29th Sep 2014 10:24
LONDON (Alliance News) - Cyan Holdings PLC Monday posted a slightly smaller pretax loss for the first half of 2014, supported by higher revenue and stable cost of sales.
The integrated system and software design company reported a pretax loss of GBP1.27 million for the six months to June 30, compared with a loss of GBP1.30 million in the first half of 2013.
Revenue in the period increased to GBP65,510, up from GBP51,512 a year earlier, although despite the revenue increase, cost of sales edged down to GBP30,170, from GBP34,619 the prior year.
"Cyan is now in the process of deploying our smart metering and lighting solutions in India, Brazil and China. The two orders we received in June and July for smart metering deployments at Tata Power Mumbai and Essel Utilities in India were quickly followed by a substantial smart lighting order from China. Additionally Cyan has now deployed multiple pilots in Brazil and opened up an additional emerging market opportunity in South Africa," said Executive Chairman John Cronin in a statement.
The company recently raised GBP3.5 million before expenses via a share placing to help fund and exploit commercial opportunities in emerging markets.
Cyan shares were down 3.0% Monday morning, trading at 0.320 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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