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13 May 2019 | 10:14

CyanConnode slashes losses on cost cuts, bumper revenue growth

CyanConnode slashed its losses as cost cuts and a surge in revenue bolstered performance.

For the 12 months ended 31 December, pre-tax loss narrowed to £6.3m, compared with a loss of £11.14 m a year earlier, as revenue rose 350% to £4.5m.

Revenue growth had been underpinned by strict cost control, supported by the streamlining of European operations, with operating costs falling 22% year-on-year, the company said. In 2018, CyanConnode launched Omnimesh, an Internet Protocol version 6 (IPv6) standard based smart metering platform, for which the company had secured over £15m of new orders to date. Momentum had continued into the first quarter and indicated that full year results would be in line with market expectation. 'CyanConnode will enter H2 2019 with a backlog of orders and as a result, 2019 revenues are expected to show further increase over 2018 revenues, with further improvement of the visibility of revenues going forward,' the company said.

At 10:14am: (LON:CYAN) CyanConnode PLC share price was -0.9p at 5.85p

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