Source - LSE Regulatory
RNS Number : 0234C
Sabien Technology Group PLC
08 June 2023
 

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

8 June 2023

Sabien Technology Group plc

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

M2G 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.

In its interim results statement (31 March 2023), Sabien highlighted that M2G had recorded a strong sales performance as a result of higher demand from existing customers, the gain of new customers, and the roll-out of M2G's Cloud Connect solution. The Group is pleased to report that this performance has continued and, indeed, accelerated as Sabien completes the financial year to June 2023.

 

From a customer perspective, M2G has received orders from new customers operating in  life sciences, data centres, universities, local government, and a range of accommodation settings. Separately, existing, and new customers have enlisted the Cloud Connect solution such that recurring revenue is now being generated from this exciting addition to the M2G portfolio.  Since mid-May 2023, Sabien has won orders totalling over £118,000 from this expanding customer base of which at least £10,000 will be annually recurring. A growing sales pipeline through our channels partners gives confidence that this trend will continue.

 

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

"M2G has performed ahead of our expectations; a testament to the team and a reference point for expectations. In delivering the Cloud solution, we have witnessed the extent to which the commercial heating market is keen to accept energy-saving innovations in support of both cost and CO2 reductions. This acceptance has been achieved as a result of M2G's strong reputation for delivery and efficiency.  Additionally, it has been pleasing to see continuing strong order flow into the traditionally slower summer period for M2G."

 

Tom Sprunt, Managing Director of Sabien's M2G business unit, said: "Customers are now focusing on all their boiler plant, regardless of size, across entire estates. Visibility of the instant and available savings, together with M2G`s industry-unique plant analytics, allow these clients to solve performance and control issues impacting efficiency; building confidence and cementing partnerships in so doing."

 

The Group will provide more detail when it publishes its year-end trading update in early July 2023.

 

 

For Further Information:

Sabien Technology Group plc

Richard Parris, Executive Chairman

Scott Fulton, Investor Relations 

 

 

 

+44 20 7993 3700

Scott.fulton@sabien.com 

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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