LONDON (Alliance News) - Energy-efficient technology company Sabien Technology Group PLC on Wednesday said its pretax loss widened in the financial year to the end of June as it experienced a "disappointing" period, despite conditions improving in the second half.
Sabien, which makes technology to improve the efficiency of commercial and private boilers, warned back in June that its pretax loss would widen for the year, saying it had been hit by substantial orders being delayed into the new financial year.
On Wednesday, it said its pretax loss for the recently completed year was GBP570,000, compared to a GBP290,000 loss a year earlier, as the contract delays meant its revenue fell to GBP1.7 million from GBP2.1 million. The group said its sales pipeline at the end of the year was GBP6.2 million, but this has now fallen to GBP5.5 million.
"Despite a better second half, 2015 turned out to be a disappointing year as revenue targets were missed. In the latter part of the year, we carried out a review of the group's sales strategy and identified certain areas where improvements could be made which would help accelerate the sales process," said Alan O'Brien, Sabien's chief executive.
Sabien shares were down 5.6% to 5.90 pence on Wednesday, one of the worst performers in the AIM All-Share in early trade.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Sabien Tech. (SNT)