REG - Sabien Technology - Material M2G order and M2G trading update

Sabien TechnologyAnnouncement

10/03/2023 07:00

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RNS Number : 5113S  Sabien Technology Group PLC  10 March 2023

10 March 2023

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

Sabien Technology Group plc

("Sabien" or "the Company" or "the Group")

Material M2G order

and

M2G trading update

Sabien Technology Group plc (AIM: SNT), the company focused on a green
aggregation strategy, announces today an update regarding its M2G business,
Sabien Technology Ltd, which focuses on CO2 mitigation devices for commercial
boilers.

Material M2G Order

The Company is pleased to announce that it has been awarded a significant
order for Sabien's CO2 mitigation device valued at approximately £246k from a
UK Government department to be invoiced in March 2023 (the "M2G UK Government
Order").  It is expected that at least 2/3 of the order will be recognised as
revenue during the 2023 financial year but with the balance of install and
Cloud service revenue spread over the period to 31 March 2024.   The M2G UK
Government Order is a repeat order from the same customer that was previously
announced by the Company on 25 March 2022.

 

M2G Trading Update

 

In light of the M2G UK Government Order, Sabien is pleased to highlight that
since the Company's last trading update in late October 2022, Sabien has won
orders with a value totalling over £430k. This translates to a total of
£507k in order value for the year to date. This compares to £256k in the
comparative period to March 2022, representing an increase of almost 100%.
The majority of the order value is expected to be recognised as revenue during
the 2023 financial year subject to the timing of unit install and revenue
recognition of Cloud service revenue.

The aggregate £430k in order value comprises, amongst other orders, the
£246k from the M2G UK Government Order, £86k from a new channel partner
order received in the period concerned, as well as a combined £95k in seven
additional orders from its existing partner - CBRE, for installations in the
UK and EMEA.

While there can be no guarantee in securing additional orders, the Company
continues to advance negotiations for further repeat orders.  The Company
will provide further business updates in its forthcoming interim results which
are expected to be announced in the last week of March 2023.

Commenting on the order update, Richard Parris, Executive Chairman of Sabien,
stated:

"The Board of Sabien is very pleased to see further repeat orders from two of
the Company's key customers - the UK Government and CBRE.  These continuing
and growing commercial relationships demonstrate considerable validation of
Sabien's M2G Cloud Connect technology and its ability to deliver significant
gas energy savings across their estates.  Equally significantly, the
Company's first major order from a new channel partner, in similar settings,
demonstrates a growing profile for Sabien's approach.  We look forward to
providing further updates as information becomes available."

 For further information:

 Sabien Technology Group plc

 Richard Parris, Executive Chairman                    +44 20 7993 3700

 Allenby Capital Limited (Nominated Adviser)

 John Depasquale / Nick Harriss / Vivek Bhardwaj       +44 203 328 5656

 Peterhouse Capital Limited (Broker)                   +44 207 469 0930

 Duncan Vasey / Lucy Williams

 

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