10.5 million. Momentum has continued into the new financial year, with "several key partnerships" signed and two orders won.
The firm did not propose a dividend for the year, as with financial 2020.
Shares were down 2.1% at 11.50 pence each in London on Friday morning.
By Will Paige; willpaige@alliancenews.com
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Cyanconnode (CYAN)