29th Sep 2015 11:01
LONDON (Alliance News) - Cyan Holdings PLC on Tuesday said its pretax loss widened in the first half of 2015 due to the group spending more on ramping up its operations, but it said it looks well placed to add new customers in its key markets.
The company, which makes mesh-based flexible wireless products for utility metering and lighting control, said its pretax loss in the half to the end of June was GBP2.3 million, up from GBP1.1 million a year before, despite revenue rising to GBP157,238 from GBP65,510. The loss was driven by a big rise in operating costs, up to GBP2.4 million from GBP1.3 million, as the group ramps up its business.
In the half, Cyan won a GBP1 million contract from Enzen Global Solutions Pvt Ltd for a smart metering project in southwest India and signed a letter of intent for a smart metering order from Egypt-based El Sewedy Electrometer Group EMG potentially worth up to USD3.0 million. The group also successfully deployed more than 4,000 smart meters for Tata Power Mumbai, also in India. The group's Indian subsidiary has now been established and has started trading, it said.
"The company remains well placed to add new customers across India, Brazil, Africa and China and to develop existing commercial relationships with utilities through to large scale commercial rollout. The company has a pipeline of potential orders for the remainder of this year and going into 2016 across multiple regions and I look forward to reporting further progress to shareholders in due course," said Executive Chairman John Cronin.
Shares in Cyan were down 8.1% to 0.16999 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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