9th Feb 2016 10:22
LONDON (Alliance News) - Sabien Technology Group PLC Tuesday said it anticipates meeting its expectations for its full year, dependent on its receiving a number of orders before the year end, as it reported a widened loss for its first half.
The energy efficiency technology company reported a pretax loss of GBP938,000 for its half year to end-December, widened from a pretax loss of GBP520,000 a year before, as revenue declined to GBP321,000 from GBP542,000, and administrative expenses increased.
The increased administrative expenses were related to higher costs for the pilot programme for its new M2G boiler optimisation products, as it recruited more technical and administrative personnel and put more investment into developing and upgrading the product.
Sabien said that it expects its revenue to be "back-end loaded" for the full year, and said that since the half year end it has received GBP412,000 in orders, taking its total orders for the year to date to GBP680,000.
It received an order in February worth GBP314,000 from a UK council that had completed a pilot at three of its sites using the M2G product in November. The company has signed 30 clients to proceed with a pilot, of which 12 are installed. The remaining 18 are expected to be installed with pilots completed before the end of the current heating season at the end of April.
Shares in Sabien were untraded Tuesday. They last closed at 4.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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