News blog
Cyan Holdings
- BY: Andrew Hore |
- POSTED: 26/07/2011 |
Microcontrollers developer Cyan Holdings wants to raise £1.1m net having raised £900,000 at 1.25p a share in January.
The latest share issue is at 0.65p a share and the cash will be used for accelerating the development of Cyan’s lighting system and for working capital. Cyan also talks about pursuing strategic metering engagements.
Cyan has won a number of new orders for its lighting system but it won’t make much money until it gains follow-on orders. Further investment is required to win metering orders and Cyan believes that it has to show its potential customers that it has a strong balance sheet.
Cyan believes that it can generate meaningful revenue in 2011. Revenues were £139,000 in 2010 and they have already been significantly exceeded this year and the growth rate is speeding up. The 2010 loss was £2.95m. The cash outflow from operations was £2.29m and net cash was £1.48m at the end of 2010. There is likely to have been a further large cash outflow so far this year.
At 0.73p a share, down 0.1p, Cyan is valued at £7.38m.
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