Sabien Technology slumps as annual loss nearly doubles

Shares in Sabien Technology slumped almost 6% early on Wednesday, as the energy-efficient technology provider posted a wider annual loss.

In the year to the end of June, the London-listed company, which earlier this year warned its loss would widen, said its pre-tax loss almost doubled to £570,000, as revenue declined 19% year-on-year on the back of contract delays.

Meanwhile, the group’s sales pipeline declined from £6.2m to the end of the year to £5.5m.

"Despite a better second half, 2015 turned out to be a disappointing year as revenue targets were missed,” said group chief executive Alan O’Brien.

“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.”

Sabien shares were down 5.79% to 5.89p at 1018 BST on Wednesday.