Sabien Technology Group PLC Corporate Update - Contract Win (9856H)
11 April 2022 - 10:00PM
UK Regulatory
TIDMSNT
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 GBP264,000. 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 GBP206k 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 GBP116k) is not yet finalised but will be recognised
in FY22 and FY23.
As at today, Sabien's net cash balance is GBP633k, 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
GBP100k.
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
Richard Parris, Executive Chairman +44 20 7993 3700
Allenby Capital Limited (Nominated Adviser)
John Depasquale / Nick Harriss / Vivek Bhardwaj +44 20 3328 5656
Peterhouse Capital Limited (Broker)
Duncan Vasey / Lucy Williams +44 20 7469 0930
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
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END
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