Material M2G order and M2G trading update

RNS Number : 5113S

Sabien Technology Group PLC

10 March 2023

 

10 March 2023

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

Sabien Technology Group plc

("Sabien" or "the Company" or "the Group")

Material M2G order

and

M2G trading update

Sabien Technology Group plc (AIM: SNT), the company focused on a green aggregation strategy, announces today an update regarding its M2G business, Sabien Technology Ltd, which focuses on CO2 mitigation devices for commercial boilers .

Material M2G Order

The Company is pleased to announce that it has been awarded a significant order for Sabien's CO2 mitigation device valued at approximately £246k from a UK Government department to be invoiced in March 2023 (the "M2G UK GovernmentOrder").  It is expected that at least 2/3 of the order will be recognised as revenue during the 2023 financial year but with the balance of install and Cloud service revenue spread over the period to 31 March 2024.   The M2G UK Government Order is a repeat order from the same customer that was previously announced by the Company on 25 March 2022. 

M2G Trading Update

In light of the M2G UK Government Order , Sabien is pleased to highlight that since the Company's last trading update in late October 2022, Sabien has won orders with a value totalling over £430k. This translates to a total of £507k in order value for the year to date. This compares to £256k in the comparative period to March 2022, representing an increase of almost 100%.  The majority of the order value is expected to be recognised as revenue during the 2023 financial year subject to the timing of unit install and revenue recognition of Cloud service revenue.

The aggregate £430k in order value comprises, amongst other orders, the £246k from the M2G UK Government Order, £86k from a new channel partner order received in the period concerned, as well as a combined £95k in seven additional orders from its existing partner - CBRE, for installations in the UK and EMEA.

While there can be no guarantee in securing additional orders, the Company continues to advance negotiations for further repeat orders.  The Company will provide further business updates in its forthcoming interim results which are expected to be announced in the last week of March 2023.  

Commenting on the order update, Richard Parris, Executive Chairman of Sabien, stated:

"The Board of Sabien is very pleased to see further repeat orders from two of the Company's key customers - the UK Government and CBRE.  These continuing and growing commercial relationships demonstrate considerable validation of Sabien's M2G Cloud Connect technology and its ability to deliver significant gas energy savings across their estates.  Equally significantly, the Company's first major order from a new channel partner, in similar settings, demonstrates a growing profile for Sabien's approach.  We look forward to providing further updates as information becomes available."

For 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]

 

END

 

 

UPDUPUWWWUPWPPB