Sabien Technology Group PLC (AIM:SNT) saw its shares rise over 8% to 9.5p on Tuesday after it announced a second UK government order and provided an update on trading.
Following the 10 March announcement of a £246,000 government contract, Sabien today revealed that its M2G business has won further orders for CO2 mitigation devices for commercial boilers from the same customer worth £422,000.
As a result, M2G's total order value in the year to date of £931,000 is 70% higher than the £546,000 achieved in the same period last year and up 12% on the £889,000 recorded for the whole of the previous financial year, Sabien said in a statement.
A minimum of 67% of the order value is expected to 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, it added.
The company said it will have billed revenue in excess of £1mln in the first nine months of full-year 2023, compared to £831,000 in the whole of the 2022 financial year.
The majority of the total order value is expected to be recognised as revenue during FY2023, it said.
The company added that it continues to advance negotiations for further repeat orders.
"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,” commented Richard Parris, executive chairman of Sabien in a statement.
“Sabien, through M2G and b.grn, is in the vanguard of this transition, encompassing both the reality of today and the potential of tomorrow,” he added.
Sabien also said its management team will be visiting South Korea for the next two weeks in order to strengthen the company’s relationship with City Oil Field Inc, 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.