New contract award and trading update
The Board of Sabien Technology Group plc (AIM: SNT), the manufacturer and supplier of M2G, an energy efficiency technology, announces that the Company has been awarded a new contract worth £78,475 by a leading UK energy and services group for the installation of M2G across the estate of one of its County Council clients.
The Company has also signed a two-year framework agreement (with an option to extend for a further year) with this same energy services company for the supply and installation of its M2G technology. The Board will update the market as and when further orders become material.
The Board is also pleased to announce that it currently expects to report revenues for the year-ended 30 June 2019 (the "Period") of approximately £1.2 million (2018: £0.51 million) and a small profit before taxation (2018: loss of £1.65 million). Net cash amounted to approximately £0.89m as at 7 June 2019. The cost reduction policy implemented during 2018 and the receipt of some significant sales orders during the Period contributed to the Company's much improved financial performance. The Company expects to report its full year results for the year ended 30 June 2019 in October 2019. Sabien continues to work diligently to bring the near-term pipeline into reported revenue, although as previously reported, the conversion of the sales pipeline into sales orders remains unpredictable.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR"). The person who arranged for the release of this announcement on behalf of the Company was Alan O'Brien, CEO and Director.