11th May 2015 09:08
LONDON (Alliance News) - Cyan Holdings PLC said Monday that 2015 has started well with a GBP1 million order win, as it posted a flat pretax loss for 2014.
Cyan produces systems and software for utility metering and lighting control.
It posted a pretax loss of GBP3.3 million for 2014, unchanged from 2013, as a slight rise in revenue to GBP193,550 from GBP137,996 was offset by higher cost of sales. The company strengthened its sales and marketing team during the year, and made some senior appointments in Asia, and the Europe, Africa, Americas and Australasia regions.
The company has not proposed a dividend, and said it does not plan to adopt a dividend policy in the immediate future as it will be investing all of its funds in the further development of its business.
Following the year end it won a purchase order worth around GBP1 million from Enzen Global Solutions Pvt Ltd. It will supply over 21,000 smart meters and associated hardware and software, it now expects the first set of meters to be deployed in the next three to four months, with the remainder delivered by the end of 2015.
"Over the next twelve months, we expect the rate of adoption of smart metering and smart lighting technology to accelerate in our chosen markets, and we remain very well placed to profit from this," Chairman John Cronin said in a statement.
Shares in Cyan Holdings are trading down 3.5% at 0.280 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Cyanconnode