27th Sep 2019 11:05
(Alliance News) - Sabien Technology Group PLC said Friday it swung to an annual profit on strong revenue growth and lower costs.
For the year to the end of June, the energy reduction technologies provider posted a pretax profit of GBP182,000, swinging from a loss of GBP845,000 the year before.
This was due to lower administrative expenses at GB996,000 compared to GBP1.3 million, and revenue that more than doubled to GBP1.4 million from GBP588,000 the prior year.
Sabien's revenue was buoyed by strong sales in the UK, with its alliance partners contributing GBP360,000 to revenue, reflecting 26% of the total for the year.
"We are looking forward to building on the company's success during the financial year ended 30 June 30, 2019, achieved through a combination of the reduced cost base implemented during the prior year, and the receipt of a significant sales order in April from a major government department worth GBP755,000 in the year for the deployment of Sabien's M2G Boiler Optimisation Technology across parts of its estate," said Chair Richard Parris.
"Sabien continues to work diligently to bring the near-term pipeline into reported revenue and, with the support of our strategic investor TIG, we look forward to updating shareholders in due course on our development in the year ahead," Parris added.
Shares in Sabien Technology were down 8.6% at 0.16 pence on Friday.
By Dayo Laniyan; [email protected]
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