Sabien Technology Group PLC New contract award and trading update (8570B)
June 11 2019 - 8:46AM
UK Regulatory
TIDMSNT
RNS Number : 8570B
Sabien Technology Group PLC
11 June 2019
For immediate release
11 June 2019
Sabien Technology Group plc
("Sabien" or "the Company")
New contract award and trading update
The Board of Sabien Technology Group plc (AIM: SNT), the
manufacturer and supplier of M2G, an energy efficiency technology,
announces that the Company has been awarded a new contract worth
GBP78,475 by a leading UK energy and services group for the
installation of M2G across the estate of one of its County Council
clients.
The Company has also signed a two-year framework agreement (with
an option to extend for a further year) with this same energy
services company for the supply and installation of its M2G
technology. The Board will update the market as and when further
orders become material.
The Board is also pleased to announce that it currently expects
to report revenues for the year-ended 30 June 2019 (the "Period")
of approximately GBP1.2 million (2018: GBP0.51 million) and a small
profit before taxation (2018: loss of GBP1.65 million). Net cash
amounted to approximately GBP0.89m as at 7 June 2019.
The cost reduction policy implemented during 2018 and the
receipt of some significant sales orders during the Period
contributed to the Company's much improved financial performance.
The Company expects to report its full year results for the year
ended 30 June 2019 in October 2019.
Sabien continues to work diligently to bring the near-term
pipeline into reported revenue, although as previously reported,
the conversion of the sales pipeline into sales orders remains
unpredictable.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014
("MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Alan O'Brien, CEO and
Director.
For further information:
Sabien Technology Group plc +44(0)20 7993
Alan O'Brien 3700
Beaumont Cornish Limited (Nominated Advisor)
Michael Cornish and Roland Cornish +44(0)20 7628
www.beaumontcornish.com 3396
Peterhouse Capital Limited (Broker) +44(0)20 7469
Martin Lampshire and Fungai Ndoro 0930
ENDS
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END
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