CyanConnode has signed a number of important partnerships
CyanConnode (LON:CYAN), the IoT technology innovator, confirmed on Friday that its operating loss for the financial year to March 2021 narrowed by 57% to £2.7m.
However, CyanConnode’s revenue jumped to £6.4m from £2.5m a year prior.
The board of the company remains optimistic regarding its outlook approaching the remainder of 2022.
CyanConnode signed a number of important partnerships, as well as winning two new orders since the beginning of the year.
The AIM-listed firm also confirmed the appointment of a new senior management team in India, where a number of projects will begin following the easing of restrictions.
“We look forward to further order announcements during this financial year, and to delivering the backlog of orders won in previous periods,” CyanConnode said.
The CyanConnode share price is down by 2.13% during the morning session on Friday following its results.
“The market in India is picking up again after its second lockdown during April and May 2021, and we were pleased to receive a contract from Schneider in August 2021 for 152,000 Omnimesh modules and associated gateways, services, Head End Software and support and maintenance services. This further increases the backlog we are delivering in India,” said John Cronin, Executive Chairman of CyanConnode.
“Along with the orders received for Thailand in July 2021 and an African deployment in August 2021, we look forward to an even more successful financial year ahead.”
Earlier this week CyanConnode confirmed it received a contract for a smart metering deployment in Africa.
The firm said it would supply 100,000 ‘Omnimesh’ modules together with advanced metering infrastructure, services, Omnimesh head-end software, a perpetual licence, and an annual maintenance contract.