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(Sharecast News) - Sabien Technology said in an update on Tuesday that in its first half, its cloud-enabled gas boiler energy-saving solution, M2G, demonstrated significant improvements in its key performance indicators.
The AIM-traded firm said customers experienced savings that exceeded initial estimates, with clients who installed M2G Cloud Connect collectively saving over 1.41 million kilograms of carbon dioxide equivalent.
Notably, recent installations in the oil and gas sector alone contributed to a reduction of 3,667 kilograms since its implementation in December.
In line with the positive performance, the company said it secured orders totaling £0.39m in the six months ended 31 December, compared to £0.21m in the first half of the 2023 financial year.
Sabien said it expected to recognise revenue of £0.37m for the period, compared to £0.24m a year earlier.
While M2G primarily operates in the UK, its expansion into selected US markets in October was yielding positive results, with further growth expected throughout calendar year 2024.
M2G's revenue generation saw substantial acceleration compared to the first half of the 2023 financial year, and its sales pipeline was said to be well-advanced, instilling confidence in the company for substantial growth in the current 2024 period.
Sabien said it was continuing to invest in its core operations and products, with the launch of M2G's Cloud Connect solution in early 2023.
The launch secured orders, and also generated recurring revenue, allowing it to support growth and maintain a positive cash balance.
Additionally, B.grn Group - a special purpose vehicle formed by Sabien and Parris Group - had been advancing its partnership with City Oil Field (COF) of South Korea.
The board said the collaboration aimed to explore the market for plastic-to-fuel products in key geographies.
It said the work was nearing completion, adding that COF was set to launch its first commercial site in the 2024 calendar year.
"The reality of the transition to a green economy is that it is not on-off," said executive chairman Richard Parris.
"Economies will use mitigation solutions until such time as technology and infrastructure are capable of supporting an entirely non-fossil fuel world.
"Sabien sits at the nexus of this reality, providing continuity while accelerating the adoption of new strategies."
Parris said M2G provides customers with the ability to moderate carbon dioxide generation while effecting cost savings.
"It is important to recognise that reducing emissions, in the millions of kilograms equivalent, is cost as well as energy efficient.
"B.grn will allow the conversion of waste plastics into usable fuel oil, generating economics for all parties in addition to reducing the need for new oil exploration and production.
"Sabien's trading in the first half of its current financial year will demonstrate the success of this strategy."
The company's product and service offering was described by Richard Parris as increasingly diverse, allowing it to generate revenue from lower cost operations.
"This has improved the market's response and reinforced the path to profitability.
"The board of directors looks forward to reporting, in March, the financial outcome of its first half trading."
At 1010 GMT, shares in Sabien Technology Group were down 4.42% at 9.08p.
Reporting by Josh White for Sharecast.com.
