REG - Sabien Technology - Material M2G Order & Business Update

Sabien TechnologyAnnouncement

28/03/2023 07:00

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RNS Number : 3778U  Sabien Technology Group PLC  28 March 2023

28 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

Business 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.

M2G Momentum and Material M2G Order

On 10 March 2023, Sabien announced that M2G had been awarded a UK Government
order of £246k. Subsequent to this award, the Company is pleased to announce
that it has secured further orders from this customer, valued at £422k. As a
result, Sabien can confirm that M2G's total order value in the year to date of
£931k is now some 70% higher when compared to the same period in 2022 of
£546k and some 12% higher than the £889k in the entirety of the previous
financial year.

The orders, which are for Sabien's CO2 mitigation device, have been either
invoiced or will be invoiced in the next 7 days. Accordingly, it is expected
that a minimum of 67% of the order value will be recognised as revenue during
the financial year to 30 June 2023 with the balance of install and Cloud
service revenue accruing during the period to 31 March 2024.

 

M2G Trading Update

Following the second M2G Government order's billing in the coming week, Sabien
confirms further that it will have billed revenue in excess of £1m in the
first 9 months of the 2023 financial year, compared to £831k in the whole of
the FY22 financial year. The majority of the total order value is expected to
be recognised as revenue during the 2023 financial year subject to the timing
of unit delivery, install, and revenue recognition of Cloud service  income.

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 interim results for the six
months to 31 December 2022, which will be announced later this week.

City Oil Field Inc Business

Sabien management team members will be visiting South Korea for the next two
weeks in order to strengthen further the relationship between the Company and
City Oil Field Inc, ("COF").  COF is the inventor and vendor of a unique
catalyst-driven, plastic-to-oil technology for which Sabien is the exclusive
UK and non-exclusive worldwide sales agent.

During these two weeks, Sabien will hold meetings in relation to key research
projects, in addition to due diligence meetings with prospective funding
partners and a prospective African customer for its associate operating
company, b.grn Group Ltd.

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

"The momentum of M2G's success in securing important orders from critical
customers is building and is a testament to the hard work of the management
team. It is a reflection, also, of the trend to realistic energy efficiency
during the transition to net-zero. Sabien, through M2G and b.grn, is in the
vanguard of this transition, encompassing both the reality of today and the
potential of tomorrow. The Board is very pleased with the momentum at M2G and
the progress at b.grn. It looks forward to providing more detail to
stakeholders at the forthcoming interim results."

 

 For Further Information:

 Sabien Technology Group plc                           +44 20 7993 3700

 Richard Parris, Executive Chairman                    Scott.fulton@sabien.com

 Scott Fulton, Investor Relations

 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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