18th Nov 2024 13:01
(Alliance News) - Sabien Technology Group PLC on Monday said its loss narrowed during its most recent financial year despite a 35% drop in revenue, due to reduced expenses.
The London-based provider of energy reduction technologies said its pretax loss for the financial year that ended June 30 slimmed to GBP563,000 from GBP729,000 the year before.
This was despite revenue falling 35% to GBP711,000 from GBP1.1 million last year.
Cost of sales during the year reduced 67% to GBP129,000 from GBP394,000, and administrative expenses decreased 15% to GBP1.1 million from GBP1.3 million.
Forward orders carried into the year had been 76% lower, at GBP48,000 compared to GBP200,000 last year.
Executive Chair Richard Parris said: "Despite a reduction in top-line revenue, the underlying strength of our business is encouraging. When we look beyond the significant revenue contribution from a UK government customer over the past five years, we see a strong story of growth. Excluding this government revenue, our core business has expanded rapidly, with revenue rising from GBP270,000 in 2022 to GBP470,000 in 2023 to GBP620,000 in 2024 - a compound annual growth rate of 52%. This is a testament to the resilience and potential of our strategy.
"The board is confident in the strong prospects for Sabien's primary business lines as we enter 2025. We are excited about the opportunities that lie ahead and are well-equipped to build on our achievements, driving forward our mission to provide innovative, sustainable solutions in the green technology sector."
Shares in Sabien Technology were down 2.6% at 9.50 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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