CyanConnode on track to meet full-year forecasts

Smart narrowband mesh network technology company CyanConnode said in a trading update on Wednesday that turnover for the first nine months of its financial year totalled £6.8m, up from £3.4m year-on-year.

The AIM-traded firm said it had cash at period end on 31 December of £1.1m, broadly in line with the £1m it recorded a year earlier.

Around £5.9m of cash was received from customers in the period, growing from £2.9m.

CyanConnode said it delivered 455,000 modules to customers in the nine-month period, compared to 259,000 year-on-year, while gateway deliveries to customers improved to 3,100 from just 200 a year ago.

“We have continued to make solid progress during the financial year with successful deployments which have led to record turnover and cash collection,” said executive chairman John Cronin.

“I am also pleased to confirm that the company expects to meet market forecasts for the current financial year.”

At 1432 GMT, shares in CyanConnode Holdings were down 2.37% at 20.99p.