TIDMSNT
RNS Number : 1047K
Sabien Technology Group PLC
31 August 2021
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The directors take
responsibility for this announcement.
31 August 2021
Sabien Technology Group plc
("Sabien" or the "Company" or the "Group")
Final Results and Audited Annual Report and Accounts for the
Year to 30 June 2021
(AIM: SNT)
Final Results
The Board of Directors of Sabien is pleased to announce the
publication of the audited annual report and accounts for the year
to 30 June 2021 (the "Annual Report").
Sabien Technology Group highlights 2021
-- Sales for the year GBP0.97m (2020: GBP0.45m)
-- Loss before tax GBP0.5m (2020: GBP1.41m loss)
-- Sales from Alliance Partners GBP0.04m (2020: GBP0.01m)
-- Overseas sales GBP0.04m (2020: GBP0.02m)
-- Exceptional costs of GBP0.18m in relation to legal and
professional fees incurred in relation to the aborted acquisition
and potential reverse takeover of Ptarmigan Health Destinations SA
("PHD")
-- Fund raises of GBP1.7m (gross)
-- Net cash balance at 30 June 2021 was GBP1.22m (30 June 2020: GBP0.60m)
Highlights since the year end
-- Sales of GBP49k to 26 August 2021
-- Orders received but not yet invoiced to 26 August 2021 GBP24k
-- Net cash balance at 26 August 2021 of GBP1.17m
The Annual Report will be published on the Company's website in
compliance with its articles of association and the electronic
communications provisions of the Companies Act 2006. A copy of the
Annual Report can also be accessed through the link below.
Annual Report [Insert link to PDF]
Key extracts from the Annual Report can also be viewed
below.
Richard Parris, Executive Chairman, commented,
"Sabien's strategy has been developed and will evolve further
through the evolution of the "Green Economy". For example, the UK
has committed to achieving a net-zero economy by 2050. The US,
across its different markets, is setting similar targets within
equivalent timeframes.
These ambitious goals demand equally ambitious innovation in
products, services, and technology. Sabien is committed to building
a portfolio of businesses which are involved directly in the
application of emerging and developed technology to the emerging
Green Economy. It will do so through organic, partnership and
acquisition-led development. "
The Company will make the notice of the forthcoming Annual
General Meeting available on the Sabien website in early September
and will notify shareholders once it is available.
- Ends -
For further information please contact:
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
Chairman's Statement
The growth of the "Green Economy" has been notable during the
last 12 months. Innovation has accelerated, driven by the changed
circumstances in which we find ourselves. Investment has followed,
as investors have recognised that this trend is secular rather than
temporary. Specific areas of macro-economic focus have informed and
supported the Sabien strategy. Demographic, technological and
resource change are all likely to accelerate. In combination, the
Board believes that these trends will contribute to a "Green
Economic" boom over the coming decades.
Our mission as a Board is to prepare for this scenario and,
having done so, deliver. Our vision is to establish a portfolio of
businesses, all linked by reference to the "Green Economy" with
clear economic relationships with markets whose dynamics are
changing. We have identified key areas for development including
wider industrial heating markets, 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's transition to this more broadly based "Green Economy"
focus has been backed by an impressive financial performance. In
the year to 30 June 2021, the Group has generated revenue of
GBP0.97m (2020: GBP0.45m), with GBP0.56m recorded in the second
half, an increase of 87% on the GBP0.30m for the same period in the
previous year.
Looking to the current year, I would highlight two key metrics.
Sabien carries GBP43k of orders into 2021 and, as at 30 June 2021,
the Group had cash in hand of GBP1.40m (2020: GBP0.78m) following
the raising of GBP1.7m (gross) during the year.
The security which our forward orders and cash position provides
is supporting our planned expansion: operationally and
strategically.
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.
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.
Management strength in depth is critical to bringing strategic
initiatives into operational success. During the year under review,
Sabien has strengthened its management team with the appointments
of Ed Sutcliffe as Chief Financial Officer, Danny Mills as
President of the U.S. subsidiary, Sabien Inc., Dr. Athan Fox as
Chief Scientific Officer, Tom Sprunt as Managing Director
(non-Board) and Ranald McGregor-Smith as non-executive
director.
Mr. Sutcliffe is a Chartered Accountant and brings a wealth of
private and listed company experience to the 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. Mr McGregor-Smith is a corporate financier
whose experience at senior level within a number of key financial
institutions will be invaluable to the Company as it develops.
In all cases, the new appointments bring a wealth of relevant
experience and understanding of key markets for the Company.
The strengthened 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.
As previously announced, during the year the Board was
disappointed to be unable to complete the acquisition and
associated reverse takeover of PHD. Sabien was unable to secure the
required Swiss and UK regulatory approvals in sufficient time to
avoid the cancellation of trading in the Company's ordinary shares
on the AIM Market. Therefore, the Board took the decision to
withdraw from the transaction. Following this withdrawal, Cédriane
de Boucaud Truell and Marco Nijhof stepped down from the Sabien
Board to continue PHD's growth plans. The Board thanks Cédriane and
Marco for their efforts.
Following the re-admission to trading of Sabien's shares we have
accomplished a lot. All initiatives were undertaken to sustain and
improve the long-term capability of Sabien Technology to deliver.
The Board is committed to ensuring that these accomplishments, and
those to come, are delivered to the advantage of shareholders, now
and in the future.
Group Statement of Comprehensive Income for the year to 30 June
2021
2021 2020
Notes GBP'000 GBP'000
Revenue 971 454
Cost of sales (153) (89)
Gross profit 818 365
Administrative expenses (1,182) (1,250)
Exceptional item 6 (180) (579)
Operating loss 5 (544) (1,464)
Other income 9 35 55
Finance expenses - -
Loss before tax (509) (1,409)
Tax credit 10 - -
Loss for the year attributable
to equity holders of the parent
company (509) (1,409)
Other comprehensive income - -
Total comprehensive income
for the year (509) (1,409)
Loss per share in pence - basic 11 (6.22) (0.11)
Loss per share in pence - diluted 11 (6.22) (0.11)
Group Statement of Financial Position as at 30 June 2021
Group Company
2021 2020 2021 2020
Notes GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment 12 35 17 - -
Intangible assets 13 57 104 - -
Investments 14 100 - 100 -
Total non-current assets 192 121 100 -
Current assets
Inventories 15 24 39 - -
Trade and other receivables 16 51 83 180 450
Cash and bank balances 17 1,399 778 977 596
Total current assets 1,474 900 1,157 1,046
TOTAL ASSETS 1,666 1,021 1,257 1,046
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 18 161 627 99 515
Borrowings 19 36 - - -
Total current liabilities 197 627 99 515
Non-current liabilities
Borrowings 19 145 181 - -
Total non-current liabilities 145 181 - -
EQUITY
Equity attributable to equity
holders of the parent
Share capital 20 3,350 3,058 3,350 3,058
Other reserves 3,509 2,181 3,509 2,181
Retained earnings (5,535) (5,026) (5,701) (4,708)
Total equity 1,324 213 1,158 531
TOTAL EQUITY AND LIABILITIES 1,666 1,021 1,257 1,046
Group Statement of Cashflows for the year to 30 June 2021
Group Company
2021 2020 2021 2020
GBP'000 GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss before taxation (509) (1,409) (993) (890)
Adjustments for:
Depreciation and amortisation 51 53 - -
Loss on disposal of fixed assets 11 1 - -
Impairment of investment in subsidiary - - - 160
Decrease / (increase) in trade
and other receivables 32 34 284 (396)
Decrease in inventories 15 15 - -
(Decrease)/increase in trade and
other payables (466) 491 (430) 488
Net cash outflow from operating
activities (866) (815) (1,139) (638)
Cash flows from investing activities
Investments acquired (100) - (100) (160)
Purchase of property, plant and
equipment (33) (3) - -
Net cash used in investing activities (133) (3) (100) (160)
Cash flows from financing activities
Proceeds from borrowings - 181 - -
Proceeds from share issues 1,700 726 1,700 726
Share issue costs (80) (49) (80) (49)
Net cash generated by financing
activities 1,620 858 1,620 677
Net increase/(decrease) in cash
and cash equivalents 621 40 381 (121)
Cash and cash equivalents at the
beginning of the year 778 738 596 717
Cash and cash equivalents at the
end of
the year 1,399 778 977 596
Cash and cash equivalents comprise:
Cash and cash equivalents 1,399 778 977 596
Invoice financing (included in
other payables) - - - -
1,399 778 977 596
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END
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