Trading and Business Update

RNS Number : 7102R

CyanConnode Holdings PLC

31 October 2019

 

31 October 2019

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Trading and Business Update

CyanConnode (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, today provides the following trading and business update.

In September 2019 CyanConnode announced that the Company had expected to secure substantial Indian contracts by the end of October following delays in new tenders being awarded caused by the Indian General Election.  The award of these contracts continues to take longer than anticipated, and while they are still expected to be secured in the coming weeks, the Company is now unlikely to meet market expectations for 2019.

CyanConnode has carried out a review of its order book.  In 2017, orders worth $48 million received from NIK LLC were announced, for territories including Bangladesh and Ukraine, with deployments expected to be over a three-year period.  Whilst the Company is still in dialogue with NIK LLC regarding a rollout of these orders, the Board does not believe revenue will be received from those orders in the near term.  The Company's current order book, (excluding the NIK LLC contracts), is now £40 million.

The Directors are satisfied that the Company has sufficient cash resources to execute on its strategy.

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Enquiries:

CyanConnode Holdings plc	Tel: [phone]
John Cronin, Executive Chairman	www.cyanconnode.com
Arden Partners Plc (Nomad and Broker)	Tel: [phone]
Paul Shackleton / Dan Gee-Summons (Corporate Finance) Simon Johnson (Corporate Broking)
Yellow Jersey PR (Financial PR) Sarah Hollins/ Annabel Atkins	Tel:  [phone] [e-mail]
About CyanConnode CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication.  As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership. In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company. Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions. For more information, please visit www.cyanconnode.com. The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

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