Sabien Technology Group PLC Trading Update (0058Z)
January 09 2024 - 2:00AM
UK Regulatory
TIDMSNT
RNS Number : 0058Z
Sabien Technology Group PLC
09 January 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
The directors take responsibility for this announcement.
9 January 2024
Sabien Technology Group plc
("Sabien" or the "Company")
Trading Update
Sabien Technology Group plc (AIM:SNT), the company focused on a
green aggregation strategy, announces its pre-close trading update
for the six-month period ended 31 December 2023 ("H1 24").
M2G
During H1 24, M2G, Sabien's Cloud-enabled gas boiler energy
saving solution, has generated further improvements in its key
performance indicators. Demonstrable savings for customers have
outperformed initial estimates. In this respect, clients who have
installed M2G Cloud Connect have saved over 1.41 million KgCo2e
collectively. The most recent installation of M2G Cloud Connect by
clients operating in the oil and gas sector has alone contributed
to a reduction of 3,667 KgCo2e since its implementation in December
2023.
In line with the above performance, in H1 24 the Company has won
orders, in aggregate, of GBP0.39m (31 December 2022 ("H1 23"):
GBP0.21m) and Sabien expects to recognise revenues of GBP0.37m for
H1 24 (H1 23: GBP0.24m). While M2G is substantially UK-based, the
M2G roll-out in selected US markets during October 2023 has
produced positive results and further uptake is expected throughout
calendar 2024.
Overall, M2G's revenue generation has accelerated materially
when compared to the first half of the 2022/23 financial year. Its
sales pipeline is equally advanced, giving the Company confidence
in further material growth in the 2023/24 year.
The Company has continued to invest in its core operations and
products. M2G's Cloud Connect solution was launched in early 2023,
winning orders and generating recurring revenue in the period under
review. The success of this launch has enabled the Company to
financially support growth and maintain a positive cash
balance.
b.grn Group Limited ("b.grn")
b.grn, the Special Purpose Vehicle ("SPV") formed by the Company
and Parris Group Limited, has continued to develop its relationship
with City Oil Field ("COF") of South Korea and to understand more
fully the scope of the market for plastic-to-fuel products in key
geographies. This work is nearing completion, and COF expects to
launch its first commercial site in calendar 2024.
Commenting on the trading update, Richard Parris, Executive
Chairman of Sabien, commented:
"The reality of the transition to a green economy is that it is
not on/off. Economies will use mitigation solutions until such time
as technology and infrastructure are capable of supporting an
entirely non-fossil fuel world. Sabien sits at the nexus of this
reality, providing continuity while accelerating the adoption of
new strategies.
M2G provides customers with the ability to moderate CO2
generation while effecting cost savings. It is important to
recognise that reducing emissions, in the millions of kilograms
equivalent, is cost as well as energy efficient. b.grn will allow
the conversion of waste plastics into useable fuel oil, generating
economics for all parties in addition to reducing the need for new
oil exploration and production.
Sabien's trading in the first half of its current financial year
will demonstrate the success of this strategy. Our product and
service offering is increasingly diverse, allowing the Company to
generate revenue from lower cost operations. This has improved the
market's response and reinforced the path to profitability.
The board of directors looks forward to reporting, in March
2024, the financial outcome of its first half trading."
For Further Information:
Sabien Technology Group plc
Richard Parris, Executive Chairman +44 20 7993 3700
Scott Fulton, Investor Relations scott.fulton@sabien.com
Allenby Capital Limited (Nominated Adviser)
John Depasquale / Nick Harriss / Vivek Bhardwaj +44 203 328
5656
Peterhouse Capital Limited (Broker)
Duncan Vasey / Lucy Williams +44 207 469 0930
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END
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