6th Jun 2016 07:21
LONDON (Alliance News) - Cyan Holdings PLC on Monday said its pretax loss widened in 2015 as it continued to ramp up operations, which also resulted in revenue growing.
Cyan, which designs mesh-based flexible wireless products used for utility metering and lighting control, said pretax loss for the year to the end of December was GBP4.9 million, compared to a GBP3.3 million loss the year earlier, driven by higher research and development spending.
Revenue grew to GBP272,012, up 41% year-on-year from GBP193,550, following a series of contract wins for the company. This included smart meter orders in India and Ghana and a proof of concept and distribution deal in South Africa.
Since the turn of the year, Cyan also secured a GBP10.0 million purchase order for smart metering in Iran, ten-times the size of its previous largest order.
"The last financial year has really demonstrated the value of the investment and momentum that was built in 2014, as our addressable markets continue to grow in terms of global reach and absolute size. We have not only strengthened existing relationships but have established new commercial partners, in new and existing territories," said Executive Chairman John Cronin.
Shares in Cyan were down 1.4% to 0.21 pence Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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