Cyanconnode FY revenues more than double

Radiofrequency networks developer Cyanconnode said on Wednesday that revenues for the year ended 31 March were more than double the £2.5m seen in the 15-months ended March 2020.

Cyanconnode said it had delivered its highest annual revenue to date, approximately 2.5 times the previous financial period and ahead of market expectations.

As a result, approximately £5.3m in cash was received from customers during the year, up from £4.1m in the prior period, leaving the AIM-listed firm with period-end cash and cash of about £1.5m.

Cyanconnode also highlighted that 481,000 modules had been shipped to customers during the 12-month period ended March 2021, a marked increase on the 115,000 shipped during the 15-months ended March 2020.

Chairman John Cronin said: "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."

As of 0830 BST, Cyanconnode shares had shot up 15.28% to 7.67p.