News blog
Cyan Holdings
- BY: Andrew Hore |
- POSTED: 08/06/2015 |
Wireless–based utility meter and lighting control technology developer Cyan Holdings is raising £4.1m at 0.2p a share in order to take on more employees in order to undertake projects awarded in India plus business and product development.
Cyan has raised cash a number of times in its history on Aim but this may finally mark the point where the business will start to generate more significant revenues. Cyan recently received a letter of intent for a smart meter contract in Ghana.
Cyan has already received a £1m smart meter technology order from India.
Allenby believes that revenues could be £40m by 2019 but there is a long way to go before that happens. Cyan has reported a loss of more than £3m in each of the past three years and it seems likely that more cash may be required if revenues climb that rapidly.
The Cyan share price fell 0.06p to 0.21p.
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