CYAN's "transformational" £10m sale in Iran boosted results
Companies: CyanConnode Holdings plc
Cyan Holdings (LSE: CYAN), announced its half year results for the period ending 30 June this morning, reporting revenue up 554% over the first half of 2015.
The company has started to ramp up operations with a big increase in revenue of £1.029m vs £157k in the previous period (H115), representing a 554% increase. However, the group has yet to reach a profitable position, posting an operating loss of £2.89m (up 25%), or 0.04p per share. The company is in a strong cash position with cash and cash equivalents up to £2.3m (3.77x H115).
During the period, the company delivered two contracts worth £1.5 million to Enzen Global Solutions, as well as completing a "transformational" £10m purchase order for smart metering in Iran. The group also completed an agreement with JST Group in Thailand to distribute smart metering technology there.
John Cronin, Executive Chairman, commented:
"This was a pivotal period for the Group as we significantly enhanced our capabilities and offering. Clearly the major developments were the purchase order in Iran, the game-changing acquisition of Connode as well as the increase in revenues...
...We have a strong pipeline in place across multiple markets and very much look forward to converting it into more orders in the coming months. Furthermore, our end-to-end solutions provide increasing scope for us to enter new territories whilst the Group is also benefiting from increased visibility due to the nature of our software licensing agreements..."
