Sabien Technology shares fall on wider H1 losses

Shares in Sabien Technology tumbled after it unveiled wider first-half losses and said more of its sales were likely to come in the second half.Sabien, which makes energy-saving control technology for commercial heating systems, made a pre-tax loss of £245,000 in the six months to December 31st against £67,000 a year earlier. Sales revenue also fell to £924,000 from £942,000 a year ago.The company, which traditionally has tended to do most of its business in the first half, took a higher proportion of sales in the second half of last year and said that trend was likely to continue this year.But it said it now had several potentially significant clients, including Lincolnshire County Council in the UK which has placed a £2.2m order for its flagship M2G product.It received £221,000 of orders since January 1st, giving total orders in the financial year to date of £1.1m against £1.035m a year ago.It also said potential orders of £6.6m included those with an order date and those where it had only been asked to quote a price.Chief Executive Alan O'Brien said Sabien was confident of hitting annual targets."Sabien is now in the best shape it has ever been with strong growth prospects for M2G both in the UK and internationally," he said.Shares fell 3p or 9.5% to 28.5p at 14:35 in London.PW