Last checked at 7 Jul 2015 07:00
7 July 2015
Cyan Holdings plc
("Cyan" or the "Company")
Trading Update
Cyan Holdings plc (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control, provides a trading update for the six months ended 30 June 2015, which is in line with management's expectations.
Activities during the first half built on the momentum achieved during the previous year as the Company worked towards further commercialising its smart metering and lighting solutions. As such, the Company continued to increase its eco-system of partners, expand its geographic reach and strengthen its sales and marketing teams.
Successful delivery of the smart metering project at Tata Power Mumbai ("Tata Power") helped to underpin revenue growth during the first half to around £150,000, more than double of that achieved for the same period last year, which stood at £65,510.
Key milestones during the period also included the £1M order for a full end to end smart metering solution for Enzen Global Solutions Pvt Ltd/Chamundeshwari Electricity Supply Corporation Limited in India as well as the Letter of Intent from El Sewedy Electrometer Group EMG ("El Sewedy"), which could be worth $3M to Cyan upon conversion into a purchase order. Cyan has also announced the successful implementation of the Company's smart metering solution by Tata Power. This is believed to be the first 865MHz Advanced Metering Infrastructure ("AMI") commercial volume deployment in India.
The Company has very recently raised additional funding of £4.6M gross and is now well funded to seek to secure more orders and increase revenues. The two recently hired Vice Presidents, Mark Coyle and Vikas Kashyap, are fully engaged in driving forward commercial engagements and seeking new orders in their respective regions.
Outlook
The Directors of the Company believe that Cyan's strong ecosystem of partners and positioning within target growth markets mean that it is well placed to take advantage of a growing number of opportunities, while also building on existing relationships with key customers including El Sewedy and Larsen & Toubro.
The Company is focused on developing existing agreements, has identified a pipeline of potential new contracts and looks forward to updating the market further in due course. As such, the Board remains confident that these will result in further revenue growth opportunities during the remainder of the year.
John Cronin, Executive Chairman of Cyan commented:
"There were a number of significant developments during the period and we remain well placed to develop operations in all four continents that we operate in. Through our eco system of partners, we are bidding for a number of orders and are also hopeful that a number of commercial pilots will come to fruition during the second half. We very much look forward to updating the market in due course."
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Enquiries:
Cyan Holdings plc John Cronin, Executive Chairman
| Tel: +44 (0) 1954 234 400 www.cyantechnology.com |
Allenby Capital Limited Nominated Adviser and Joint Broker Jeremy Porter / Alex Brearley
| Tel: +44 (0)20 3328 5656
|
Beaufort Securities Limited Joint Broker Jon Belliss
| Tel: +44 (0)20 7382 8300 |
Walbrook PR Financial PR Paul Cornelius / Nick Rome | Tel: +44 (0)20 7933 8780 cyan@walbrookpr.com |
About Cyan
Cyan is an integrated system design company based in Cambridge, UK. It provides a communication platform that enables the measurement and control of energy consumption for the metering and lighting markets, helping to reduce energy losses. Cyan's wireless mesh networking platform offers 'last mile' connectivity between millions of devices and enterprise software, supporting bilateral communications with the end customer.
For more information, please visit www.cyantechnology.com.