REG - Sabien Technology - Corporate Update - Contract Win

Sabien TechnologyAnnouncement

11/04/2022 13:00

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RNS Number : 9856H  Sabien Technology Group PLC  11 April 2022

HIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11
OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

11 April 2022

 

Sabien Technology Group plc

("Sabien" or the "Company")

 

Corporate Update - Contract Win

Sabien Technology Group plc (AIM: SNT), a company focussed on building a
portfolio of solutions, in the heating, cooling and transportation sectors,
that deliver immediate reductions in CO2 emissions, is pleased to announce
that its operating subsidiary, Sabien Technology Ltd, has been awarded a
further contract by a UK government department for a value of approximately
£264,000. This is for the extended deployment of Sabien's M2G Boiler
Optimisation Technology across multiple sites throughout the UK in support of
a major project.

This is the second half of the order announced on 25 March 2022 which will be
implemented via a different facilities manager partner.  A minimum of £206k
of the order will be recognised in the FY22 financial year.

This latest order has increased Sabien's forward orders to 229 M2G Cloud
devices to be installed.  Of these devices, the majority of the revenue has
either been invoiced, or will be invoiced during FY22.  The timing of the
associated installation and Cloud services revenue (circa £116k) is not yet
finalised but will be recognised in FY22 and FY23.

As at today, Sabien's net cash balance is £633k, not including any funds from
this latest order.  Since the interim accounts were announced on 31 March
2022, there has been no further movement on the related party loan from Parris
Group Ltd which remains at £100k.

Richard Parris, Executive Chairman of Sabien, said:

"This further contract award re-confirms the confidence placed in the M2G
Cloud device by a major UK Government department. At times of rapidly
increasing gas prices, Sabien Cloud delivers significant, easy to install
savings, visible in real time through the intuitive M2G Cloud dashboard."

Further Information:

 Sabien Technology Group plc                       +44 20 7993 3700

 Richard Parris, Executive Chairman

 Allenby Capital Limited (Nominated Adviser)       +44 20 3328 5656

 John Depasquale / Nick Harriss / Vivek Bhardwaj

 Peterhouse Capital Limited (Broker)               +44 20 7469 0930

 Duncan Vasey / Lucy Williams

 

The person who arranged for the release of this announcement on behalf of the
Company was Richard Parris, Executive Chairman.

 

A copy of this announcement will be available from the Company's website at
www.sabien.com (http://www.sabien.com)

 

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