CyanConnode leaps after follow-on orders from Genus and Toshiba
CyanConnode's shares leapt on Tuesday after it received follow-on orders for its RF mesh technology from Genus Power Infrastructures Ltd and Toshiba Information Systems (UK) Ltd.
India-based smart metering and power infrastructure company Genus has ordered a further 4,050 smart metering units for which the AIM traded company expects to recognise revenues in the second half of 2019.
This follows an initial order of 23,000 smart meters that was placed in July 2017 and was the first order from India for an IPv6-6LoWPAN-based technology.
John Cronin, executive chairman of CyanConnode , said: "In June 2019 Bloomberg reported that 'India is considering a plan to install smart meters in every home and business as part of its ongoing effort to turn around the country's ailing power sector, according to officials with knowledge of the situation.'. Following this report and Narendra Modi's re-election as India's Prime Minister, we expect to see renewed activity of the Smart Meters National Programme in H2 2019."
Meanwhile, the Toshiba order is worth approximately £213,000 and concerns service enhancements relating to the UK Smart Metering Implementation Programme, with revenues also expected to be recognised in the second half of the year.
CyanConnode's shares were up 15.24% at 6.05p at 1204 BST.