Post close trading update

RNS Number : 6588L

Sabien Technology Group PLC

08 July 2014

 



Sabien Technology Group plc

("Sabien" or the "Company")

Post Close Trading Update

In line with the trading update issued on 29 May 2014, the Board of Sabien (AIM: SNT), the manufacturer and supplier of M2G, an energy efficiency technology, expects that the Company will report a loss before tax of no more than c.£0.3m in the financial year to 30 June 2014 (2013 £0.4m profit) on revenues of £2.13m (2013 £2.47m).

As indicated in the May update, the shortfall in revenue relative to earlier management expectations was due to a delay in the receipt of some substantial customer orders that were expected to be received in the second half of the financial year but which are now expected in the financial year to 30 June 2015.

The sales pipeline currently stands at £5.8m which compares with £5.8m at the time of the May trading update and £4.6m as at 30 June 2013.

The Company's net cash position at 30 June 2014 of £1.42m (2013 £1.36m) remains strong despite the expected loss for the year.

The Board believes that Sabien has sufficient capital and resources to execute its business plan and deliver the anticipated growth in the years ahead. The Board expects to be in a position to continue with its progressive dividend policy following the maiden dividend announced in 2013.

We expect to announce our full year results ending 30 June 2014 during the week commencing 6 October 2014.

For further information:

Sabien Technology Group plc

Alan O'Brien, CEO                                            Tel: [phone] 

Gus Orchard, CFO                                            www.sabien-tech.co.uk

Westhouse Securities

Antonio Bossi                                                    Tel: [phone]    

Background:

Sabien Technology is a UK-based company which specialises in providing proven and commercially viable technology to reduce carbon emissions and energy usage for private and public organisations.

The M2G is a patented energy efficient technology designed to reduce fuel consumption in commercial boilers. M2G dynamically responds to changing load demand by measuring, identifying and removing dry cycling thus maximising efficiency under all conditions.

M2G is retro-fitted to commercial boilers regardless of age and size and fully integrates and complements existing controls, such as BMS, boiler sequencing, weather compensation and building optimisation controls.

Using intelligent software and hardware, the M2G unit improves a boiler's efficiency by reducing energy wastage. For further information, please visit our website www.sabien-tech.co.uk.

 

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