15th Jun 2015 07:36
LONDON (Alliance News) - Shares in energy-efficient technology manufacturer Sabien Technology Group PLC are trading down 15% Monday after it warned it will post a widened pretax loss for its current financial year to due some substantial orders being delayed.
Shares in Sabien are down 15% at 8.50 pence Monday morning, having fallen to 8.00p at the open.
Sabien now expects to report a pretax loss of up to GBP600,000 for the year to end-June, compared to a pretax loss of GBP293,000 the year before, on revenue of GBP1.9 million compared to GBP2.1 million.
The company noted that whilst it has seen a shortfall in revenue relative to its expectations, due to tight control of its administrative costs it has a "satisfactory" net cash position of GBP1.1 million.
"Although we are disappointed to see some of the substantial orders we expected slip beyond June 2015, we are encouraged by the robustness of the sales pipeline and have prepared a five-year growth strategy focusing on improving the size and speed of conversion of sales prospects," said Chief Executive Alan O'Brien in a statement.
Sabien said its sales pipeline currently stands at GBP6.2 million, compared to GBP6.9 million at the time of its interim results in February.
The company has previously charged clients for running pilots with its technology, but said going forward it will fund the pilot and associated costs itself, which it hopes will reduce the length of its current sales cycle.
Sabien expects to announce its final results in October.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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