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CyanConnode pledges more cost cutting to appease investors

By BFN News | 02:22 PM | Tuesday 12 June, 2018


Radio mesh network provider CyanConnode said would cut costs by a further £500k a year following feedback from investors over recent weeks. The loss-making company had been plagued by delivery delays after obtaining several large orders, which it blamed on a lack of customer 'readiness' or political factors. The company affirmed that it expected revenue in the first half of 2018 to be higher than revenue booked for the whole of 2017, based on contracts already won and already in the delivery phase. 'We are endeavouring to secure as many customer payments as possible to cover our cost base and we are now seeing a regular stream of these customer payments from our contracts in India as well as both revenue and customer payments from the UK smart metering project,' it said. 'The further actions taken over the last several weeks, focused on re-organisations within the company's sales and finance functions, will result in a cost base which is reduced by an additional £500k per annuam, effective immediately.' At 2:22pm: (LON:CYAN) CyanConnode PLC share price was -0.35p at 8.25p Story provided by StockMarketWire.com

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