CyanConnode sees full-year revenue nearly halve due to contract delays

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CyanConnode Holdings PLC (LON:CYAN) slipped on Friday after posting lower full-year revenues due to delays in contracts because of the Indian General Elections.

The smart meter networks provider noted that it had experienced further delays to these orders, worth £15mln, amid the coronavirus pandemic but was allowed to restart them in June.

The group also said it is also working on projects in Thailand and Sweden which are expected to be converted to revenue and cash.

In the 15 months to March 31, 2020, CyanConnode saw its revenue slump by 44% to £2.5mln compared to the previous period which corresponded to the 12 months to December 2018.

The group’s loss before tax was 2% lower at £6.2mln, and the AIM-listed firm said it is not planning to pay dividends anytime soon.

Shares dropped 10% to 3.5p early on Friday.

–Adds shares–

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