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Cyan wins China order
Following the upbeat tenor at its AGM last month, integrated systems designer Cyan (CYAN) has secured a follow on public lighting order from an existing Chinese customer.
Cyan has developed a range of wireles solutions that can be used in lighting control, utility metering and industrial telemetry. The contract for a further 12,000 modules is to be delivered to a lighting company, and is part of a project that has increased to 220,000 units in a single city. Cyan has now received orders for 24,000 units from this customer, and expects to receive further contracts over time.
Moreover, the un-named customer has been heavily marketing its lighting solution in China, with three further cities keen to take delivery of products. Cyan will install its system by the end of September, in addition it will implement an additional software feature that identifies the location and type of any light failure - this, in turn, provides a maintenance schedule for the local operator.
Cyan argues that its software has received authorisation and endorsement from multiple Chinese agencies, and hopes to win a major energy framework deal as a result. Over time this could lead to orders of up to 5 million units, which would equate to a value of approximately £30 million. In the year to December the company achieved a 45 per cent increase in sales to £139,047, as losses were pared to £2.95 million (2009: £3.13 million).
AIM listed Cyan has spent several million pounds and many man hours developing its products, however it is only now that it is gaining traction. Chief executive Kenn Lamb says 'we are well positioned to deliver substantial shareholder value'.
With further potential business in India, combined with revenues in the first half that will be higher than the whole of 2010, the shares have started to return to life. Up 10 per cent to 0.73p today, Cyan remains speculative but could reward a punt.
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