LONDON (Alliance News) - Sabien Technology Group PLC Tuesday expressed confidence that its performance will "improve significantly during 2015", although there is "still much to be done", as it swung to a loss in its last financial year.
Sabien posted a pretax loss of GBP293,000 for the 12 months to end-June, compared with a profit of GBP401,000 for the previous 12 months, as revenue fell to GBP2.1 million, from GBP2.5 million, and administrative expenses rose to GBP1.8 million, from GBP1.4 million.
The company said that the dip in revenue was due to delays in clients issuing tenders, and administrative expenses increased due to an increase in development manager headcount. Sabien also expects around GBP1.1 million in revenue from a contract it won in October 2013 to now be delivered in its current financial year.
Sabien said that its UK pipeline growth for 2014/15 is encouraging. The pipeline currently stands at GBP6.9 million, up from GBP5.8 million at the year end, it said.
It has signed non-exclusive distribution agreements in China, Greece, The Middle East, India, Italy, France, Germany, Belgium, the Netherlands and South Africa, and after the year end signed agreements in Spain and the United Arab Emirates.
"With the stronger pipeline likely to be bolstered by the new overseas Sabien 'Tech Centres' and the introduction of M1G to the product range, we are confident that operational and financial performance will improve significantly during 2015, enabling us to achieve our targets for the year," Chief Executive Alan O'Brien said in a statement.
The boiler technology company proposed a total dividend 0.275 pence for its last financial year, up from 0.25 pence in the previous year.
Still, shares in Sabien were trading down 2.7% at 18.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Sabien Tech. (SNT)