6th Aug 2018 12:07
LONDON (Alliance News) - Shares in Sabien Technology Group PLC plunged Monday after the company said it risks not meeting its monthly break-even target.
Sabien Technology shares were trading down 35% at 0.22 pence each.
Sabien added that it expects to post an annual loss almost halved from the year before, despite revenue dip.
The company expects to report a pretax loss for the financial year that ended June 30 of around GBP700,000. Last year, it reported a GBP1.6 million loss in the comparative period.
Revenue for the year is expected to be down to GBP600,000 from GBP879,000 recorded a year ago.
The company added that its sales pipeline is estimated at around GBP10.4 million.
The company said it risks not meeting the previously announced target of monthly break-even by December 2018 as the current rate of sales pipeline conversion has been "slower than expected".
Sabien also anticipates the need of raising additional cash via a share allotment during the first half of the current financial year.
The company expects to post its annual results in November.
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