CyanConnode delivers highest annual revenue to date
(CYAN ) said it has made positive progress this year with the group delivering its highest annual revenue to date, approximately 2.5 times the previous financial period.
In a trading update for the financial year ended 31 March 2021, the Group, which operates in Narrowband Radio Frequency Smart Mesh Networks, said it has continued to pursue a number of opportunities amid the pandemic which it expects “to bear fruit in due course.”
The Group reported that revenue for the 12-month period to March 2021 had exceeded market expectation, coming in at 2.5 times than the 15-months to March 2020 of £2.5m.
CyanConnode said it had received around £5.3m in cash received from customers during the 12-month period compared to £4.1m in the 15-months to March 2020 while the Company ended the period with cash and cash equivalents of around £1.5m (March 2020: £1.2m).
In addition, the company said 481,000 modules were shipped to customers during the 12-month period ended March 2021 compared to 115,000 in the 15-months to March 2020.
Shares in CyanConnode have increased by over 20% in value since the beginning of 2021. The stock was trading 17.29% higher this morning at 7.8p as a result of the announcement.
"I'm delighted with the progress made during the financial year ended 31 March 2021, which has delivered our highest annual revenue to date, approximately 2.5 times the previous financial period,” commented John Cronin, Executive Chairman of CyanConnode.
He added that: “With deployments being secured against Letters of Credit or advance payments, cash collection has significantly improved, and together with ongoing cost control, our cash position at 31 March 2021 is higher than at 31 March 2020.”"
“This has been an extremely challenging year due to the Covid-19 pandemic, nevertheless we have continued to pursue a number of opportunities which we expect to bear fruit in due course. We also expect revenues to materially increase during the current financial year and note market expectations of £8.8m of revenue for the financial year ended 31 March 2022."
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