AGM Statement

RNS Number : 4310Q

Sabien Technology Group PLC

29 November 2016

 

Sabien Technology Group Plc

('Sabien' or the 'Company')

AGM statement

At the Annual General Meeting to be held at 11am today, the Company will provide the following update in respect of the period since 1 July 2016

Pilot programme

P35 (2015/16 heating season) - The Company received initial orders from two P35 clients, 24 clients have received an M2G business case proposal with a further 2 still pending. 6 clients for site-specific reasons are still in measurement.

In addition to the above, there are a further 2 US pilot clients which are in discussion with the Company's US distributor regarding an M2G roll out. Moreover, the Company has received initial orders of c£100k from its US distributor in respect of one of the pilots carried out in the USA in the past heating season.

P40 (2016/17 heating season) - The Company has commenced its P40 M2G Pilot programme and currently has signed up 17 pilots in total, 15 in the UK and 2 in the USA and Europe. The company also has signed up 10 EndoTherm pilots in the UK and intends on running at least 15 EndoTherm pilots in the UK during this heating season.

Trading update

At the placing in September 2016, the Company announced that orders of £500k, expected to be received in June or July, were now expected to be received in the 2^nd quarter of the current financial year. Although these orders have not been received yet, discussions with the clients involved indicate they are still current and are expected in the 2^nd or 3^rd quarters of the financial year to June 2017.

Trading in the first months of the current financial year is a reflection of the ongoing discussions with the P35 clients mentioned above. This will mean that the results for the half year to 31 December 2016 will show a loss.

A further update will be provided to the market at the time of the announcement of the half year results in February 2017.

For further information:

Sabien Technology Group plc
Alan O'Brien, Chief Executive	Tel: [phone]
Gus Orchard, Finance Director
Stockdale Securities Ltd
Antonio Bossi	Tel: [phone]

 

END

 

 

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