CyanConnode Holdings PLC has released a trading update for the financial year ended 31 March 2024, indicating that the company's revenue is expected to significantly surpass market expectations. The update highlights key achievements, including a substantial increase in cash received from customers, a significant rise in the delivery of Omnimesh modules and NBIoT gateways, and a notable increase in orders for various regions, particularly India, Thailand, and the MENA region. The company also announced the establishment of an entity in the UAE to promote business in the MENA region.
John Cronin, CyanConnode's Executive Chairman, expressed his delight at the exceptional performance, emphasizing the substantial growth in order books, particularly in India, where cumulative orders for Omnimesh modules stand at approximately 6.6 million. The company anticipates a significant increase in deliveries of Omnimesh modules in FY25. Additionally, expected deliveries on the backlog as at the end of FY24 are projected to cover approximately 80% of FY25 revenue expectations.
The post-period has commenced positively, with an additional order from IntelliSmart under a Strategic Agreement signed in February 2023. The company also announced that John Cronin and Heather Peacock will participate in a Q&A session for investors in the coming weeks.
CyanConnode Holdings PLC, a global leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is well-positioned to capitalize on the increasing global demand for smart metering solutions through its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform. The company's self-forming and self-healing RF Smart Mesh Networks are designed for rapid deployment, offering exceptional performance and competitive total cost of ownership. Through a Global partner eco-system, the company has several routes to market, making it well-positioned to capitalize on the growing demand for smart metering solutions.
For more information, visit www.cyanconnode.com.