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(Alliance News) - Sabien Technology Group PLC on Friday reported a widened interim loss as it said it expects the Covid-19 outbreak to hurt annual earnings.
The shares were suspended from trading in January amid discussions between Sabien and health and leisure resort development company Ptarmigan Destinations Holdings SA over a potential reverse takeover. The company said the acquisition has been proceeding as expected.
For the six-month period to the end of December, energy reduction technologies provider Sabien posted a pretax loss of GBP561,000, widened from a GBP207,000 loss in the comparative period the year prior. Revenue was down 54% to GBP159,000 from GBP342,000.
Administrative expenses went up to GBP685,000 from GBP498,000. Gross profit margin stood at 78% from 85%.
No dividend was declared.
Looking ahead, Sabien expects increased sales in the remainder of its financial year ending June 30 due to a change in the sales strategy and the recruitment of additional sales staff.
However, it warned the Covid-19 outbreak would likely hurt annual operating revenue as customers reduce spending.
Sabien received a new order on Thursday "worth the total of all sales reported in first six months of the year".
Sales orders received in the first half of the financial year totalled GBP900,000. Post period end, the company said it has received orders from two new indirect partners but did not disclose further details.
As at the end of December, the company had net cash of GBP546,000, up from GBP282,000 at the end of 2018.
By Ife Taiwo; ifetaiwo@alliancenews.com
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