Cambridge RF technology specialist CyanConnode Holdings increased revenue by 49 per cent to £9.6 million in the year ended March 31 – its highest annual revenue to date.
It also reported an increase of 61 per cent in gross profit to £5m and a decrease of 62 per cent in operating loss to £1m as it heads towards profitability. CyanConnode improved its cash position by 58 per cent to £2.4m.
Executive chairman John Cronin said record numbers of modules were shipped and record cash collected in the year.
CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.