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17 Jul 2019 | 08:56

CyanConnode sees fall in operating losses amid increase in orders

CyanConnode said it expected operating losses to fall by 16% in the first half of the year after securing a number of follow on orders in India and Europe for its smart metering application. For the six months ended 30 June 2019, operating losses were reduced by 16% to £3.0m, while revenue was expected to be in the region of £1m.

The company said it had seen a pick in business activity in India after the Indian general elections which took place during the half had impacted the number of new tenders awarded in the market.

Following the re-election of Narendra Modi as Indian Prime Minister, CyanConnode said it expected to see a material acceleration of the Indian Smart Meters National Programme.

'Since the general elections closed in May 2019, we have seen in country business activity resume to normal, which we believe will result in increased contract orders from our key market and in-turn significantly higher revenues in H2 2019 than the whole of 2018,' the company said.

'The growth in India and the demand from the rest of the world gives the Board confidence that we will meet full year market expectations.' At 8:56am: (LON:CYAN) CyanConnode PLC share price was -0.4p at 5.5p

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