CyanConnode revenues soar in 'transformational' year

Radiofrequency networks specialist CyanConnode's chairman John Cronin told investors at the group's annual general meeting on Monday that revenues had grown significantly in its "transformational" 2018 trading year.

CyanConnode saw revenue grow 281% to £4.5m, while also witnessing an improvement in gross margins of 452% to £2.7m and a 22% reduction in operating costs to £9.1m.

The AIM-listed firm attributed the revenue growth to the launch of its standards-based Omnimesh Advanced Metering Infrastructure platform, which was launched in June 2018 and within six months had gained "considerable commercial traction".

CyanConnode's chair also highlighted the fact that during 2018, the company signed its first licensing agreement with "well-established Chinese meter manufacture" Beijing Instruments, which will incorporate Cambridge-based group's technology into its smart meters.

Looking forward, Cronin said: "The first five months of 2019 are performing in line with our expectations and we remain confident that the company has sufficient capital to execute our business plan."

As of 1030 BST, CyanConnode shares had dipped 2.08% to 4.70p.