Sabien Technology warns full-year revenues will be lower, losses wider

15th Jun 2015 11:48

AIM-listed Sabien Technology Group on Monday warned that it expects to report lower annual revenue and wider losses following the delay of some substantial orders.The firm, which manufactures and supplies energy efficient technology, now anticipates that it will generate losses of up to around £0.6m on revenues of around £1.9m, compared to its expectations of around £0.29m losses on £2.14m turnover, in line with the previous year.Chief executive Alan O'Brien said: "Although we are disappointed to see some of the substantial orders we expected slip beyond June 2015 we are encouraged by the robustness of the sales pipeline and have prepared a five-year growth strategy focusing on improving the size and speed of conversion of sales prospects."The strategy is a step change involving the provision of "free" pilots, which is expected to reduce its sales cycle by up to 24 weeks by removing a significant barrier to clients agreeing pilot programmes, he explained.O'Brien continued: "We believe scaling the number of pilots and making it easier for our clients to work with us is the correct course of action to take."We have already started the process of recruiting the relevant personnel needed to scale our business."The sales pipeline currently stands at £6.2m, compared with £6.9m at the time of the interim results in February and £5.8m as at 30 June 2014.Sabien Technology shares were down as much as 25% at 7.5p on Monday.