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LONDON (Alliance News) - Sabien Technology PLC on Tuesday said its pretax profit and revenue declined in the year to the end of June, in line with the profit warning the company had issued back in June, but noted its sales pipeline has strengthened.
In that warning, the energy-efficient boiler manufacturer said it had seen a number of large prospects in its sales pipeline withdraw and a reduction in the value of the contracts it had won, hitting revenue and pushing its loss wider.
On Tuesday, Sabien confirmed this outlook as its pretax loss widened to GBP1.6 million from GBP570,000 a year prior and revenue nearly halved to GBP880,000 from GBP1.7 million.
Sabien's sales pipeline has strengthened, however, and sat at GBP12.2 million at the end of June, nearly double the GBP6.2 million in its pipeline a year prior.
"2016 was a year of transition resulting from the review of the group's sales strategy and sales processes. The main targets for the group were to achieve 35 pilot installations in the year and to grow the sales pipeline and I am pleased that both these were achieved," said Chief Executive Alan O'Brien.
"We will now be looking to build on these achievements in the new financial year and are looking to run a total of 40 pilots in the UK, Europe and the USA," he added.
Shares in Sabien were up 18% to 4.70 pence on Tuesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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