TIDMSNT
RNS Number : 3698E
Sabien Technology Group PLC
07 July 2021
7 July 2021
Sabien Technology Group plc
("Sabien" or "the Company" or "the Group")
Trading Update
Sabien Technology Group plc (AIM:SNT), a company focused on
building a portfolio of solutions in the heating, cooling, and
transportation sectors, announces today a trading update ahead of
the publication of its final results for the year ended 30 June
2021.
This trading update is published against a socio-economic
background whose trends continue to support Sabien's strategic
direction. As Governments in the US and Europe look to the
post-COVID landscape, it is clear that changes in working
locations, living conditions and transportation are all being
actively accommodated. Extending its operations in and knowledge of
the wider industrial heating markets, Sabien is actively pursuing
targets within the non-refrigerant based cooling, battery recycling
and reproduction, and waste to energy sectors together with a
number of other "green energy" environmental opportunities in a
variety of markets.
Sabien has raised GBP1.7m (gross) during the year to 30 June
2021. Through this financing, the Executive Chairman, Richard
Parris, has further increased his position as a significant (10.3%)
shareholder in the Company. Consistent with the strengthening of
the Company's financial position, Sabien's issued shares were
consolidated to provide a more representative basis for the
Company's improved prospects. During this period, the Company
exited the Reverse Take-Over (RTO) discussions with Ptarmigan
Health Destinations and trading in its shares resumed on AIM.
In the first half of the 2021 financial year in comparison to
the same period in the prior year, Sabien reported a near threefold
increase in revenue and gross profit, substantially reducing the
interim loss before tax and improving operational cash
generation.
Strategically, the Company made an investment into Aeristech, a
leading manufacturer of components for hydrogen fuel cells, secured
a GBP400k contract with a UK Government department for the use of
M2G technology, and formed a US subsidiary from which it will
source US acquisition opportunities in addition to expanding the US
market for Sabien's European products and services.
Since the publication of its interim results on 25 March 2021,
the Company has made further considerable progress within its
strategic development.
Operationally, Sabien has extended the application of its M2G
technology with its Cloud-based subscription service now available
across more than five sites within public sector, sports, and
pharmaceutical manufacturing locations. Allied to this important
development, Sabien has signed an agreement with Lockular to
provide robust data security. Lockular's platform is agnostic as to
which operations are contained on it and, as a result, this
agreement provides scalability, Big Data collection and AI insights
for further acquisitions which the Company may make, potentially
decreasing the time required to generate value. In combination,
these actions have given the Company confidence to commit to the
next generation of M2G, integrating remote commercial boiler
management within a single Cloud-enabled device.
Consistent with these developments throughout the year, and the
Company's wider strategy, Sabien has strengthened its management
team with the appointments of Danny Mills as President of the U.S.
subsidiary,Sabien Inc., Dr. Athan Fox as Chief Scientific Officer
and Tom Sprunt as Managing Director (non-Board). Mr. Mills is a
US-based investor and technology operator who has worked with
Sabien's leadership for a number of years. In combination with
Richard Parris' work in US markets, Mr. Mills provides the
necessary experience to benefit from President Biden's Plan for a
Clean Energy Revolution and Environmental Justice. Dr. Fox's
experience encompasses organic chemistry, intellectual property
prosecution, technology transfer and fund raising for research,
technology and innovation. Through Dr. Fox's work, Sabien is
confident of a value-creating entry to the waste-to-energy market.
Mr. Sprunt has many years' commercial experience in the boiler
management industry.
In all cases, the new appointments bring a wealth of relevant
experience and understanding of key markets for the Company.
Sabien's final results are expected to be published by the end
of August 2021. The Board expects that these results will
demonstrate the financial strength of the Company following the
placing in February 2021. In addition, the Group has generated
revenue of GBP0.97m in the year (2020: GBP0.45m), with GBP0.56m
recorded in the second half, an increase of 89% on the GBP0.30m for
the same period in the previous year. Sabien also carries circa
GBP43k of open orders into FY22.
As at 30 June 2021, Sabien had cash in hand of GBP1.40m (2020:
GBP0.78m).
Commenting on the 2021 financial year, Richard Parris, Chairman
of Sabien, stated:
"The Board of Sabien faces an array of opportunities within its
chosen market areas. In market capitalisation terms, Sabien is a
small company listed on AIM. Executing an expansion strategy via
acquisition can be challenging and expensive due to necessary
market regulation. The Board will not be deterred by these
challenges, and we are actively considering innovative structures
within which to maximise the returns to shareholders as soon as
possible while minimising execution expenses.
During the year under review, the Company has achieved already a
number of key goals. From developing our core service, through
strengthening the management team, to improving the Company's
financial strength, the year to June 2021 has been one of progress.
The Board looks forward to the coming year with considerable
confidence. In addition to the number of exciting opportunities,
several of which could come to fruition in the short to medium
term, we are building a corporate structure which will ensure that
this expansion delivers value to shareholders and maintains
Sabien's ability to develop further. I look forward to reporting to
shareholders in more detail in August."
For Further Information:
Sabien Technology Group plc
Richard Parris, Executive Chairman +44 20 7993 3700
Allenby Capital Limited (Nominated
Adviser)
John Depasquale / Nick Harris +44 203 328 5656
Peterhouse Capital Limited (Broker)
Duncan Vasey / Lucy Williams +44 207 469 0930
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTUNUBRAOUBRAR
(END) Dow Jones Newswires
July 07, 2021 02:00 ET (06:00 GMT)
Sabien Technology (LSE:SNT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sabien Technology (LSE:SNT)
Historical Stock Chart
From Apr 2023 to Apr 2024