Sabien Technology Group PLC (AIM:SNT) shares rose 7% in morning trade on Thursday after the firm announced that its M2G business, Sabien Technology Ltd, has experienced strong sales performance and accelerated growth in the financial year ending June 2023.
The company said it attributes this success to increased demand from existing and new customers, as well as the successful rollout of its M2G Cloud Connect solution. New customers from various sectors, including life sciences, data centers, universities, and local government, have placed orders for CO2 mitigation devices for commercial boilers.
In the business update, Richard Parris, executive chairman of Sabien, commented: "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."
Around 9.40am, Sabien shares were 7.4% higher at 14.50p.