Business
AGM Statement
AGM Statement.
About this update from Cyanconnode Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6007B CyanConnode Holdings PLC 10 June 2019 \n\n\n 10 June 2019\nCyanConnode Holdings plc\n(\"CyanConnode\" or the \"Company\")\n \nAGM Statement\n \nCyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, will be holding its Annual General Meeting (\"AGM\") today at 14:00hrs at Trowers & Hamlins LLP, 3 Bunhill Row, London, EC1Y 8YZ.\n \nJohn Cronin, Chairman of CyanConnode, will update shareholders with the following statement:\n \n\"2018 was a transformational year for CyanConnode, seeing revenue growth of 281% to £4.5m, improved gross margins of 452% to £2.7m and a 22% reduction in operating costs to £9.1m (or £8.1m excluding stock impairment, foreign exchanges gains / losses and share based payments).\n \n\"Our significant revenue growth in 2018 was attributable to the launch of the standards-based Omnimesh Advanced Metering Infrastructure (AMI) platform, which allows easy integration and deployment into multiple markets. Omnimesh was launched in June 2018 and within six months it had gained considerable commercial traction, especially in our largest market, India, where orders for the period totalled £15m. \n \n\"India is poised to be the second fastest growing adopter of smart metering globally, with the estimated number of smart meters targeted to increase from the current level of less than 0.5 million me...