Corporate Update - Contract Win

RNS Number : 9856H

Sabien Technology Group PLC

11 April 2022

 

HIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

11 April 2022

Sabien Technology Group plc

("Sabien" or the "Company")

Corporate Update - Contract Win

Sabien Technology Group plc (AIM: SNT), a company focussed on building a portfolio of solutions, in the heating, cooling and transportation sectors, that deliver immediate reductions in CO2 emissions, is pleased to announce that its operating subsidiary, Sabien Technology Ltd, has been awarded a further contract by a UK government department for a value of approximately £264,000. This is for the extended deployment of Sabien's M2G Boiler Optimisation Technology across multiple sites throughout the UK in support of a major project.

This is the second half of the order announced on 25 March 2022 which will be implemented via a different facilities manager partner.  A minimum of £206k of the order will be recognised in the FY22 financial year.

This latest order has increased Sabien's forward orders to 229 M2G Cloud devices to be installed.  Of these devices, the majority of the revenue has either been invoiced, or will be invoiced during FY22.  The timing of the associated installation and Cloud services revenue (circa £116k) is not yet finalised but will be recognised in FY22 and FY23. 

As at today, Sabien's net cash balance is £633k, not including any funds from this latest order.  Since the interim accounts were announced on 31 March 2022, there has been no further movement on the related party loan from Parris Group Ltd which remains at £100k. 

Richard Parris, Executive Chairman of Sabien, said:

"This further contract award re-confirms the confidence placed in the M2G Cloud device by a major UK Government department. At times of rapidly increasing gas prices, Sabien Cloud delivers significant, easy to install savings, visible in real time through the intuitive M2G Cloud dashboard."

Further Information:

Sabien Technology Group plc Richard Parris, Executive Chairman	[phone]
Allenby Capital Limited (Nominated Adviser) John Depasquale / Nick Harriss / Vivek Bhardwaj	[phone]
Peterhouse Capital Limited (Broker) Duncan Vasey / Lucy Williams	[phone]

The person who arranged for the release of this announcement on behalf of the Company was Richard Parris, Executive Chairman.

A copy of this announcement will be available from the Company's website at www.sabien.com

 

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