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(Sharecast News) - Sabien Technology Group updated the market on its M2G business on Tuesday, which specialises in carbon dioxide mitigation devices for commercial boilers.
The AIM-traded firm said it had secured further orders from a UK government customer, valued at £0.42m, following an initial order of £0.25m announced on 10 March.
It confirmed that M2G's total order value in the year to date now stood at £0.93m, which was 70% higher than the same period last year and 12% higher than the prior financial year's total value of £0.89m.
The company said the orders, which were for Sabien's carbon dioxide mitigation device, had been either invoiced or would be invoiced in the next seven days.
A minimum of 67% of the order value was expected to be recognised as revenue during the financial year ending 30 June, with the balance of install and cloud service revenue accruing during the period to 31 March 2024.
Additionally, Sabien said that following the billing of the second M2G government order in the coming week, it confirmed that it would have billed revenue in excess of £1m in the first nine months of the 2023 financial year, compared to £0.83m in the whole of the 2022 fiscal period.
The majority of the total order value was expected to be recognised as revenue during the 2023 financial year, subject to the timing of unit delivery, install, and revenue recognition of cloud service income.
Sabien said it had also been advancing negotiations for further repeat orders, although there was no guarantee of securing them.
The company's management team would be visiting South Korea for the next two weeks to strengthen its relationship with City Oil Field (COF), which is the inventor and vendor of a unique catalyst-driven, plastic-to-oil technology for which Sabien was the exclusive UK and non-exclusive worldwide sales agent.
Sabien said it would hold meetings in relation to key research projects, in addition to due diligence meetings with prospective funding partners and a prospective African customer for its associate operating company, b.grn Group.
The company said it was planning to provide further business updates in its interim results for the six months ended 31 December, which would be announced later this week.
"The momentum of M2G's success in securing important orders from critical customers is building and is a testament to the hard work of the management team," said executive chairman Richard Parris.
"It is a reflection, also, of the trend to realistic energy efficiency during the transition to net-zero."
Parris said Sabien, through M2G and b.grn, was "in the vanguard" of the transition, encompassing both the "reality of today" and the "potential of tomorrow".
"The board is very pleased with the momentum at M2G and the progress at b.grn."
At 1407 BST, shares in Sabien Technology Group were up 3.09% at 9.02p.
Reporting by Josh White for Sharecast.com.
