Sabien Technology revenue rises, losses narrow

2nd Nov 2023 14:44

(Sharecast News) - Sabien Technology Group reported total revenue of £1.1m in its final results on Thursday, marking a significant increase from the prior year's £0.68m.

The AIM-traded firm said the management fee from an associated party decreased to nil, however, compared to £0.15m in 2022.

It reported a loss after tax of £0.7m for the 12 months ended 30 June, slightly narrower than the £0.74m loss in 2022.

Sabien also noted an increase in overseas revenue, rising to £0.07m from £0.06m year-on-year.

Furthermore, the company carried forward deferred revenue of £0.2m into 2024, compared to £0.18m in 2022.

Sabien also highlighted forward orders amounting to £0.2m for 2024, increasing from the £0.09m reported in 2023.

As of 30 June, the company had £0.4m in cash, less current borrowings, a slight decrease from the £0.44m reported at the same time in 2022.

The company also noted the successful raising of £0.6m through a placing and oversubscribed broker option, with an additional £0.1m capitalised as a shareholder loan.

Since the end of the financial year, Sabien had recorded sales of £0.18m up to 30 September, compared to the £0.13m during the same period a year earlier.

However, its cash position, less current borrowings, decreased to £0.31m by the end of September, from £0.63m at the same time in 2022.

"Sabien's financial results serve as a compelling testament to progress," said executive chairman Richard Parris.

"Revenue rose by an impressive 62% in the year and has grown by 38% since the end of the period compared to the same period in the prior year.

"This growth is propelled by the enduring success of our flagship product, M2G, and the increasing growth of our cloud solutions division."

Parris said that, with a promising pipeline of deferred and forward orders, the company was looking forward to further expansion in the current financial year.

"Our strategic initiatives, exemplified by the expansion of our cloud-enabled gas boiler energy-saving solution into the United States, underscore the compelling long-term prospects of M2G.

"In tandem, our collaboration with City Oil Field (COF) continues towards the deployment of this world-leading technology.

"Our collaborative approach ensures the construction of robust foundations for the autonomous development of a pivotal business line, all while nurturing a productive working relationship with COF."

At 1401 GMT, shares in Sabien Technology Group were down 5.29% at 7.34p.

Reporting by Josh White for Sharecast.com.