CyanConnode (LON:CYAN) released a positive trading update on Thursday pointing to significantly higher revenues in 2018, propelled by organic growth in India and the Nordics.
CyanConnode facilitates Internet of Things (IoT) communications with their RF mesh communications technology.
The company have enjoyed higher revenue from a $18.9m Indian order for CyanConnode’s OmniMesh solution. $4m of this order has been recognised in the full year to 31st December 2018 helping revenue rise 400% on 2017FY.
The OmniMesh solution was launched in June 2018 to provide efficiencies in the electricity smart metering.
Smart Metering functionality can assist the distribution of electricity on periods of enhanced demand.
John Cronin, CyanConnode Executive Chairman, commented:
“Meaningful progress has been made during 2018 and I anticipate further progress during 2019. I would like to thank shareholders for their continued support including their further capital investment. I would also like to thank all our staff for their dedication and efforts during the year.”
In addition to the promising growth in India and the Nordics, Cyanconnode has recently signed a license agreement with Chinese based Jingybeifang Instrument Co. Ltd. The agreement licenses the use of CyanConnodes in smart meters.
The deal is reported to be worth $4m and set to commence in the second half of 2019 providing the opportunity for another year of significant top line growth for CyanConnode.