14th Oct 2022 10:59
(Alliance News) - Sabien Technology Group PLC on Friday reported a widened loss and falling revenue as the company faced increasing costs of doing business.
In the year ending June 30, Sabien Technology's pretax loss widened to GBP743,000 from GBP509,000 the year before. This resulted from a widening cost of sales, which widened to GBP231,000 from GBP153,000, and administrative expenses, which increased to GBP1.3 million from GBP1.2 million the year before.
The London-based boiler efficiency products company's revenue decreased to GBP679,000 from GBP971,000 the year before.
Although revenue fell, Sabien Technology will carry GBP290,000 of revenue into 2023. Going into 2022 the equivalent figure was GBP40,000. The forward revenue consists of deferred revenue unable to be completed in 2022 due to delayed supply chain caused by the worldwide semiconductor shortage, forward orders, and a growing level of recurring revenue from the M2G Cloud rollout.
Sabien Technology's M2G Cloud allows customers to review energy usage. During the year, 293 M2G Cloud Solutions were sold compared to none in 2021. Of these, 262 occurred in the second half of the year.
Executive Chair Richard Parris said: "Sabien is a microcosm of the challenges and opportunities facing the world today. 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. We look forward to the future with greater confidence than we have for some time."
Shares in Sabien Technology were trading 3.2% lower at 9.92 pence each in London on Friday morning.
By Chris Dorrell; [email protected]
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