RE: Potential rise30 Jul 2021 12:10
Trading Update
Wed, 7th Jul 2021 07:00
RNS Number : 3698E
Sabien Technology Group PLC
07 July 2021
7 July 2021
Sabien Technology Group plc
("Sabien" or "the Company" or "the Group")
Trading Update
Sabien Technology Group plc (AIM:SNT), a company focused on building a portfolio of solutions in the heating, cooling, and transportation sectors, announces today a trading update ahead of the publication of its final results for the year ended 30 June 2021.
This trading update is published against a socio-economic background whose trends continue to support Sabien's strategic direction. As Governments in the US and Europe look to the post-COVID landscape, it is clear that changes in working locations, living conditions and transportation are all being actively accommodated. Extending its operations in and knowledge of the wider industrial heating markets, Sabien is actively pursuing targets within the non-refrigerant based cooling, battery recycling and reproduction, and waste to energy sectors together with a number of other "green energy" environmental opportunities in a variety of markets.
Sabien has raised £1.7m (gross) during the year to 30 June 2021. Through this financing, the Executive Chairman, Richard Parris, has further increased his position as a significant (10.3%) shareholder in the Company. Consistent with the strengthening of the Company's financial position, Sabien's issued shares were consolidated to provide a more representative basis for the Company's improved prospects. During this period, the Company exited the Reverse Take-Over (RTO) discussions with Ptarmigan Health Destinations and trading in its shares resumed on AIM.
In the first half of the 2021 financial year in comparison to the same period in the prior year, Sabien reported a near threefold increase in revenue and gross profit, substantially reducing the interim loss before tax and improving operational cash generation.
Strategically, the Company made an investment into Aeristech, a leading manufacturer of components for hydrogen fuel cells, secured a £400k contract with a UK Government department for the use of M2G technology, and formed a US subsidiary from which it will source US acquisition opportunities in addition to expanding the US market for Sabien's European products and services.
Since the publication of its interim results on 25 March 2021, the Company has made further considerable progress within its strategic development.
Operationally, Sabien has extended the application of its M2G technology with its Cloud-based subscription service now available across more than five sites within public sector, sports, and pharmaceutical manufacturing locations. Allied to this important development, Sabien has signed an agreement with Lockular to provide robust data security. Lockular's platform is agnostic as to which operations are contained on it and, as a result, this agreement provides scalability, Big Data collection and