CyanConnode Holdings PLC (AIM:CYAN) rallied 12% to 16p after its Indian subsidiary received an order for 983,525 Omnimesh Modules from Montecarlo Ltd.
The provider of narrowband radio frequency (RF) mesh networks said the order relates to a smart metering deployment in Jabalpur, India, and was “won against a very competitive field”.
Supply of the order is expected to commence in the first quarter of this year. Installation of smart meters will be completed within the next 30 months, at which point a seven-and-a-half-year support and maintenance contract will commence.
“I am delighted to announce our first order from Montecarlo, who are a diversified infrastructure development company based in India,” said executive chairman John Cronin.
Sixty percent of the contract will be paid for during the installation phase, a statement said, while the remaining 40% will be paid in instalments during the support and maintenance phase.