CyanConnode reports record revenue as it moves towards profitability

Mesh network technology company CyanConnode reported a 49% improvement in revenue in its final results on Tuesday, to £9.6m, making for its highest annual revenue to date.

The AIM-traded firm said gross profit increased 61% to £5m for the 12 months ended 31 March, while its operating loss narrowed 62% to £1m, as the group moved towards profitability.

Adjusted EBITDA profit totalled £0.1m, swinging from a loss of £1.9m in 2021, while its cash position increased 58% to £2.4m at year-end.

“We've been delighted with the results achieved during the financial year being reported, which showed record revenues being achieved, and a positive adjusted EBITDA,” said executive chairman John Cronin.

“2022 also saw record numbers of modules being shipped and record cash being collected.

“Since the year end we have announced orders for a total of 1.3 million units in India, and orders for new products in a new territory - the MENA region.”

Cronin said the company was currently integrating with nine new meter types.

“In India, the new RDSS has been launched and the empanelment process is progressing, allowing more tenders to be released.

“Momentum in the markets in which we operate continues to grow, and we're looking forward to continued success in the current financial year.”

At 1050 BST, shares in CyanConnode Holdings were down 3.29% at 17.65p.

Reporting by Josh White at Sharecast.com.