Cyanconnode receives $1m follow-on order

28th Oct 2024 10:25

(Sharecast News) - Narrowband radio frequency mesh networks business Cyanconnode said on Monday that it has received a follow-on order with a value in excess of $1.0m for cellular gateways in the Middle East and North Africa region.

Cyanconnode stated the contract builds upon an initial MENA order for the same project, which was announced by the company on 4 August 2022.

The AIM-listed group added that the full order was scheduled for delivery, with revenue also recognised, within the current financial year, which ends on 31 March 2025.

Executive chairman John Cronin said: "We are delighted to have secured this follow-on order, which builds on our previous successes in the MENA region. This order significantly strengthens our relationship with this valued customer, further supporting our global business expansion and enhancing our revenue visibility."

As of 1145 GMT, Cyanconnode shares were up 3.36% at 12.46p.

Reporting by Iain Gilbert at Sharecast.com