Shares in boiler optimisation firm Sabien Technology Group Plc (LON:SNT) shot up over 12% as it increased its sales pipeline, unveiled a new distribution agreement and shareholders approved a capital reorganisation.
Chief executive Alan O'Brien told the general meeting that the sales pipeline now stands at £12.5mln against £11.4mln on June 2.
Orders of £111,000 have been received since July 1 this year and will be recognised as sales revenue in the current financial year, he said.
Sabien sells monitors (called M2G) that are fitted retrospectively to boilers, so they function more effectively, leading to savings of 15-25% per heating season and runs pilot programme, where potential customers try out the technology.
Thirty pilots were run in year to June 30 and a further five are still in measurement. The firm is working on the pilot programme for the current financial year and has received expressions of interest from a number of organisations, it said.
In addition, a ten year deal has been struck with Endo Enterprises (UK) Ltd over the marketing of Endo's EndoTherm product - a liquid additive for heating systems to improve efficiency.
Sabien believes this complements its existing M2G and M1G products.
In June, the firm proposed to sub-divide each share into one new share and one deferred share, because the current market price was less than the nominal value of shares.
The new shares are expected to begin trading at 8am tomorrow (Thursday).
Sabien shares ratcheted up 12.5% to 4.5p.