LONDON (ShareCast) - (Sharecast News) - Narrowband radio frequency specialist Cyanconnode narrowed operating losses in the first half of its trading year despite a decreased level of new tenders being awarded as a result of the recent Indian general elections.
Cyanconnode expects total revenues for the six months ended 30 June to be in the vicinity of £1m, helping the group reduce operating losses 16% to £3m.

The AIM-listed group also revealed it was waiting to receive £800,000 in research and development tax credits - taking total cash available to the firm to £3.2m.

Looking forward, Cyanconnode expects to see a material acceleration of the Indian Smart Meters National Programme following the re-election of Narendra Modi as Indian Prime Minister, leading it to begin work on a large number of tenders for the Indian market - something it believes will result in "significant new orders".

Executive chairman John Cronin said: "Since the general elections closed in May 2019, we have seen in country business activity resume to normal, which we believe will result in increased contract orders from our key market and in-turn significantly higher revenues in H2 2019 than the whole of 2018.

"The growth in India and the demand from the rest of the world gives the board confidence that we will meet full-year market expectations."

As of 0950 BST, Cyanconnode shares had slumped 6.78% to 5.50p.

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