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SNT Sabien Technology Group Plc

12.50
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Last Updated: 00:00:00
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Share Name Share Symbol Market Type Share ISIN Share Description
Sabien Technology Group Plc LSE:SNT London Ordinary Share GB00BN6JG812 ORD 3P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 12.50 12.00 13.00 12.50 12.50 12.50 9,812 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Sabien Technology Group PLC Final Results (3306N)

25/10/2016 7:00am

UK Regulatory


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RNS Number : 3306N

Sabien Technology Group PLC

25 October 2016

25 October 2016

Sabien Technology Group Plc

("Sabien", the "Company" or the "Group")

Preliminary results for the year to 30 June 2016

Sabien Technology Group Plc, the manufacturer and supplier of M1G, M2G, and Endotherm boiler energy efficiency technologies, reports its preliminary results for the year to 30 June 2016.

   --      Sales for the year GBP0.88m (2015: GBP1.74m) 
   --      Loss before tax GBP1.62m (2015: GBP0.57m loss) 

-- Fund raise of GBP770k (gross) to fund the P35 pilot programme launch, M2G development and recruitment of more technical personnel

   --      Net cash balance at 30 June 2016 was GBP0.24m (2015: GBP1.17m) 
   --      Successful P35 pilot season 
   --      Sales pipeline of GBP12.2m at 30 June 2016 (2015: GBP6.2m) 

Highlights since the year end

   --      Sales pipeline at 14 October 2016 of cGBP12m 
   --      Signed UK exclusive distribution agreement for EndoTherm heating additive 

-- Fund raise of GBP750k (gross) to fund the P40 pilot and overseas pilot programmes for the 2016/17 heating season and M2G development

   --      Net cash balance at 14 October 2016 of GBP0.67m 

Outlook

Alan O'Brien, Chief Executive, commented:

"2016 was a year of transition resulting from the review of the Group's sales strategy and sales processes. The main targets for the Group were to achieve 35 pilot installations in the year and to grow the sales pipeline and I am pleased that both these were achieved. We will now be looking to build on these achievements in the new financial year and are looking to run a total of 40 pilots in the UK, Europe and the USA."

For further information:

Sabien Technology Group Plc

Alan O'Brien, CEO Tel: +44 (0) 207 993 3700

   Gus Orchard, CFO                                                          www.sabien-tech.co.uk 
   Stockdale Securities Ltd                                                  Tel: +44 (0) 207 601 6100 

Antonio Bossi

About Sabien Technology

Founded in March 2004 by its CEO, Alan O'Brien, UK-based Sabien Technology specialises in providing proven and commercially viable technology to reduce carbon emissions and energy usage for private and public organisations. Sabien Technology Group Plc was admitted to AIM in 2006.

The M1G and M2G are patented energy efficient technologies designed to reduce fuel consumption in commercial boilers. They dynamically respond to changing load demand by measuring, identifying and removing dry cycling thus maximising efficiency under all conditions.

M1G and M2G can be retro-fitted and fully integrate and complement existing controls, such as BMS, boiler sequencing, weather compensation and building optimisation controls. Using intelligent software and hardware, the M1G and M2G units improve a boiler's efficiency by reducing energy wastage.

Endotherm is a proven commercial heating system additive. It improves the rate of heat transfer by increasing the contact area surface on boiler plant and system heat emitters.

For further information, please visit our website www.sabien-tech.co.uk.

Financial results

Revenue in the year was GBP0.88m (2015: GBP1.74m). The loss before taxation was GBP1.62m (2015: GBP0.57m loss).

Sales for the year were 50% lower than in the previous year due primarily to a lack of pilots in prior years converting to sales revenue. The Group addressed this in May 2015 with the offer of a free pilot programme to potential customers in order specifically to increase the number of pilots in a year and therefore build the sales pipeline which would then expect to convert to revenue over the following years.

At 30 June 2016, cash and cash deposits amounted to GBP0.24m (2015: GBP1.17m). The Group has no external debt.

Dividend policy

In view of the loss incurred in the year, no dividend is proposed (2015: nil).

Board, management and people

Bruce Gordon, who is an investor in the Company both in a personal capacity and as advisor to TVI 2 Limited, joined the Board on 30 September 2015 as a non-executive director and succeeded Miriam Maes as Chairman at the Annual General Meeting held on 18 November 2015. Miriam Maes resigned from the Board on the same day.

On behalf of the Board we would like to take this opportunity to thank the whole Sabien team for their dedicated efforts and enthusiasm over the last year. We also thank our customers and other stakeholders, especially our shareholders, for their continuing support.

Outlook

As noted in last year's Annual Report, in the latter part of the previous financial year we carried out a review of the Group's sales strategy and identified certain areas where improvements could be made which would help accelerate the sales process. As part of this review, we decided that the Group needed to increase substantially the number of pilots carried out in a year and that we would no longer charge customers up front for these. To this end, we identified the need to recruit more technical and sales personnel and invest in routine development to the core M2G product. We stated that we believed that the results of this investment would take at least 12 months to materialise but that the key indicator of progress would be the size of the sales pipeline as we progressed during the year.

We are therefore pleased at the success of the pilot programme and encouraged by the increase in the sales pipeline number from GBP6.2m at 30 June 2015 to GBP12.2m at 30 June 2016 as it is a good indicator as to how the business is progressing. We expect a considerable improvement in sales performance this financial year.

We have raised GBP750k gross (GBP704k net) from existing and new shareholders since the year end and will be using these funds to invest in the P40 pilot programme, overseas pilot support and continuing M2G development.

STRATEGIC REPORT

For the year ended 30 June 2016

   1.   Review of the Company's Business 

The Group owns the rights to M1G and M2G, patented energy efficiency products for installation on commercial boilers and water heaters, both in the UK and abroad. It subcontracts the manufacture of both products to its principal supplier, which is based in Northern Ireland, and installation in the UK to a number of trained installation companies. It has also signed an agreement with Endo Enterprises Ltd ("Endo") to act as sole distributor to the commercial market in the UK for Endo's EndoTherm product which is a heating additive for use in central heating systems.

The Group has a strong reputation in the market place, being recognised as the market leader in Boiler Optimisation Controls. In May 2015, it put in place a 5 year growth strategy with the key driver being to remove uncertainty around sales order lumpiness and to help mitigate the delays in mobilising M2G pilots and public sector contract awards brought about by long tender processes.

The key objective for management was to significantly scale up large multi-site M2G pilots in each year over the ensuing 5 years both in the UK and overseas using our in-house Business Development managers, Facilities Management partners and our overseas "Tech Centre" partners. For the financial year under review, the target was to run up to 35 multi-site M2G pilots in the 2015/16 heating season ("P35"), up from 8 in 2014/15, and this target was achieved.

30 of these pilots were completed and the results and preliminary business cases presented to the customers. The remaining pilots are scheduled to be completed during the second half of the 2016 calendar year. The Group has a target for the new financial year of running up to 40 pilots in the current heating season ("P40").

Management has a robust methodology and process for executing pilot programmes and has built up 10 years of experience and know-how in delivering large scale multi-site pilots and in the measurement and verification of the same.

Outside the UK, the Group appoints "Tech Centres" which are organisations involved in the supply of boiler systems and controls to customers in their own territories. These Tech Centres are given training in the installation of M2G as part of the appointment process. During the 2015/16 heating season, the Group assisted its US distributor, Fireye, Inc. ("Fireye"), with Fireye's first 4 M2G pilots in the USA. The initial results from these pilots have been encouraging and Fireye has indicated that it intends to carry out up to 10 pilots in the 2016/17 heating season in the USA and Europe.

The Group employs its own direct sales force which is also responsible for working with a number of "indirect" sales partners which are generally facilities management and property management organisations. Sabien's direct sales force targets organisations with multi-site estates within both the public and private sectors.

The Group employs its own project management and technical engineering staff who are responsible for ensuring the smooth roll-out and quality control of each M2G pilot and installation project. The Group places particular importance on this aspect of its business and has won many plaudits from customers for the excellence of its processes and project management. Headcount currently stands at 20.

The Group is also involved in the research and development of new products within its area of expertise in the energy efficiency/reduction market. It is also looking to add other products which are complementary to its activities.

   2.   Principal risks and uncertainties facing the Group 

The principal risks faced by the Group are:

   --      Downward pressure on gas and oil prices 
   --      Technology developments and competitive products 
   --      Changes in legislation 
   --      Supply chain issues 
   --      Inability to meet customer demand 
   --      Non-recurring revenue model 
   --      Brand awareness and maintenance of reputation 
   --      Employee retention 

The Group places great importance on internal control and risk management. A risk-aware and control-conscious environment is promoted and encouraged throughout the Group. The Board, either directly or through its committees, sets objectives, performance targets and policies for management of key risks facing the Group.

The risks outlined above are not an exhaustive list of those faced by the Group and are not intended to be presented in any order of priority. The Group holds weekly management meetings at which, inter alia, business risks are reviewed and any areas that are causing concern are discussed. A plan of action to resolve issues is then put in place.

The key performance indicator for the Group is the conversion of its sales pipeline to revenue. The pipeline comprises business cases submitted to clients. The conversion of opening pipeline to sales revenue in the year amounted to 14% which was a significant reduction on previous years' conversion rates. This was the result of the withdrawal of a number of large prospects from the opening pipeline and a reduction in contract value of a number of sales. The Board is of the opinion that this rate was an anomaly which would not reoccur in future periods. However, even if this conversion rate were to be applied to the sales pipeline at 30 June 2016, the Board believes that the Group would still have adequate working capital for the foreseeable future and has accordingly prepared these financial statements on the 'going concern' basis.

   3.   Performance of the business in the financial year 
   --      Business Development - UK 

Although the Group's sales performance in the year was below management expectations, most efforts in the year were directed towards achieving the targeted number of pilots (see below) which management believe will lead to a much greater sales pipeline value and a less irregular sales pattern in future years. The Group estimates that the sales pipeline at 30 June 2016 stood at GBP12.2m (2015 - GBP6.2m).

Major alliance partners with whom we have done business in the year included Carillion, CBRE, Jones Lang LaSalle and SSE Contracting.

Contract wins in the 12 months included: Scottish Borders Council, University of Salford, Durham County Council, Lincolnshire County Council, Wiltshire Council.

   --      Business Development - Overseas 

The Group sells M2G internationally through its network of "Sabien Tech Centres". A "Sabien Tech Centre" is a company outside the UK with:

o An established distribution network and an existing client base in the commercial and industrial heating sector

o Engineering capability and capacity

o Competence in commercial boilers and currently offering energy efficiency solutions as part of their product and service suite

The channel will require a level of M2G operational support in knowledge transfer/sharing and product training.

In 2013, the Group appointed Fireye, Inc. as a non-exclusive distributor in the USA as well as other overseas territories. Through this relationship with Fireye and with other parties, we have appointed Tech Centres in a number of territories throughout the world. During the second half of the year, Fireye carried out 4 M2G pilots at its own customer sites in the USA, mostly large school boards, and the results have shown the expected levels of savings. Discussions are now in place between Fireye and its customers for possible roll-outs of M2G.

We remain confident this relationship will bring substantial value to the Group in the future. For further information on Fireye NXM2G, please visit www.flamecontrols.com.

   --      UK M2G Pilots 

The Group continues to offer a pilot scheme to customers with large estates as part of the monitoring and verification process prior to deploying M2G to their wider estate. To be able to participate in this scheme, there a number of parameters to which customers have to adhere. Under this scheme, we agree to install M2G at up to 3 sites and to monitor the results for a period of at least 4 weeks using 3rd party logging technology. As noted above, the Group does not charge clients wishing to pilot M2G. At the conclusion of the pilot period, a report is produced for the customer in which the results are presented along with the likely levels of savings and reduced CO2 emissions were M2G to be deployed over the customer's estate.

The customer will then give the Group an indication of the estimated date for an order being placed for the wider estate. The cycle from pilot completion to receiving an order can take several weeks to several years. The reasons for this include:

o Public Sector clients having to use the OJEU process for orders that exceed legally binding EU limits

o Client asset rationalisation programmes (purchase and disposal of properties)

o Absence of actual utility consumption data for the estate

o Change of client Facility Management provider requiring a bedding-in period prior to activating previously approved energy efficiency programs

There can also be a lack of clarity client-side and/or no clear guidelines on the company's procurement processes. We try to overcome some of these obstacles early in the sales cycle and shorten anticipated order delays by sharing with clients our industry "know-how" and experience of working with other similar organisations. In some instances this isn't possible due to the competitive nature of certain client sectors.

   --      M1G 

The Group launched its M1G product for use in hot water heaters in 2014. The M1G is designed to prevent the inherent problem of short cycling within direct hot water generators resulting in unnecessary fuel consumption during low load demands. Short cycling is caused when the hot water generator's minimum firing capacity exceeds the current system loss, causing the hot water generator to fire for very short periods. M1G is sold to customers as an adjunct to M2G sales.

   --      EndoTherm 

As mentioned above, the Group has taken an exclusive licence for the commercial market for the EndoTherm product. EndoTherm is an energy saving additive that can be added to any wet based central heating system. Under controlled conditions, EndoTherm dosed systems have been proved to heat up quicker and stay warmer for longer, thus requiring less heating cycles over a given time period putting less strain on the boiler. Technology verification trials have demonstrated energy consumption reductions of between 10% and 25% with payback typically under 2 years.

   --      Key Performance Indicators ("KPIs") 

The Group has identified a number of key performance indicators which are regularly monitored to ensure that business is on track or to give warning where problems may be arising:

Financial: The management's focus is on the development of the sales pipeline, the maintenance of a healthy gross margin and prudent cost control. The two main performance indicators are unit sales and maintenance of a healthy gross profit margin. During the year, the Group sold 563 units (2015: 1,077 units) and the gross profit margin was 63.9% (2015: 70.6%). This reduction in gross margin was expected and reflected the impact of offering free pilots to customers. In addition, overhead costs increased substantially in the year under review as a result of our decision to increase headcount and redevelop the M2G product to incorporate a number of new features.

Pipeline: We are continually refining the pipeline and only include in it any potential business that has been quoted for, and for which we are in regular contact with the client, or for which the client has given the Group an indicative start date.

Reputation: The Group's reputation for project management, delivery and installation of its products on time and within budget is key to its continuing business success. Management is always looking at improving the quality of the Group's performance and will continue to invest in products and solutions to enable it to maintain and enhance its reputation.

Personnel: The Group is continuing to look for further business development managers with proven experience of the retrofit and energy efficiency controls market. During the year, the Group strengthened its operations and business development teams.

   4.   Strategy 

The Group has developed a 5 year growth strategy for the future which can be summarised as:

   --      Significantly scaling M2G pilots in the UK and Overseas 

-- Maintaining and strengthening our UK business development capabilities to help drive sales growth of our products(s) and services

-- Broaden and develop our product suite e.g. M1G, while also scanning the market environment for third party complementary products and services that fit within our market sector

-- Develop a network of overseas distribution partners to grow revenue in a material way for the Group

-- Maintain or exceed an installation capacity in line with company forecasts and to continue providing our clients and partners with a world class project management service and experience

   --      Maintaining brand awareness and reputation of the Group 

Consolidated Statement of Comprehensive Income

For the year ended 30 June 2016

 
                                       2016      2015 
                            Notes   GBP'000   GBP'000 
 
 Revenue                                879     1,744 
 Cost of sales                        (317)     (513) 
 
 Gross profit                           562     1,231 
 
 Administrative expenses            (2,184)   (1,812) 
 
 Operating loss               3     (1,622)     (581) 
 
 Investment revenue           4           2        13 
 
 Loss before tax                    (1,620)     (568) 
 
 Tax charge                   5           -     (215) 
 
 Loss for the year 
  attributable to equity 
  holders of the parent 
  company                           (1,620)     (783) 
 
 Other comprehensive 
  income                                  -         - 
 
 Total comprehensive 
  income for the year               (1,620)     (783) 
 
 Loss per share in 
  pence - basic               6       (3.8)     (2.4) 
 Loss per share in 
  pence - diluted             6       (3.8)     (2.4) 
 

The earnings per share calculation relates to both continuing and total operations.

Consolidated and Company Statements of Financial Position

As at 30 June 2016

 
                                             Group              Company 
                                          2016      2015      2016      2015 
                               Notes   GBP'000   GBP'000   GBP'000   GBP'000 
 ASSETS 
 Non-current assets 
 Property, plant 
  and equipment                            121        68         -         - 
 Intangible assets                         461       508         -         - 
 Investment in subsidiaries                  -         -     4,904     3,601 
 Total non-current 
  assets                                   582       576     4,904     3,601 
 
 Current assets 
 Inventories                               221       207         -         - 
 Trade and other 
  receivables                              209       282        69        43 
 Cash and cash equivalents                 235     1,171       215       951 
 Total current assets                      665     1,660       284       994 
 
 TOTAL ASSETS                            1,247     2,236     5,188     4,595 
  EQUITY AND LIABILITIES 
 Current liabilities 
 Trade and other 
  payables                                 216       281        42        32 
 Total current liabilities                 216       281        42        32 
 
 
 EQUITY 
 Equity attributable 
  to equity holders 
  of the parent 
 Share capital                   7       2,200     1,650     2,200     1,650 
 Other reserves                            333       187       333       187 
 Retained earnings                     (1,502)       118     2,613     2,726 
 Total equity                            1,031     1,955     5,146     4,563 
 
 TOTAL EQUITY AND 
  LIABILITIES                            1,247     2,236     5,188     4,595 
 

Consolidated and Company Cash Flow Statements

For the year ended 30 June 2016

 
                                              Group              Company 
                                         2016      2015      2016      2015 
                                        GBP'000   GBP'000   GBP'000   GBP'000 
 Cash flows from operating 
  activities 
 Loss before taxation                   (1,620)     (568)     (113)     (124) 
 Adjustments for: 
 Depreciation and amortisation              111        92         -         - 
 Finance income                             (2)      (13)       (2)      (13) 
 Transfers to equity reserves                 3         2         3         2 
 Decrease/(increase) in 
  trade and other receivables                73       317      (26)       (1) 
 Increase in inventories                   (14)      (65)         -         - 
 (Decrease)/increase in 
  trade and other payables                 (65)      (32)        10         5 
 
 Cash used in operations                (1,514)     (267)     (128)     (131) 
  Corporation taxes recovered/(paid)          -         -         -         - 
  Net cash outflow from 
   operating activities                 (1,514)     (267)     (128)     (131) 
 
 Cash flows from investing 
  activities 
 Share issue                                693        98       693        98 
 Dividend paid                                -      (91)         -      (91) 
 Investment in subsidiary                     -         -   (1,303)         - 
 Purchase of property, 
  plant and equipment                     (117)       (7)         -         - 
 Finance income                               2        13         2        13 
 Net cash generated by/(used 
  in) investing activities                  578        13     (608)        20 
 
 Net decrease in cash 
  and cash equivalents                    (936)     (254)     (736)     (111) 
 Cash and cash equivalents 
  at the beginning of the 
  year                                    1,171     1,425       951     1,062 
 Cash and cash equivalents 
  at the end of the year                    235     1,171       215       951 
 

Notes to the Consolidated Financial Statements

For the year ended 30 June 2016

General information

The Company is incorporated in England & Wales under the Companies Act 2006.

   1.         Accounting policies 

The following significant principal accounting policies have been used consistently in the preparation of the consolidated financial information of the Group. The consolidated information comprises the Company and its subsidiaries (together referred to as "the Group").

a) Basis of preparation: The financial information in this document has been prepared using accounting principles generally accepted under International Financial Reporting Standards ("IFRS"), as adopted by the European Union.

The Directors expect to apply these accounting policies, which are consistent with International Financial Reporting Standards, in the Group's Annual Report and Financial Statements for all future reporting periods.

The Directors believe that, despite the losses incurred in the past two years and the uncertainty as to the timing of future profitability, the Group is a going concern and have accordingly prepared these financial statements on a going concern basis.

The key performance indicator for the Group is the conversion of its sales pipeline to revenue. The pipeline comprises business cases submitted to clients. The conversion of opening pipeline to sales revenue in the year amounted to 14% which was a significant reduction on previous years' conversion rates. This was the result of the withdrawal of a number of large prospects from the opening pipeline and a reduction in contract value of a number of sales. The Board is of the opinion that this rate was an anomaly which would not reoccur in future periods. However, even if this conversion rate were to be applied to the sales pipeline at 30 June 2016, cashflow forecasts prepared by the Directors confirm that the Group will have sufficient working capital to settle its liabilities as they fall due for a period of not less than 12 months from the date of the approval of these financial statements.

The consolidated financial statements have been prepared on the historical cost basis and are presented in GBP'000 unless otherwise stated.

b) Basis of consolidation: The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 30 June each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefit from its activities.

Except as noted below, the financial information of subsidiaries is included in the consolidated financial statements using the acquisition method of accounting. On the date of acquisition the assets and liabilities of the relevant subsidiaries are measured at their fair values.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

   2.         Segmental reporting 

Based on risks and returns, the Directors consider that the primary reporting business format is by business segment which is currently just the supply of energy efficiency products, as this forms the basis of internal reports that are regularly reviewed by the Group's chief operating decision maker in order to allocate resources to the segment and assess its performance. Therefore the disclosures for the primary segment have already been given in these financial statements. The secondary reporting format is by geographical analysis by destination. Non-UK revenues amounted to 12% of the total and are analysed as follows:

 
 Geographical information        Year                  Year 
                                ended                 ended 
                              30 June               30 June 
                                 2016                  2015 
                                            % of                  % of 
                                Sales      total      Sales      total 
                              revenue    revenue    revenue    revenue 
                              GBP'000               GBP'000 
 UK                               775         88      1,590         91 
 Other                            104         12        154          9 
 Total                            879        100      1,744        100 
 

During the period, sales to the group's largest customer was as follows:

 
                  Sales   % of total 
                revenue      revenue 
                GBP'000 
 Customer 1         322           37 
 
   3.         Operating loss 

Operating loss is stated after charging:

 
                               Year ended   Year ended 
                                  30 June      30 June 
                                     2016         2015 
                                  GBP'000      GBP'000 
 Depreciation of property, 
  plant & equipment                    64           45 
 Amortisation of intangible 
  assets                               47           47 
 Operating lease rentals 
  - land and buildings                 56           52 
 (Profit)/loss on foreign 
  exchange                            (3)            5 
 
   4.         Investment revenues 
 
                        Year ended   Year ended 
                           30 June      30 June 
                              2016         2015 
                           GBP'000      GBP'000 
 Interest receivable             2           13 
 
   5.         Corporation tax 
 
                                 Year ended   Year ended 
                                    30 June      30 June 
                                       2016         2015 
                                    GBP'000      GBP'000 
 Current tax                              -            - 
 Deferred tax                             -          215 
 Total tax charge for the 
  year                                    -          215 
 
 The tax charge for the year can be reconciled 
  to the loss as follows: 
 Loss before tax                    (1,620)        (568) 
 Tax on loss on ordinary 
  activities at standard 
  UK corporation tax rate 
  of 20% (2015: 20%)                  (324)        (113) 
 Expenses not deductible                  1            - 
  for tax purposes 
 Capital allowances in excess 
  of depreciation                       (9)            7 
 Unrelieved tax losses                    -            5 
 Tax losses carried forward             332          101 
 Current tax                              -            - 
 

Deferred tax:

In 2015 the Group reviewed the carrying value of the deferred tax asset recognised in previous years and decided that it would be prudent to derecognise the total asset in view of the uncertainty as to the timing of a return to profitability.

The aggregate amount of deductible temporary differences, parent company unused tax losses and unused tax credits for which no deferred tax asset is recognised in the Consolidated Statement of Financial Position is estimated at GBP3,687k (2015: GBP2,035k) which at the standard tax rate would equate to GBP660k (2015: GBP407k).

   6.         Earnings per share 

The calculation of earnings per share is based on the loss for the year attributable to equity holders of GBP1,620k (2015: GBP783k loss) and a weighted average number of shares in issue during the period of 43,088,200 (2015: 32,878,337). At the year end, options over 2,145,667 shares (2015: 2,102,410) were in issue and have been taken into account in calculating diluted earnings per share.

   7.         Share capital 
 
                                          2016      2015 
                                       GBP'000   GBP'000 
 
 Allotted, called up and fully paid 
 44,004,867 Ordinary shares of 5p 
  each (2015: 33,004,867)                2,200     1,650 
 

On 3 August 2015, the Company placed 11,000,000 Ordinary shares at a price of 7p per share. The net proceeds after deduction of costs amounted to GBP693k.

A copy of the annual report for the year ended 30 June 2016 will be available from the company's website at www.sabien-tech.co.uk and will be posted to shareholders on 4 November 2016.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 25, 2016 02:00 ET (06:00 GMT)

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