Cyan wins strong orders in 1Q09; prospects for 2H09 ‘exciting’
Cyan Holdings plc, the electronics firm specialising in the design of a range of 16-bit and 32-bit general-purpose low power microcontroller chips, said that in the first three months of the year, it had received orders for 2009 delivery worth over $1m.
The company said the orders, which came from customers in China, were for a range of products across automated meter modules and streetlamp controllers, in addition to a Hong Kong order for microcontrollers in a USB Printer application destined for an end user OEM.
Meanwhile in Europe, orders were for microcontrollers within a jointly designed gateway for automated metering networks.
The company reported the orders when releasing its results for 2008.
CEO Kenn Lamb: "During 2008 we successfully developed a strong range of products and some key distribution partners. I am delighted to be able to tell shareholders that despite the prevailing economic conditions we are now seeing sales coming through from significant customers who are embracing the benefits of our product range.
"We have a very efficient cost base. The four new sales orders clearly demonstrate that our products are highly competitive both technically and in terms of price.
"The size of the markets our customers address combined with the margins that we can achieve mean that relatively few such customers are required to take the company to cash flow break even and profitability.
"Given the number of companies already actively engaged in serious evaluation of Cyan products, the prospects for the second half of 2009 and beyond are exciting."
Cyan shares climbed 31%, 0.33p, to 1.38p, after the results were released. The Group now has a market capitalisation of about £6.6m.
