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Sabien Technology targets a significant improvement after 2014 loss

Published: 08:25 07 Oct 2014 BST

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Boiler efficiency firm Sabien Technology (LON:SNT) is targeting a significant improvement in 2015 after making a loss for 2014.

The company told investors that fiscal 2014 sales were down 13% from the prior year.

In the preliminary results statement, for the twelve months to June 30, Sabien revealed a £270,000 loss compared to a £310,000 profit in 2013.

Sales to its ‘alliance partners’ – which include SSE Contracting and facilities management providers -were cut in half, with £1.01mln in 2014 versus £2.02 in the year before. This part of the business can vary year-to-year depending upon the customers own client and sales pipeline, Sabien said.

The decline in alliance partner business contrasts with Sabien’s push abroad, with overseas sales rising to £188,000 from £85,000.

This is a targeted growth area for the company which has invested in a programme to establish a network of international third party 'Sabien Tech Centres'.

Overseas sales represented 9% of Sabien’s total sales for 2014, and in the current financial year it is expected to be one of the group’s growth drivers.

Sabien, since the year end, has also launched the M1G product, which is a new version of its retrofit control technology, which is designed to improve the efficiency of water heaters.

Chief executive Alan O’Brien said: "With the stronger pipeline likely to be bolstered by the new overseas Sabien 'Tech Centres' and the introduction of M1G to the product range, we are confident that operational and financial performance will improve significantly during 2015, enabling us to achieve our targets for the year."

The company ended the financial year with £1.3mln of cash and maintained its dividend policy, which will see it pay a 0.275p per share final dividend.

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