Sabien revenues double despite Covid-19 impact

Energy reduction group Sabien Technology said on Monday that it had not escaped the impact of the Covid-19 pandemic, despite managing to double revenues throughout the second half of the year.

Electronic & Electrical Equipment

9,460.79

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0.64%

60.43

Sabien Technology Group

11.50p

16:55 01/11/24

0.00%

0.00p

However, Sabien said that its unaudited total sales for the year came to approximately £460,000 - a marked reduction when compared to the £1.37m brought in by the firm twelve months prior.

The AIM-listed group attributed the decrease in full-year sales to an exceptional order of £846,375 in the prior year and three months of lost sales due to Covid-19 lockdowns.

Sabien's board believes that first-half sales represented a "low watermark" after several years of diminishing performance and said sales prospects were "demonstrably strengthening" and consistent year-on-year growth was expected as it transitions into a "more realisable" go-to-market strategy.

Operationally, Sabien also said it was planning a strong start to the new financial period, with a backlog of more than 300 M2G units to install and a confirmed order book of approximately £140,000.

As of 1330 BST, Sabien shares were untraded at 0.19p.