Cyan Holdings narrows losses

28th Mar 2011 11:53

Semiconductor company Cyan Holdings narrowed losses in the year to 31 December and reported an upswing in orders in the first quarter of 2011.Pre-tax losses at the company, whose technology is focused on lighting control, utility metering and industrial uses, fell to £2.95m from £3.13m as revenues rose to £139,000 from £96,000."Despite a difficult two years for the group, I am now convinced that 2011 will be a major turning point for us," said chief executive Kenn Lamb. "Our order book for lighting control products is growing strongly, in particular from China and India where we are increasingly well positioned with utility companies and government departments considering our electricity metering solutions."RG