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Cyan Holdings upbeat on prospects for 2014

Published: 17:19 19 May 2014 AEST

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Cyan Holdings (LON:CYAN) believes it has strong prospects for 2014 as it posted last year's results.

There is positive momentum in the smart metering market and the firm has good partnerships in Brazil, it said.

During the second half of 2013 and into 2014, Cyan said it had 'built out' new business partners instead of the narrower focus it previously had on a single large order. 

"This preparation will help us to grow on solid foundations to a much wider customer base in the countries we have chosen to pursue. This diversification strategy is also helping to identify new targets as well as opening up new opportunities in additional emerging markets that in turn we anticipate should deliver orders going forward."

In December last year, it launched the Cyan retrofit product which allows utility customers to cost effectively upgrade existing deployed meters to become full smart meters and there has been a lot of interest in this solution in the Brazilian market and the firm is also also seeing good interest in India.

Revenue for the year to Dec 31 last year decreased to £137,996 from £315,194 in 2012, while the operating loss widened to £3.266 mln compared to £3,101 mln in 2012.

Research and development spending increased to £1.479mln from £1,141 in 2012.

Moreover, to assess the company's ability to continue as a going concern, the board has prepared a business plan and cash flow forecast for the period to end 2015, it said.

The forecast contains certain assumptions, including on sales and the need for additional finance in order to fund working capital within the next six months. 

The firm said it recognised that its prinicpal trading markets of India, Brazil and China have an inherent level of uncertainty associated with them and this may result in the predicted level of sales not being achieved and/or the timing of orders being delayed.

Also today, Cyan announced it had hired immediately Henry (known as Harry) Berry as a non-exec director.

He has over 30 years' experience in the technology and telecommunications industries.

Non- exec director Stephen Newton has resigned from the board with immediate effect due to health issues.

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