Sabien Technology secures new contract, expects to swing to annual profit
Sabien Technology said on Tuesday that it has won a £78,475 contract with a "leading" UK energy group and that it looks set to swing to a small annual profit.
The company has secured a contract for the installation of M2G, an energy efficiency technology. In addition, it has signed a two-year framework agreement with an option to extend for a further year with the same energy services company for the supply and installation of its M2G technology.
Sabien said it will update the market as and when further orders become material.
The AIM-listed company expects to report revenues for the year-ended 30 June 2019 of around £1.2m, up from £0.51m the year before. It also expects to swing to a "small" pre-tax profit from a £1.65m loss in 2018.
"The cost reduction policy implemented during 2018 and the receipt of some significant sales orders during the period contributed to the company's much improved financial performance," it said.
AT 1545 BST, the shares were up 29% at 0.10p.