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Sabien Technology Group PLC on Friday reported a widened loss and falling revenue as the company faced increasing costs of doing business.
In the year ending June 30, Sabien Technology's pretax loss widened to £743,000 from £509,000 the year before. This resulted from a widening cost of sales, which widened to £231,000 from £153,000, and administrative expenses, which increased to £1.3 million from £1.2 million the year before.
The London-based boiler efficiency products company's revenue decreased to £679,000 from £971,000 the year before.
Although revenue fell, Sabien Technology will carry £290,000 of revenue into 2023. Going into 2022 the equivalent figure was £40,000. The forward revenue consists of deferred revenue unable to be completed in 2022 due to delayed supply chain caused by the worldwide semiconductor shortage, forward orders, and a growing level of recurring revenue from the M2G Cloud rollout.
Sabien Technology's M2G Cloud allows customers to review energy usage. During the year, 293 M2G Cloud Solutions were sold compared to none in 2021. Of these, 262 occurred in the second half of the year.
Executive Chair Richard Parris said: ‘Sabien is a microcosm of the challenges and opportunities facing the world today. The group has developed, and is developing, a series of operations whose purpose and growth are both strong now and likely to strengthen further in the medium term. The board of Sabien has prepared for this growth through acquiring selectively, partnering constructively and managing prudently. We look forward to the future with greater confidence than we have for some time.’
Shares in Sabien Technology were trading 3.2% lower at 9.92 pence each in London on Friday morning.
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