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CyanConnode Holdings PLC on Tuesday said record annual revenue pushed it closer towards profitability.
Pretax loss in the financial year to March 31 narrowed to £1.2 million from £2.7 million a year prior.
Revenue for the financial year to March 31 jumped by 50% to £9.6 million from £6.4 million, its highest annual revenue to date.
CyanConnode shares were down 4.9% to 17.35 pence each in London on Tuesday morning following the announcement. The stock remains up 39% over the past 12 months.
‘We've been delighted with the results achieved during the financial year being reported, which showed record revenues being achieved, and a positive adjusted earnings before interest, tax, depreciation and amortisation. Financial year 2022 also saw record numbers of modules being shipped and record cash being collected,’ said Executive Chair John Cronin.
The narrowband radio frequency smart mesh networks firm added its business ‘has continued on its growth path and is currently integrating with a further nine meter models, giving access to a larger number of opportunities.’
The report comes a day after the Cambridge-based firm said its Indian subsidiary received an order for one million Omnimesh modules, its largest order so far.
CyanConnode said it is not planning to declare any dividends in the future as it focuses on developing its business.
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