2nd Nov 2023 11:55
(Alliance News) - Sabien Technology Group PLC on Thursday said it is anticipating cost cuts of up to 50% via combining three devices into one as it reported a slightly narrowed pretax loss.
Sabien Technology is a London-based company focused on green technologies such as plastic-to-oil recycling and CO2 mitigation for commercial and residential boilers.
The company said pretax loss in the financial year that ended on June 30 narrowed slightly to GBP729,000 from GBP743,000 a year prior. Revenue climbed 62% to GBP1.1 million from GBP679,000. Cost of sales, however, increased 71% to GBP394,000 from GBP231,000. Further, Sabien reported a GBP99,000 impairment loss, compared to no such loss a year before.
Sabien is working on developing M2G Evo, which aims to combine three devices that it has previously procured separately, the M2G, M2G Cloud dongle and the M2G Interface box. Sabien expects a cost reduction of up to 50% on the current separate cost of all devices.
The company said it expects M2G Evo to become its only M2G product by 2024.
Sabien shares fell 9.0% to 7.06 pence each on Thursday around midday in London.
By Tom Budszus, Alliance News reporter
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