LONDON (Alliance News) - Sabien Technology Group PLC said Wednesday that its annual loss narrowed on the back on increased revenue and lower costs.
For the year ended June 30, the energy reduction technologies provider posted pretax loss of GBP845,000, compared to GBP1.7 million loss a year ago. Revenue increased to GBP588,000 from GBP509,000 reported a year ago.
Administrative expenses were reduced to GBP1.3 million from GBP2.0 million a year prior.
Monthly costs have been reduced from approximately GBP97,000 to GBP86,000 per month on an ongoing basis.
"It has been another very challenging year for the group. While the board has managed the group's working capital tightly during the year, given the continuing unpredictability on the timing of conversion of the sales pipeline into sales orders, the Board continues to monitor and reduce costs wherever possible," the company said.
Looking ahead, the company said its sales pipeline stands at around GBP10.7 million. Up to November 20, it had recorded sales of GBP260,000.
Sabien shares closed up 4.6% at 0.12 pence each.
Sabien Tech. (SNT)