TIDMSNT
RNS Number : 8688C
Sabien Technology Group PLC
14 October 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310.
The directors take responsibility for this announcement.
14 October 2022
Sabien Technology Group plc
("Sabien" or the "Company" or the "Group")
Final Results and Audited Annual Report and Accounts for the
Year to 30 June 2022
(AIM: SNT)
Final Results
The Board of Directors of Sabien is pleased to announce the
publication of the audited annual report and accounts for the year
to 30 June 2022 (the "Annual Report").
Sabien Technology Group highlights 2022
-- Sales for the year GBP0.68m (2021: GBP0.97m)
-- Management fee from associated party GBP0.15m (2021: GBPnil).
-- Loss before tax GBP0.74m (2021 GBP0.51m loss)
-- Sales from Alliance Partners GBP0.06m (2021: GBP0.04m)
-- Deferred revenue carried into 2023 GBP0.18m (2021: GBP0.02m)
-- Forward orders carried into 2023 GBP0.09m (2021: GBP0.04m)
-- Overseas sales GBP0.06m (2021: GBP0.04m)
-- Net cash balance at 30 June 2022 was GBP0.33m (30 June 2021: GBP1.22m)
Highlights since the year end
-- Sales of GBP0.13m to 30 September 2022.
-- Net cash balance at 30 September 2022 of GBP0.63m.
-- GBP500k gross placing and GBP100k oversubscribed broker option.
The Annual Report will be published on the Company's website (
https://sabien.com/sabien-technology-investors-2/ ) in compliance
with its articles of association and the electronic communications
provisions of the Companies Act 2006. A copy of the Annual Report
can also be accessed through the Financial Reports tab at the link
below.
http://www.rns-pdf.londonstockexchange.com/rns/8688C_1-2022-10-13.pdf
Key extracts from the Annual Report can also be viewed
below.
Richard Parris, Executive Chairman, commented,
"Sabien is a microcosm of the challenges and opportunities
facing the world today. The Group has developed, and is developing,
a series of operations whose purpose and growth are both strong now
and likely to strengthen further in the medium term. The Board of
Sabien has prepared for this growth through acquiring selectively,
partnering constructively and managing prudently. We look forward
to the future with greater confidence than we have for some
time."
Notice of AGM
The Company will hold its Annual General Meeting at 11.00 am on
22 November at the offices of Peterhouse Capital Limited, 80
Cheapside, London, EC2V 6DZ (the "AGM"). The notice of the AGM will
be published on the Sabien website and notified shortly to
shareholders.
- Ends -
For further information please contact:
For Further Information:
Sabien Technology Group plc
Richard Parris, Executive Chairman +44 20 7993 3700
Allenby Capital Limited (Nominated
Adviser)
John Depasquale / Nick Harriss +44 203 328 5656
Peterhouse Capital Limited (Broker)
Duncan Vasey / Lucy Williams +44 207 469 0930
Executive Chairman's Statement
On 1 July 2021 the world in which Sabien operates was a
different place from that which faces the company into 2023.
Specifically, Covid was still a clear and present danger and the
economic impact of our addressing this danger less understood or
assessed. Today, Covid appears more under control but the impact of
our fight against it is only now becoming apparent. Inflation
figures, last seen in the 1970s, combine with fiscal and monetary
structures ill--suited to combat them. The flight from cities
appears more structural than temporary with consequential impacts
on where we live and work. Energy pricing, and the
inter--dependence of the market at a time of war, poses a
fundamental risk for the economic system which prevailed
pre--Covid.
In short: I believe that there is no return to "normal" and that
the establishment of a new "normal" is months, if not years,
away.
Sabien, under the management's leadership, recognised these
changes early. During the year ended 30 June 2022, Sabien's Green
Aggregation Strategy has focussed on three principal technology led
initiatives. M2G, the existing Sabien CO2 mitigation device for
commercial boilers, the UK rollout of Proton's oil to hydrogen
technology, and the City Oil Field Inc. ("COF") plastic to oil
technology.
We have shared the development of these initiatives with
shareholders and the wider market throughout. In support of them,
and our continuing development, the Company has raised GBP0.6m
through a placing and broker option. This provides the Company with
the wherewithal to secure the opportunities presented to it, for
the benefits of shareholders and stakeholders alike.
M2G Business
Despite the world semi--conductor supply shortage and its impact
on the completion of sales during the second half of the 2022
financial year, the Board is very pleased with the growth of the
new M2G Cloud business.
During the 2022 financial year, 293 M2G Cloud Solutions were
sold (2021: nil) of which 262 (89.4% of the annual total) occurred
in the second half of the year. In addition, the Company has
deferred revenue of GBP175k, and open orders of GBP91k, that will
carry over into FY23 as well as GBP23k of recurring revenue from
the M2G Cloud Solutions sold to date to be recognised in FY23. In
total, M2G has 2023 revenue identified and charged, but not yet
booked, of GBP289k (July 2021 forward revenue: GBP43k).
The Board is encouraged that despite the supply chain problems
affecting many companies, it has secured revenue which, had it
fallen in the year to 30 June 2022 would have resulted in a stable
performance year--on--year including other income of GBP0.15m
(2021:GBPnil) to the associated party b.grn Group Ltd ("b.grn"). It
is encouraged, further, that the momentum of revenue is growing
through the first half of the Company's financial year to 30 June
2023.
The Board was also pleased to recently announce that Sabien is
working with City Energy Network Ltd and EDF Plc to obtain The
Standard Assessment Procedure (SAP) approval for M2G. This has the
potential to expand Sabien's reach for the M2G product line into
the residential/domestic market via district heating schemes and
increases its current addressable market by three times.
COF / b.grn Business
During the financial year to 30 June 2022, Sabien signed a sales
agency agreement with COF. COF is a South Korean business that has
developed an innovative proprietary technology -- Resource
Gathering Operation (RGO), which focuses on the production of light
and ultra--pure fuel products from low temperature processing of
end--of--life plastics. In August 2022 we announced that the sales
agency agreement had been renewed for a further year. We also
announced that construction has started on the first commercial COF
installation in South Korea.
During the year the business has been developed in combination
with Sabien's development partner b.grn Group Ltd ("b.grn"). Key
milestones have been reached including the establishment of a range
of partner relationships with funding partners and professional
advisors. The latter includes development managers, ESG advisors,
and real estate advisors. In consultation with advisers, b.grn has
assessed a range of potential sites in England and Wales for the
first European COF installation. As previously announced,
exclusivity was agreed on a site near Northampton; discussions were
held in relation to a site on the Humber Estuary; and most recently
an indicative bid was submitted to acquire the ex--Anglesey
Aluminium site in Anglesey, supported by b.grn funding partners,
from the site's administrators. These three main sites considered
to date are not being actively pursued, primarily due to the level
of cost involved in acquiring the sites or the time required to
develop them.
Through this work to date, the Board has developed a strong
understanding of the emerging real estate market in key locations
in the UK. Within this, the Company and b.grn have developed an
advanced assessment of the most efficient sites for the deployment
of COF. From this emerging knowledge, the Company and b.grn are now
actively considering a number of sites in the UK, and beyond, where
b.grn could deploy COF without, necessarily, acquiring the
underlying real estate. Investigations into potential sites
continue with b.grn's partners. It is likely that the first active
deployment will be an initial 24 tonne ("24t") per day plastic to
oil proof of concept plant.
During the year, Sabien charged management fees of GBP0.15m to
b.grn (2021: GBPnil) comprising Sabien board time managing the
project and the recharge of professional fees incurred during the
year to 30 June 2022.
Proton UK Business
During the year Sabien has been working with multiple UK oil
field owners to identify suitable sites on which to deploy the
Proton Technologies Canada Inc. ("Proton") proprietary hydrogen
capture technology. In the long term, owners are motivated to
develop such hydrogen production facility on their near to end of
life fields. The Board believes that this motivation is secular and
is likely to grow as the global fuel portfolio adapts to the clear
trends in hydrocarbon demand. In the short term, reflecting the
current high level of oil prices in the market, field owners have
focussed on maximising short term oil production. The Proton
project continues to hold strong prospects for the Group, however
is not a current area of primary focus for the field owners due to
the high oil price.
Sabien is working with Proton to develop its option to install a
COF plant at Proton's Saskatchewan site. Sabien and Proton have
discussed various options for the sale of the off--take oil from
the COF process and both teams are motivated to develop the first
North American COF installation.
Aeristech investment
Sabien invested GBP100k in Aeristech in February 2021 at a price
of GBP2.40 per share. The investment was made to support
Aeristech's development of e--boost technologies for hydrogen fuel
cell, hybrid electric, and internal combustion engine powertrains.
Since Sabien's investment, Aeristech has made excellent progress in
developing its customer base and has raised funds at up to GBP3.00
per share.
Financial results
In the year to 30 June 2022, the Group has generated revenue of
GBP0.68m (2021: GBP0.97m), with GBP0.56m recorded in the second
half as well as GBP0.15m other income in relation to b.grn. Whilst
overall revenue has decreased in comparison to 2021, the Group
carries GBP0.29m (2021: GBP0.04m) into 2023. The forward revenue
comprises deferred revenue unable to be completed in 2022 due to
delayed supply chain caused by the worldwide semiconductor
shortage, forward orders, and a growing level of recurring revenue
from the M2G Cloud rollout.
Following the year end, the Group has closed a GBP500k placing
from existing and new investors and a GBP100k oversubscribed broker
option. Combined with our forward orders and revenue, the Group is
well placed in 2023 to take its three main business lines to the
next stages in their development.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 30 JUNE 2022
2022 2021
----------------------------------------- ------ ------------------ ------------------
Notes GBP000 GBP000
----------------------------------------- ------ ------------------ ------------------
Revenue 679 971
Cost of sales (231) (153)
Gross profit 448 818
Administrative expenses (1,327) (1,182)
========================================= ====== ================== ==================
Exceptional item 8 (9) (180)
========================================= ====== ================== ==================
Operating loss 7 (888) (544)
========================================= ====== ================== ==================
Other income 10 158 35
========================================= ====== ================== ==================
Finance cost 12 (13) -
========================================= ====== ================== ==================
Loss before tax (743) (509)
========================================= ====== ================== ==================
Tax credit 13 - -
========================================= ====== ================== ==================
Loss for the year attributable to equity
holders of the parent company (743) (509)
========================================= ====== ================== ==================
Other comprehensive income - -
========================================= ====== ================== ==================
Total comprehensive income for the year (743) (509)
========================================= ====== ================== ==================
Loss per share in pence -- basic 14 (5.06) (6.22)
========================================= ====== ================== ==================
Loss per share in pence -- diluted 14 (5.06) (6.22)
========================================= ====== ================== ==================
CONSOLIDATED AND COMPANY STATEMENTS OF FINANCIAL POSITION
AS AT 30 JUNE 2022
Group Group Company Company
------------------------------- ------ ----------------- ----------------- ---------------- -----------------
2022 2021 2022 2021
------------------------------- ------ ----------------- ----------------- ---------------- -----------------
Notes GBP000 GBP000 GBP000 GBP000
=============================== ====== ================= ================= ================ =================
ASSETS
=============================== ====== ================= ================= ================ =================
Non--current assets
=============================== ====== ================= ================= ================ =================
Property, plant and equipment 15 2 35 - -
=============================== ====== ================= ================= ================ =================
Intangible assets 16 152 57 97 -
=============================== ====== ================= ================= ================ =================
Investments 18 200 100 200 100
=============================== ====== ================= ================= ================ =================
Total non--current assets 354 192 297 100
=============================== ====== ================= ================= ================ =================
Current assets
=============================== ====== ================= ================= ================ =================
Inventories 17 40 24 - -
=============================== ====== ================= ================= ================ =================
Trade and other receivables 20 387 51 231 180
=============================== ====== ================= ================= ================ =================
Cash and bank balances 21 573 1,399 306 977
=============================== ====== ================= ================= ================ =================
Total current assets 1,000 1,474 537 1,157
=============================== ====== ================= ================= ================ =================
TOTAL ASSETS 1,354 1,666 834 1,257
=============================== ====== ================= ================= ================ =================
EQUITY AND LIABILITIES
=============================== ====== ================= ================= ================ =================
Current liabilities
=============================== ====== ================= ================= ================ =================
Trade and other payables 22 487 161 98 99
=============================== ====== ================= ================= ================ =================
Borrowings 23 138 36 102 -
=============================== ====== ================= ================= ================ =================
Total current liabilities 625 197 200 99
=============================== ====== ================= ================= ================ =================
Non--current liabilities
=============================== ====== ================= ================= ================ =================
Borrowings 23 109 145 - -
=============================== ====== ================= ================= ================ =================
Total non--current liabilities 109 145 - -
=============================== ====== ================= ================= ================ =================
Equity
=============================== ====== ================= ================= ================ =================
Equity attributable to equity
holders of the parent
=============================== ====== ================= ================= ================ =================
Share capital 24 3,354 3,350 3,354 3,350
=============================== ====== ================= ================= ================ =================
Share premium 3,543 3,508 3,543 3,508
=============================== ====== ================= ================= ================ =================
Other reserves 1 1 10 1
=============================== ====== ================= ================= ================ =================
Retained earnings (6,278) (5,535) (6,273) (5,701)
=============================== ====== ================= ================= ================ =================
Total equity 620 1,324 634 1,158
=============================== ====== ================= ================= ================ =================
TOTAL EQUITY AND LIABILITIES 1,354 1,666 834 1,257
=============================== ====== ================= ================= ================ =================
CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Group Group Company Company
------------------------------------------- ------------ --------- --------------- -------------
2022 2021 2022 2021
------------------------------------------- ------------ --------- --------------- -------------
GBP000 GBP000 GBP000 GBP000
=========================================== ============ ========= =============== =============
Cash flows from operating activities
=========================================== ============ ========= =============== =============
Loss before taxation (743) (509) (572) (993)
=========================================== ============ ========= =============== =============
Adjustments for:
=========================================== ============ ========= =============== =============
Depreciation and amortisation 63 51 3 -
=========================================== ============ ========= =============== =============
Loss on disposal of fixed assets - 11 - -
=========================================== ============ ========= =============== =============
Gain on foreign currency reserve (9) - - -
=========================================== ============ ========= =============== =============
Finance cost 13 - 3 -
=========================================== ============ ========= =============== =============
Less movement in interest accrual (2) - (2) -
=========================================== ============ ========= =============== =============
Fixed assets transferred to inventory 6 - - -
=========================================== ============ ========= =============== =============
Equity settled current liability 33 - 33 -
=========================================== ============ ========= =============== =============
(Decrease) / increase in trade and other
receivables (334) 32 (65) 284
=========================================== ============ ========= =============== =============
(Increase) / decrease in inventories (16) 15 - -
=========================================== ============ ========= =============== =============
Increase / (decrease) in trade and other
payables 326 (466) 14 (430)
=========================================== ============ ========= =============== =============
Net cash outflow from operating activities (663) (866) (586) (1,139)
=========================================== ============ ========= =============== =============
Cash flows from investing activities
=========================================== ============ ========= =============== =============
Investments acquired (100) (100) (100) (100)
=========================================== ============ ========= =============== =============
Purchase of property, plant and equipment - (33) - -
=========================================== ============ ========= =============== =============
Purchase of intangible assets (131) - (100) -
=========================================== ============ ========= =============== =============
Net cash used in investing activities (231) (133) (200) (100)
=========================================== ============ ========= =============== =============
Cash flows from financing activities
=========================================== ============ ========= =============== =============
Proceeds from borrowings 100 - 100 -
=========================================== ============ ========= =============== =============
Repayment of borrowings (36) - - -
=========================================== ============ ========= =============== =============
Interest paid (11) - - -
=========================================== ============ ========= =============== =============
Proceeds from share issues 15 1,700 15 1,700
=========================================== ============ ========= =============== =============
Share issue costs - (80) - (80)
=========================================== ============ ========= =============== =============
Net cash generated by financing activities 68 1,620 115 1,620
=========================================== ============ ========= =============== =============
Net (decrease) / increase in cash and
cash equivalents (826) 621 (671) 381
=========================================== ============ ========= =============== =============
Cash and cash equivalents at the beginning
of the year 1,399 778 977 596
=========================================== ============ ========= =============== =============
Cash and cash equivalents at the end of
the year 573 1,399 306 977
=========================================== ============ ========= =============== =============
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