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CyanConnode sees revenue topping market expectations as cash collection improves
StockMarketWire.com
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Radio Frequency networks supplier CyanConnode said it expects annual revenue to top market expectations following an increase cash collection from customers.
For the financial year ended 31 March 2021, revenue was approximately 2.5 times the 15-months to March 2020 of £2.5m, exceeding market expectation, the company said.
'With deployments being secured against Letters of Credit or advance payments, cash collection has significantly improved, and together with ongoing cost control, our cash position at 31 March 2021 is higher than at 31 March 2020,' the company said.
Approximately £5.3 million cash received from customers during the 12-month period, up from £4.1 million during the 15-months to March 2020.
Modules shipped to customers rose to 481,000, up from 115,000.
Looking ahead, the company said it also expect revenues to materially increase during the current financial year and note market expectations of £8.8 million of revenue for the financial year ended 31 March 2022.
At 8:43am:
Story provided by StockMarketWire.com
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