Sales fall, losses narrow for Sabien Technology

14th Oct 2022 12:16

(Sharecast News) - Carbon reduction technology company Sabien reported full-year sales of £0.68m in its final results on Friday, down from £0.97m year-on-year, while it also received a management fee from an associated party of £0.15m.

The AIM-traded firm said its loss before tax for the 12 months ended 30 June narrowed to £0.74m, from £0.51m in the prior year.

Sales from alliance partners rose to £0.06m from £0.04m, while deferred revenue carried into 2023 was £0.18m, up from £0.02m, and forward orders carried into 2023 improved to £0.09m from £0.04m.

Overseas sales in the year totalled £0.06m, up from £0.04m, while its net cash balance at year-end on 30 June was £0.33m, down from £1.22m at the end of the 2021 period.

Since the financial year ended, Sabien said sales to 30 September totalled £0.13m, while its net cash balance on the same date was £0.63m.

The company had also undertaken a £0.5m gross placing and a £0.1m oversubscribed broker option since year-end.

"Sabien is a microcosm of the challenges and opportunities facing the world today," said executive chairman Richard Parris.

"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."

At 1129 BST, shares in Sabien Technology Group were down 3.41% at 9.9p.

Reporting by Josh White at Sharecast.com.