CyanConnode Holdings PLC on Tuesday said it expects to meet full-year expectations, after reporting higher interim revenue.
CyanConnode is a Cambridge, England-based narrowband radio frequency mesh networks provider.
In the six months ended September 30, revenue climbed to £5.8 million from £1.3 million a year earlier. CyanConnode noted that this is in line with expectations.
Its pretax loss narrowed to £2.2 million from £2.4 million.
Looking ahead, CyanConnode said it expects full-year revenue to meet market expectations. The company’s financial year runs to March 31.
Executive Chair John Cronin said: ‘The Indian smart metering market and the Revamped Distribution Sector Scheme continues to gather momentum with tenders for more than 220 million smart meters having been sanctioned to date.
‘CyanConnode is experiencing a period of rapid growth and has won orders for a total of 5.3 million Omnimesh modules to date in India alone, with a significant portion of these (4 million) having been won during the past 18 months.’
Shares in CyanConnode were down 2.4% to 9.52 pence each in London on Tuesday afternoon.
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