Money
Rebecca Wayman

Maidenhead's Sabien Technology reveals strong revenue growth with new chairman

Sabien Technology Group plc has published its audited report and accounts for the year to June 30, 2019.

The company specialises in the manufacturing of M1G and M2G boiler energy efficiency technologies.

Highlights include the company’s sales having risen to £1.38m, up from £0.59m in 2018. Meanwhile, its profit before tax stands at £0.18m, which is a major loss as 2018’s figure stood at £0.85m.

Overseas sales have come in at £0.131m, a loss again from 2018. However, the fund raise (gross) came in at £0.33m, and the company’s net cash balance currently stands at £0.95m (as of September 24).

Richard Parris, chairman and director of Sabien Technology Group, concluded with his thoughts: “As announced on September 3, following the period end, I was delighted to have been appointed non-executive chairman of the company.

“As I stated at the time, with the UK committing to a carbon neutral economy by 2050, I believe that there is an opportunity to create a next-generation technology platform, pivoted around Sabien’s core technology, that can exploit global energy efficiency markets, especially in the US.

“I will be undertaking a thorough review of the Company’s capabilities over the coming weeks and working with Management and the Board to determine the best strategy to increase shareholder value. This may or may not lead to future acquisitions.”

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