Sabien Technology a specialist in energy efficient technologies, has released its preliminary results for the year to 30 June 2016.
At first glance, key results look worse than last year. Sales for the year were £0.88m (2015: £1.74m), Loss before tax was £1.62m (2015: £0.57m loss) Net cash balance was £0.24m (2015: £1.17m). But the company has explained that 2016 was a year of transition and that the figures reflect a major shift in sales strategy and sales processes.
Initially the company’s financial model envisaged that clients would purchase a pilot plant (one estimate is a cost of about £20,000), discover that Sabien could save them significant sums and accordingly make a substantial commitment. The new strategy involves Sabien paying for the pilot plant, the client realising that significant savings are possible and so making a financial commitment.
In this context, the company considers the thirty-five pilot plants installed this year to be a positive achievement and sees the improved sales pipeline figure at 30 June 2016 as a sign of better things to come. (£12.2m as against the 2015 figure of £6.2m) Crucially, the £750,000 needed to fund forty pilots in the 2016/2017 heating season has been successfully raised.
Sabien Technology Group was founded in March 2004 and floated on AIM in 2006. Its’ speciality is the use of intelligent software and hardware to improve a boiler’s efficiency by reducing energy wastage and carbon emissions. The focus is on private and public organisations, rather than individual consumers.
