GM Statement

RNS Number : 0519E

Sabien Technology Group PLC

13 July 2016

 

Sabien Technology Group Plc

('Sabien' or the 'Company')

General Meeting statement

At the General Meeting to be held later today, Alan O'Brien, Chief Executive Officer of the Company, will provide the following update.

Sales pipeline and orders received

As of today's date, the Company is pleased to report that the sales pipeline is standing at £12.5m which compares with £11.4m at the time of the trading update on 2^nd June.

Pilot programme

The number of UK pilots completed in the financial year to 30 June 2016 was 30 and there are a further five UK pilots which are still in measurement. The Company is working on the pilot programme for the current financial year and has received expressions of interest from a number of organisations which meet the Company's criteria for inclusion in the programme which is scheduled to commence in the autumn.

Endotherm

The Company is pleased to announce that it has signed a 10 year agreement with Endo Enterprises (UK) Ltd ("Endo") to act as sole distributor in the UK to the commercial market of Endo's EndoTherm product. EndoTherm is a liquid additive for heating systems which has been proven to improve thermal efficiency and provide savings of up to 15%. The Company believes this is a complementary fit with our existing M2G and M1G products and can be used more conveniently and effectively together while improving the facilitation of purchasing for our clients.

UK Trading

Orders of £111k have been received since 1 July 2016 and will be recognised as sales revenue in the current financial year. The Company continues to maintain three month's cash to cover working capital which is in line with the Board's strategy.

A further update will be provided to the market at the time of the preliminary announcement of the full year results in October 2016.

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]

Rose Ramsden

 

END

 

 

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