Growing customer orders led to revenue increasing 500% in the first half, smart metering provider Cyan Holdings PLC (LON:CYAN) told investors on Wednesday, as it remains bullish on the future.
This month it completed the acquisition of internet of things (IoT) software firm Connode Holding for £6.8mln, which has opened the door to more markets in Europe, Asia and the UK.
John Cronin, Cyan's executive chairman, said: "We have strong relationships in place and have rapidly increased our target markets.
"Buoyed by the acquisition of Connode, which adds geographic reach and relevant standards to CyanConnode's portfolio, we remain excited by the group's growth prospects.
"We continue to explore global opportunities and look forward to integrating the Connode team and products, securing more repeat orders and benefiting from increased levels of recurring revenues. We expect trading during the second half to reflect our increasing levels of commercialisation."
Revenues for the half to end June are expected of around £1 million - an increase of more than 250% compared with full year 2015 and over 500% compared to the same period last year.
Among the highlights of the period was delivering two contracts worth a total of around £1.5 million and in May an agreement with the JST Group (JST) to distribute CyanConnode's smart metering technology in Thailand.