TIDMCYAN
RNS Number : 2201X
CyanConnode Holdings PLC
19 December 2023
19 December 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Interim results for the six months ended 30 September 2023 (H1
FY 2024)
CyanConnode (AIM: CYAN), a world leader in narrowband radio
frequency (RF) mesh networks, announces its unaudited interim
results for the six months ended 30 September 2023 (H1 FY
2024).
John Cronin, CyanConnode Executive Chairman, commented:
"The Indian smart metering market and the Revamped Distribution
Sector Scheme (RDSS) continues to gather momentum with tenders for
more than 220 million smart meters having been sanctioned to
date.
CyanConnode is experiencing a period of rapid growth and has won
orders for a total of 5.3 million Omnimesh modules to date in India
alone, with a significant portion of these (4 million) having been
won during the past 18 months.
Orders have continued to be won in other territories too, such
as the order announced in October from the MENA region, which was a
follow-on order from the contract announced in April 2022.
We can confirm that revenue is expected to meet market
expectations and look forward to updating on further progress in
due course."
Financial Highlights
-- Revenue of GBP5.8m (H1 FY 2023: GBP1.3m) which is in line with management's expectations
-- Gross profit of GBP1.8m (H1 FY 2023: GBP0.7m)
-- Operating loss of GBP2.2m (H1 FY 2023: GBP2.4m)
-- Cash received from customers of GBP7.4m (H1 FY 2023: GBP4.5m)
-- Cash and cash equivalents at end of period GBP0.9m (FY 2023: GBP4.1m)
Operational Highlights
-- Three orders won from IntelliSmart Infrastructure Pvt Ltd
(IntelliSmart) for a total of 1.4 million Omnimesh RF Modules and
associated products, under the strategic agreement announced in
February 2023, taking the total order book for India to 5 million
Omnimesh modules
-- CyanConnode India recognised as Dun and Bradstreet 'Start-Up 50 Trailblazer'
-- Memorandum of Association (MOU) signed with Alfanar to
explore opportunities in Advanced Metering Infrastructure (AMI)
projects
-- 503,000 modules shipped in H1 of FY24 vs 391,000 shipped in the whole of FY 2023
-- Investment into recruitment, to scale up the business, and
research and development to develop further products in response to
market demand
Post-Period Highlights
-- Order won for a further 300,000 Omnimesh modules and
associated products from IntelliSmart, taking the Company's total
order book for India to 5.3 million modules, of which 3.1 million
are yet to be shipped
-- Letter of award (LOA) received for a follow-on smart metering
deployment in the Middle East and North Africa (MENA) region
-- Cash collected from customers since the period end of GBP2.4m
taking cash received for the financial year to date to GBP9.8m
-- Cash at end of November 2023 of GBP1.1m , with a further
GBP0.6m received from customers in December 2023
-- GBP2.7m (before expenses) raised in November 2023 through an
oversubscribed placing and subscription, together with the issue of
warrants at an exercise price of 15.0 pence per ordinary share,
which would provide a potential further GBP4.1m if fully
exercised
-- Current market share of installed smart metering base in India of approximately 25%
-- Win ratio in India in terms of tenders to date of 40%, and 25% in terms of volumes
-- CyanConnode India recognised as second fastest-growing UK
company in India according to the prestigious Britain Meets India
(BMI) 2023 report
-- CyanConnode ranked as 12th fastest-growing business in the
Midlands and East of England, according to the 2023 Fast Growth 50
index
-- Indian smart metering market continues to gather momentum -
current tenders for more than 220 million Smart Meters have been
sanctioned to the end of November 2023, with almost 100 million
being awarded to prime bidders, typically Advanced Metering
Infrastructure Service Providers (AMISPs)
-- Revenue for the financial year ending 31 March 2024 is forecast to meet market expectations
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865
750
John Cronin, Executive Chairman www.cyanconnode.com
Strand Hanson Limited (Nominated and Tel: +44 (0) 20 7409
Financial Adviser) 3494
James Harris / Richard Johnson / David
Asquith
Zeus Capital Limited (Broker) Tel: +44 (0) 20 3829
5000
Simon Johnson, Louisa Waddell
About CyanConnode
CyanConnode (AIM:CYAN.L) is a world leader in Narrowband Radio
Frequency (RF) Smart Mesh Networks, which are used for machine to
machine (M2M) communication. As well as being self-forming and
self-healing, CyanConnode's RF Smart Mesh Networks are designed for
rapid deployment, whilst giving exceptional performance and
competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh
Advanced Metering Infrastructure (AMI) platform, which has already
gained considerable commercial traction, especially in India which
is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic,
CyanConnode has several routes to market, therefore it is well
positioned to capitalise upon increasing Global demand for smart
metering solutions.
For more information, please visit www.cyanconnode.com .
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018.
Chairman's Statement
Financial review
Key figures
H1 FY 2024 H1 FY 2023
GBP'000 GBP'000 % Change
Revenue 5,775 1,347 + 329%
============ ============ ===============
Gross profit 1,810 665 + 172%
============ ============ ===============
Operating costs (3,987) (3,043) + 31%
============ ============ ===============
Operating loss (2,177) (2,378) - 8%
============ ============ ===============
EBITDA (2,008) (2,135) - 6%
============ ============ ===============
Adjusted EBITDA (1,916) (2,128) - 10%
============ ============ ===============
Cash 945 1,033 - 9 %
============ ============ ===============
Basic and diluted loss per share 0.72p 0.94p - 23%
============ ============ ===============
Revenue and Operating Costs
Revenue for the first six months of FY 2024 was in line with
management's expectations, and 4.3 times the revenue for the same
period of FY 2023. With orders having been won in India for 1.4
million Omnimesh modules during the period, and a further order for
0.3 million Omnimesh modules won since period end, as well as order
backlog from projects won in FY 2023, the Company expects a
significant increase in revenue during the second half of FY 2024.
Gross margins are weaker than H1 FY 2023 as H1 FY 2024 has been
hardware sales intensive, including lower margin sales of
third-party hardware in territories outside India. Gross margins
for hardware in India remain as expected. The increase in operating
costs was largely due to increased headcount to meet the growth of
the business.
Cash
During the period cash was utilised to both purchase stocks of
long lead-time components to support delivery during the remainder
of the financial year, (stock of 360,000 long lead-time components
were held at period end to allow H2 FY24 deliveries to be met) and
investing in recruitment to support growth.
Accounts receivable
A total of GBP7.4m cash was collected from customers during the
period (compared to GBP4.5m for the entirety of FY 2023), and a
further GBP2.4m since the period end. In the period, our contract
assets, reported in the non-current assets part of the balance
sheet, increased to GBP2.4m (FY 2023: GBP2.1m), where revenue has
been recognised in accordance with IFRS 15, and will be paid for
over the period of the contract. The remainder of trade receivables
included in non-current assets related to accrued income from
contracts. Approximately 44% of cash collection during H1 FY 2024
related to trade receivables from FY 2023 and a further 17% of FY
2023 trade receivables have been collected since period end.
GBP1,124k of trade receivables has been collected via invoice
discounting and reflected as short-term borrowings in the balance
sheet as required by IFRS. The net value of trade receivables in
the current section of the balance sheet after taking this into
account is therefore GBP8,056k less GBP1,124k = GBP6,932k (FY23
GBP7,224k less GBP426k = GBP6,798k) (see Note 4).
Operational Review
India
The Government of India plans to rollout 250 million smart
meters through tenders for large volumes, of which tenders for more
than 220 million smart meters had been sanctioned to the end of
November 2023.
The table further below is a summary taken from
https://www.nsgm.gov.in/en/sm-stats-all which lists all tenders
sanctioned, along with the numbers of meters awarded and deployed
to date. The highlighted sections in green show the utilities in
which CyanConnode has deployed Omnimesh modules. While contracts
for almost 100 million smart meters have been awarded to date,
these awards have been to prime bidders who are typically AMISPs,
and there can be a delay of a few months between the award of the
contract to the AMISP and the subsequent award to subcontractors
such as CyanConnode.
CyanConnode has seen its strategic agreement with IntelliSmart
(signed February 2023) begin to take effect, with three orders
placed in H1 FY 2024 under the agreement, and a fourth placed
following the end of the period as set out below. In addition to
the modules, the orders include advanced metering infrastructure,
standards-based hardware, services, Omnimesh head-end software,
perpetual license, and annual maintenance contracts.
-- In May 2023, an order was received for 600,000 Omnimesh RF
Modules, for the Pachimanchal Vidyut Vitran Nigam Ltd (PVVNL) smart
metering project in Uttar Pradesh
-- In July 2023, an order was received for 300,000 Omnimesh RF
Modules, for the Dakshin Gujarat Smart Metering Private Limited
(DGVCL) smart metering project in Gujarat
-- In August 2023, an order was received for 500,000 Omnimesh RF
Modules, for the Power Grid Corporation of India Limited (PGCIL)
smart metering project for Madhya Gujarat Vij Company Limited
(MGVCL) in Gujarat
-- In October 2023, an order was received for 300,000 Omnimesh
RF Modules, for the South Bihar Power Distribution Company Ltd
(SBPDCL) smart metering project
APAC and Middle East
The smart metering market in the APAC and Middle East continues
to mature and presents a significant opportunity for
CyanConnode.
During the period CyanConnode continued to deploy its contract
for the MENA region which was announced in April 2022. In October
2023, the Company was pleased to announce a follow-on order for
this project, and shipments for this order are now underway.
Additionally, the Metropolitan Electricity Authority (MEA) Smart
Grid Project, won in December 2019 continues to roll out in
Thailand. The Company has now also provided its Cellular Network
Interface Cards (CNICs) which are successfully connecting to the
network.
Post period end developments and outlook
Orders
In October 2023, an order for a further 300,000 Omnimesh modules
and associated products was won from IntelliSmart, taking the
Company's total order book for India to 5.3 million modules, of
which 3.1 million are yet to be shipped. In addition, a letter of
award was received for a follow-on smart metering deployment in the
MENA region. This follow-on contract builds upon the first MENA
order announced by the Company in April 2022 and is for
CyanConnode's cellular communications product, which will be
deployed to connect smart electricity and smart water meters. Under
the LOA, CyanConnode will supply cellular hubs, with a capacity to
connect 1.41 million devices. Delivery of the first hubs has now
commenced, with the full contract expected to be delivered over the
next 12 months.
As of the end of November 2023, CyanConnode has won orders for
5.3 million Omnimesh modules in India alone, with 2.2 million
shipped to the end of November 2023, leaving a backlog still to be
shipped of 3.1 million. CyanConnode's presence in the market
represents 25% of the total installed base, and its win rate is 25%
in terms of volumes and 40% in terms of tenders awarded.
Cash
On 9 November 2023 CyanConnode Holdings plc raised GBP2.7
million (before expenses) through an oversubscribed placing of
19,188,500 ordinary shares of 2.0 pence each and a subscription for
8,000,000 New Ordinary Shares. In addition, each subscriber in the
Placing and the Subscription has been issued one Investor Warrant
(as defined in the placing announcement of 8 November 2023) for
each new Ordinary Share subscribed for. Each Investor Warrant has
an exercise price of 15.0 pence per ordinary share. If exercised in
full, the Investor Warrants would result in the issue of a total of
27,188,500 further new Ordinary Shares, raising a further
GBP4.1m.
Cash as at the end of November 2023 was GBP1.1m. Cash collected
from customers since the period end was GBP2.4m taking cash
received for the eight-month period to the end of November 2023 to
GBP9.2m, plus GBP0.6m received from customers since the end of
November 2023.
Awards and recognition
In November 2023, CyanConnode was pleased to announce that its
subsidiary in India had been recognised as the second
fastest-growing UK company in India according to the prestigious
Britain Meets India (BMI) 2023 report. Additionally, the Company
was ranked as 12th fastest-growing business in the Midlands and
East of England, according to the 2023 Fast Growth 50 index.
Consolidated income statement
Note Unaudited Unaudited Audited
6 months 6 months to 12 months to
to 30 September 31 March
30 2022 2023
September GBP000 GBP000
2023
GBP000
====================================== =============== ========== ======================== ========================================
Continuing operations
Revenue 5,775 1,347 11,732
Cost of sales (3,965) (682) (7,518)
=================================================== ========== ======================== ========================================
Gross profit 1,810 665 4,214
Exceptional item: impairment of intangible assets - - (968)
Other operating costs (3,987) (3,043) (6,593)
Operating loss (2,177) (2,378) (3,347)
Amortisation and depreciation 169 243 489
Share based payments 100 100 224
Stock impairment - - 102
Impairment of intangible assets - - 968
Foreign exchange (gains)/losses (8) (93) 8
--------------------------------------------------- ---------- ------------------------ ----------------------------------------
Adjusted EBITDA (1,916) (2,128) (1,556)
--------------------------------------------------- ---------- ------------------------ ----------------------------------------
Finance income 8 11 35
Finance costs (72) (49) (136)
=================================================== ========== ======================== ========================================
Loss before tax (2,241) (2,416) (3,448)
Tax credit 367 302 1,042
--------------------------------------------------- ---------- ------------------------ ----------------------------------------
Loss for the period (1,874) (2,114) (2,406)
=================================================== ========== ======================== ========================================
Loss per share (pence)
Basic 3 (0.72) (0.94) (1.03)
Diluted 3 (0.72) (0.94) (1.03)
=================================================== ========== ======================== ========================================
Consolidated statement of comprehensive income
Derived from continuing operations and attributable to the
equity owners of the Company
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2023 2022 2023
GBP000 GBP000 GBP000
========================================================== ============== ================= ==============
Loss for the period (1,874) (2,114) (2,406)
Exchange differences on translation of foreign operations 37 425 21
========================================================== ============== ================= ==============
Total comprehensive income for the year (1,837) (1,689) (2,385)
========================================================== ============== ================= ==============
Consolidated statement of financial position
Unaudited Unaudited Audited
As at 30 September 30 September 31 March
2023 2022 2023
GBP000 GBP000 GBP000
========================================== ============= =============
Non-current assets
Intangible assets 3,798 3,988 3,433
Goodwill 1,930 1,930 1,930
Other financial assets 69 68 62
Property, plant and equipment 75 33 30
Right of use asset 108 152 122
Trade and other receivables (note 4) 2,456 520 2,076
------------------------------------------ ------------- ------------- ---------
Total non-current assets 8,436 6,691 7,653
========================================== ============= ============= =========
Current assets
Inventories 1,540 955 793
Trade and other receivables (note 4) 8,513 4,586 7,182
R&D tax credit receivables 374 884 748
Cash and cash equivalents 945 1,033 4,070
------------------------------------------ ------------- ------------- ---------
Total current assets 11,372 7,458 12,793
========================================== ============= ============= =========
Total assets 19,808 14,149 20,446
========================================== ============= ============= =========
Current liabilities
Short term borrowing (1,424) (800) (1,226)
Trade and other payables (4,734) (2,362) (3,833)
Corporation tax liabilities - (137) -
Lease liabilities (29) (15) (29)
------------------------------------------ ------------- ------------- ---------
Total current liabilities (6,187) (3,314) (5,088)
========================================== ============= ============= =========
Net current assets 5,185 4,144 7,705
========================================== ============= ============= =========
Non-current liabilities
Lease liabilities (80) (137) (94)
Deferred tax liability (465) (745) (452)
Other payables (43) (97) (42)
------------------------------------------ ------------- ------------- ---------
Total non-current liabilities (588) (979) (588)
------------------------------------------ ------------- ------------- ---------
Total liabilities (6,775) (4,293) (5,676)
========================================== ============= ============= =========
Net assets 13,033 9,856 14,770
========================================== ============= ============= =========
Equity
Share capital 5,438 4,728 5,438
Share premium account 78,671 73,895 78,671
Own shares held (3,611) (3,611) (3,611)
Share option reserve 904 1,168 804
Translation reserve 89 456 52
Retained losses (68,458) (66,780) (66,584)
========================================== ============= ============= =========
Total equity being equity attributable to
owners of the Company 13,033 9,856 14,770
========================================== ============= ============= =========
Consolidated statement of changes in equity
Share Own Shares Share
Share Premium Held Option Translation Retained Total
Capital Account GBP000 Reserve Reserve Losses Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Balance at 31 March
2022 4,726 73,883 (3,611) 1,068 31 (64,666) 11,431
Loss for the period - - - - - (2,114) (2,114)
Other comprehensive
income for the period - - - - 425 - 425
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Total comprehensive
income for the period - - - - 425 (2,114) (1,689)
Issue of share capital 2 12 - - - - 14
Credit to equity for
share options - - - 100 - - 100
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Total transactions
with owners 2 12 - 100 - - 114
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Balance at 30
September
2022 4,728 73,895 (3,611) 1,168 456 (66,780) 9,856
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Loss for the period - - - - - (292) (292)
Other comprehensive
income for the period - - - - (404) - (404)
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Total comprehensive
income for the period - - - - (404) (292) (696)
Issue of share capital 710 4,776 - - - - 5,486
Credit to equity for
share options - - - 124 - - 124
Transfer - - - (488) - 488 -
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Total transactions
with owners 710 4,776 - (364) - 488 5,610
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Balance at 31 March
2023 5,438 78,671 (3,611) 804 52 (66,584) 14,770
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Loss for the period - - - - - (1,874) (1,874)
Other comprehensive
income for the period - - - - 37 - 37
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Total comprehensive
income for the period - - - - 37 (1,874) (1,837)
Credit to equity for
share options - - - 100 - - 100
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Total transactions
with owners - - - 100 - - 100
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Balance at 30
September
2023 5,438 78,671 (3,611) 904 89 (68,458) 13,033
----------------------- --------- ---------- ------------- ---------- -------------------- ----------- --------
Consolidated cash flow statement
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2023 2022 2023
GBP000 GBP000 GBP000
============================================================== ==============
Net cash outflow from operating activities (Note 5) (2,714) (143) (2,217)
Investing activities
Interest received 8 11 3
Purchases of property, plant and equipment (23) (6) (31)
Capitalisation of software development (498) (109) (734)
Purchase of investments (7) (10) (4)
============================================================== ============== ============== ==============
Net cash used in investing activities (520) (114) (766)
============================================================== ============== ============== ==============
Financing activities
Interest paid on borrowings (67) (43) (125)
Cash inflow from borrowing - - 500
Cash net inflow/(outflow) from debt factoring 698 (967) (541)
Cash outflow from Directors' loan - (100) -
Loan repayment (500) - (600)
Capital repayments of lease liabilities (14) (15) (30)
Interest paid on lease liabilities (5) (6) (11)
Proceeds on issue of shares - - 5,844
Share issue costs - - (344)
-------------------------------------------------------------- -------------- -------------- --------------
Net cash from financing activities 112 (1,131) 4,693
============================================================== ============== ============== ==============
Net (decrease)/increase in cash and cash equivalents (3,122) (1,388) 1,710
Effects of exchange rate changes on cash and cash equivalents (3) 66 5
Cash and cash equivalents at beginning of period 4,070 2,355 2,355
============================================================== ============== ============== ==============
Cash and cash equivalents at end of period 945 1,033 4,070
============================================================== ============== ============== ==============
Notes to the Accounts
1. Basis of Preparation
The interim financial statements are for the six months ended 30
September 2023. They do not include all the information required
for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group
for the year ended 31 March 2023, which have been filed at
Companies House. The Group's auditor issued a report on those
financial statements that was unqualified and did not contain a
statement under section 498(2) or section 498(3) of the Companies
Act 2006, however, the auditor's report emphasized the uncertainty
around the Group's ability to continue as a going concern.
These interim financial statements have been prepared in
accordance with UK-adopted International Accounting Standards.
These financial statements have been prepared under the historical
cost convention.
These interim financial statements have been prepared in
accordance with the accounting policies adopted in the last annual
financial statements for the year to 31 March 2023. The accounting
policies have been applied consistently throughout the group for
the purpose of preparation of these interim financial statements
and are expected to be followed throughout the year ending 31 March
2024.
2. Going Concern
To assess the ability of the Group to continue as a going
concern, the Directors have prepared a business plan and cash flow
forecast for the period to 31 March 2025 which, together, represent
the Directors' best estimate of the future development of the
Group. The forecast contains certain assumptions, the most
significant of which are the level and timing of sales and the
timing of customer payments. These detailed cashflow scenarios
include Letters of Credit which have been secured from the
customers against contracts recently won.
The Group's business activities, together with the factors
likely to affect its future development, performance and position,
have been considered in depth as part of the Directors' assessment
of the Group's ability to continue as a going concern. The
Directors have reviewed detailed trading forecasts for H2 of FY24.
An upturn in business activities and revenue is expected during
this period, which will ensure the Group's ability to meet market
expectations for the full financial year. At 30 September 2023 the
Group had cash reserves of GBP0.9 million (31 March 2023: GBP4.1
million) and completed a fundraise in November 2023, raising GBP2.7
million before expenses. In addition to the funds raised, warrants
were issued to each investor in the fundraise, which if exercised
in full during the exercise period of eighteen months, would raise
a further GBP4.1 million. Based on detailed cash flow provided to
the Board to 31 March 2025, there is sufficient cash for a period
of at least 12 months from the date of approval of this report,
with forecasts prepared in line with its standard operating model.
However, should the Company require additional cash to cover
working capital as a result of rapid growth, there could be a
requirement for additional funding for this purpose. The Company
continues to discuss working capital funding solutions with banks,
particularly in India. The Company has been approached with
alternative sources of finance, to support growth, such as secured
loans, which it could accept should such a requirement arise.
The Company received a R&D tax credit of GBP747,154 from
HMRC in August 2023. An advance loan of GBP500,000, received in
November 2022 was in place against this R&D tax credit, and was
repaid out of the proceeds of the tax credit received in August
2023. The Company intends to secure an advance against its R&D
tax credit for the current financial year, anticipated to be for a
minimum of GBP0.5 million, in the coming months.
Notwithstanding the material uncertainties described above,
which may cast significant doubt on the ability of the Group to
continue as a going concern, on the basis of sensitivities applied
to the cash flow forecast, the directors have a reasonable
expectation that the company can continue to meet its liabilities
as they fall due, for a period of at least 12 months from the date
of approval of this report.
Notes to the Accounts continued
3. Loss per Share
The calculation of the basic and diluted loss per share is based
on the following data:
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2023 2022 2023
====================================================================== ==============
Loss for the purposes of basic loss per share being net loss
attributable to equity holders
of the parent (GBP000) (1,874) (2,114) (2,406)
====================================================================== ============== ============== ==============
Weighted average number of ordinary shares for the purposes of basic
and diluted loss per
share 260,581,840 225,033,577 232,763,664
====================================================================== ============== ============== ==============
Loss per share (pence) (0.72) (0.94) (1.03)
====================================================================== ============== ============== ==============
The denominations used are the same as those detailed above for
both basic and diluted earnings per share from continuing
operations. However, in accordance with IAS 33 "Earnings Per
Share", potential ordinary shares are only considered dilutive when
their conversion would decrease the profit per share or increase
the loss per share from continuing operations attributable to the
equity shareholders.
4. Trade and Other Receivables
Unaudited Unaudited Audited
6 months to 6 months to 12 month 31 March 2023
30 September 30 September
2023 2022
============================ ============== -------------- ------------------------
Non-current
Contract assets 2,141 - 1,784
Other non-current assets 315 520 292
============================ ============== ============== ========================
Trade and other receivables 2,456 520 2,076
============================ ============== ============== ========================
Current
Trade receivables: amount receivable for the sale of goods and services [1] 8,056 3,708 7,224
Allowance for expected credit losses (275) (193) (274)
---------------------------------------------------------------------------- ----- ----- -----
7,781 3,515 6,950
Contract assets 374 648 24
Other debtors 274 253 52
Prepayments 84 170 156
============================================================================ ===== ===== =====
Trade and other receivables 8,513 4,586 7,182
============================================================================ ===== ===== =====
Notes to the Accounts continued
5. Reconciliation of Operating Loss to Operating Cash Flows
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2023 2022 2023
GBP000 GBP000 GBP000
========================================================= ============== ============== ==============
Operating loss for the period (2,177) (2,378) (3,347)
Adjustments for:
Depreciation of property, plant and equipment 22 15 32
Amortisation of intangible assets 133 214 426
Depreciation on right of use assets 14 14 31
Impairment of intangible assets - - 968
Interest received on contract assets - - 32
Foreign exchange (8) 334 8
Share issued in lieu of service/bonus - 14 24
Share-option payment expense 100 100 224
--------------------------------------------------------- -------------- -------------- --------------
Operating cash flows before movements in working capital (1,916) (1,687) (1,602)
Increase in inventories (747) (796) (634)
(Increase)/decrease in receivables (1,711) 2,410 (1,827)
(Decrease)/increase in payables 901 (2) 1,475
--------------------------------------------------------- -------------- -------------- --------------
Cash outflows from operating activities (3,473) (75) (2,588)
Income taxes received/(paid) 759 (68) 371
--------------------------------------------------------- -------------- -------------- --------------
Net cash outflow from operating activities (2,714) (143) (2,217)
========================================================= ============== ============== ==============
6. Post Balance Sheet Event
On 9 November 2023 CyanConnode Holdings plc raised GBP2.7
million (before expenses) through a placing of 19,188,500 ordinary
shares of 2.0 pence each and a subscription for 8,000,000 New
Ordinary Shares. In addition, each subscriber in the Placing and
the Subscription has been issued one Investor Warrant, as defined
in the placing announcement of 8 November 2023, for each new
Ordinary Share subscribed for by it in the Placing or the
Subscription. Each Investor Warrant has an exercise price of 15.0
pence per ordinary share. If exercised in full, the Investor
Warrants would result in the issue of a total of 27,188,500 further
new Ordinary Shares, raising a further GBP4.1 million.
7. Interim Results
The Group's Interim Results report is available for download on
the Group's website, www.cyanconnode.com. The report will not be
posted to shareholders.
[1] GBP1,124k of trade receivables has been collected via
invoice discounting and reflected as short-term borrowings in the
balance sheet as required by IFRS. The net value of trade
receivables in the current section of the balance sheet after
taking this into account is therefore GBP8,056k less GBP1,124k =
GBP6,932k (FY23 GBP7,224k less GBP426k = GBP6,798k)
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END
IR FVLLFXLLEFBE
(END) Dow Jones Newswires
December 19, 2023 02:00 ET (07:00 GMT)
Cyanconnode (LSE:CYAN)
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から 10 2024 まで 11 2024
Cyanconnode (LSE:CYAN)
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から 11 2023 まで 11 2024
