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17 Jan 2019 | 09:43

CyanConnode expects 'significantly' higher revenue amid strong growth in India, Nordics

CyanConnode said Thursday it expected to deliver revenues 'significantly' above that of last year as India and the Nordics bolstered organic growth.

CyanConnode expected revenues for 2018 would be approximately £4.7m, up 400% on last year’s £1.17m.

Following the launch of Omnimesh in June 2018, ‘significant progress’ was made and revenue in India exceeded CyanConnode's 2018 India business plan forecast, with orders to the value of $18.9m received from customers to date, of which approximately $4m had been delivered in the period, the company said.

Performance in the Nordics, meanwhile, was boosted by two orders, including an order for perpetual software licenses and annual maintenance fees for an initial period of 10 years.

The company decided against recognising revenue from the hardware technology license agreement in China on an upfront basis, deeming it 'prudent for revenue to be recognised upon module production rather than a one-off sum so that revenue is in line with underlying activity.’

CyanConnode forecasts 2019 revenue would be ‘significantly higher’ than 2018.

At 9:43am: (LON:CYAN) CyanConnode PLC share price was +0.4p at 9.25p

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