26th Jan 2016 09:26
LONDON (Alliance News) - Cyan Holdings PLC on Thursday said it was confident on delivering further growth in 2016 with a good order book in place and expectations for a significant rise in revenue as orders it has won in the past are converted into sales.
Cyan, which makes mesh-based flexible wireless products for utility metering and lighting control, said it continued to make progress in growing its presence in the Indian smart meters market in 2015, including two major contract wins, along with a letter of intent signed by the company for a smart meter contract in Ghana.
The group said its order book for 2016 looks healthy and should translate into higher revenue than in previous years as the orders it has secured are converted into sales.
"Having further strengthened our foundations for growth during 2015 there is huge opportunity for further scalability throughout India, China, Brazil and sub-Saharan Africa. As such, we expect trading during 2016 to reflect our growing ability to win and service new orders," said John Cronin, Cyan's executive chairman.
Shares in Cyan were down 3.6% to 0.147 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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