CyanConnode exceeds full-year revenue expectations

18th Jul 2022 12:53

(Sharecast News) - Smart mesh network technology company CyanConnode said unaudited turnover for its financial year exceeded market expectations at £9.3m, up from £6.4m year-on-year.

The AIM-traded firm said cash at year-end on 31 March totalled £2.4m, rising from £1.5m a year earlier, while cash received from customers during the period totalled £8.2m, up from £5.3m.

A total of 612,000 modules were delivered to customers during the year, growing from 481,000 in 2021.

"The financial year ended 31 March was a record year for CyanConnode in terms of revenue," said executive chairman John Cronin.

"Momentum has continued into the new financial year, especially in the Indian market."

At 1232 BST, shares in CyanConnode Holdings were up 9.19% at 12.83p.

Reporting by Josh White at Sharecast.com.