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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 | 33 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSNT
RNS Number : 5018D
Sabien Technology Group PLC
31 January 2018
For immediate release
31 January 2018
Sabien Technology Group Plc
("Sabien", the "Company" or the "Group")
Unaudited Interim Results for the six months ended 31 December 2017
Sabien Technology Group plc (AIM: SNT), the manufacturer of the patented M2G energy saving devices, announces its unaudited interim results for the six month period ended 31 December 2017 (the "Period") (comparatives are shown for the comparable period in the previous year unless otherwise stated):
Highlights in the Period
-- Sales revenue GBP462k (2016: GBP298k) -- Sales orders received GBP225k (2016: GBP313k) -- Loss before tax GBP233k (2016: - GBP826k loss) -- Net cash at the end of the period GBP133k (GBP240k as at 31 December 2016) -- Sales pipeline of GBP10.1m at 30 January 2018 -- Overseas sales GBP171k (2016: GBP166k)
Current trading and outlook
The Board has continued to manage the Group's working capital tightly during the Period, and the cost reduction policy implemented during 2017 has been effective in reducing the operating loss in the Period to GBP233k compared to GBP826k in the comparable six month period ended 31 December 2016.
The Board is still targeting monthly breakeven by December 2018, although the Group will continue to need to raise additional equity funding to provide further working capital. The Group plans to raise additional equity funding during the first quarter of 2018 and the Chairman, Bruce Gordon, has re-confirmed his intention to subscribe for GBP100,000 of new ordinary shares in such a funding as and when it proceeds.
The Board continues to focus its efforts on returning the Group towards profitability and remains frustrated by the unpredictability of conversion of the sales pipeline into sales orders, with disappointing sales for the period under review, albeit improved compared to the comparable period in 2016. However, the Board is focusing on developing recurring revenues from rental contracts and from Forensic Boiler Audits, a new consultancy service being offered by the Company. The Board believes that these new rental contracts offer the potential to provide stable, consistent revenues and thereby over time provide a greater visibility to the Board on future financial performance.
Despite the challenges, the Board remains confident about the Group's product and services, the potential market and therefore the prospects for the year ahead.
Bruce Gordon Alan O'Brien Chairman Chief Executive Officer 31 January 2018 31 January 2018
For further information please contact:
Sabien Technology Group plc Alan O'Brien +44(0)20 7993 3700 Beaumont Cornish Limited Michael Cornish / Roland Cornish www.beaumontcornish.com (Nominated Advisor & Broker) +44(0)20 7628 3396
This announcement is inside information for the purposes of Article 7 of Regulation 596/20014. The person who arranged for the release of this announcement on behalf of the Company was Alan O'Brien, Chief Executive Officer.
A copy of this announcement is available on the Company's website at http://www.sabien-tech.co.uk
Sabien Technology Group Plc
Unaudited Condensed Group Statement of Comprehensive Income for the period ended 31 December 2017
Hot Features
Premium
Notes Year to
6 months 6 months 30
to 31 December to 31 December June
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 462 298 509
Cost of Sales (99) (78) (173)
Gross Profit 363 220 336
Administrative expenses (597) (1,047) (1,990)
Operating Loss (234) (827) (1,654)
Investment revenues 1 1 3
Loss before tax (233) (826) (1,651)
Tax credit 3 - 30 30
---------------- ---------------- --------
Loss for the period attributable
to equity holders of the
parent company (233) (796) (1,621)
Other comprehensive income
for the period - - -
---------------- ---------------- --------
Total comprehensive income
for the period (233) (796) (1,621)
================ ================ ========
Loss per share in pence
- basic 4 (0.3)p (1.4)p (2.3)p
Loss per share in pence
- diluted 4 (0.3)p (1.4)p (2.3)p
Sabien Technology Group Plc
Unaudited Condensed Group Statement of Financial Position as at 31 December 2017
Notes 31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment 36 90 59
Other intangible assets 390 437 414
Total non-current assets 426 527 473
------------ ------------ ---------
Current assets
Inventories 88 202 133
Trade and other receivables 60 98 82
Cash and cash equivalents 133 240 26
------------ ------------ ---------
Total current assets 281 540 241
------------ ------------ ---------
TOTAL ASSETS 707 1,067 714
============ ============ =========
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 382 127 156
------------ ------------ ---------
Total current liabilities 382 127 156
------------ ------------ ---------
EQUITY
Equity attributable to
equity holders of the parent
Share capital 5 2,531 2,294 2,531
Other reserves 1,080 944 1,080
Retained earnings (3,286) (2,298) (3,053)
------------ ------------ ---------
Total equity 325 940 558
------------ ------------ ---------
TOTAL EQUITY AND LIABILITIES 707 1,067 714
============ ============ =========
Sabien Technology Group Plc
Unaudited Condensed Group Cash Flow Statement for the period ended 31 December 2017
6 months 6 months Year
to to to
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Loss before taxation (233) (826) (1,651)
Adjustments for:
Depreciation and amortisation 47 56 107
Profit on disposal of property,
plant and equipment (3)
Finance income (1) (1) -
Transfers to equity reserves - 1 1
Decrease in trade and other
receivables 22 111 127
Decrease in inventories 45 19 88
Increase/(decrease) in trade
and other payables 226 (90) (60)
Cash generated by/(used in)
operations 106 (730) (1,391)
Corporation taxes recovered - 30 30
Net cash inflow/(outflow)
from operating activities 106 (700) (1,361)
Cash flows from investing
activities
Proceeds from share issue - 705 1,147
Purchase of property, plant
and equipment and intangible
assets - (1) (1)
Proceeds on disposal of property
plant and equipment 6 Finance income 1 1 - Net cash inflow from investing activities 1 705 1,152 Net increase/(decrease) in cash and cash equivalents 107 5 (209) Cash and cash equivalents at beginning of period 26 235 235 Cash and cash equivalents at end of period 133 240 26
Sabien Technology Group Plc
Unaudited Condensed Group Statement of Changes in Equity as at 31 December 2017
Share Share Share based Retained Total equity
capital premium payment earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 July
2016 2,200 165 168 (1,502) 1,031
Loss for the period
1 July 2016 to
31 December 2016 - - - (796) (796)
Share issue 94 611 - - 705
Balance at 31
December 2016 2,294 776 168 (2,298) 940
Loss for the period
1 January 2017
to 30 June 2017 - - - (825) (825)
Share issue 237 205 - - 442
Employee share
option scheme
- value of services
provided - - 1 - 1
Transfer to retained
earnings re lapsed
options - - (70) 70 -
Balance at 30
June 2017 2,531 981 99 (3,053) 558
Loss for the period
1 July 2017 to
31 December 2017 - - - (233) (233)
Balance at 31
December 2017 2,531 981 99 (3,286) 325
Sabien Technology Group Plc
Notes to the Financial Statements for the period ended 31 December 2017
1. Accounting policies
The interim financial information has not been audited or reviewed by the auditors and does not constitute statutory accounts for the purpose of Sections 434 and 435 of the Companies Act 2006.
The financial information in this document has been prepared using accounting principles generally accepted under International Financial Reporting Standards and is consistent with those used in the preparation of the most recent annual financial statements.
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 financial years and this six month period 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 annualised conversion of opening pipeline to sales revenue in the period amounted to 10.6% which was a significant reduction on previous years' conversion rates but was an improvement compared to the 30 June 2017 conversion rate of 2.7%. If this conversion rate were to be applied to the sales pipeline at 31 December 2017, 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 period end.
The interim 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) at 31 December 2017. 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.
Accounting for the Company's acquisition of the controlling interest in Sabien Technology Limited: The Company's controlling interest in its directly held subsidiary, Sabien Technology Limited, was acquired through a transaction under common control, as defined in IFRS 3 Business Combinations. The directors note that transactions under common control are outside the scope of IFRS 3 and that there is no guidance elsewhere in IFRS covering such transactions.
IFRS contain specific guidance to be followed where a transaction falls outside the scope of IFRS. This guidance is included at paragraphs 10 to 12 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. This requires, inter alia, that where IFRS does not include guidance for a particular issue, the directors may also consider the most recent pronouncements of other standard setting bodies that use a similar conceptual framework to develop accounting standards. In this regard, it is noted that the UK standard FRS 6 addresses the question of business combinations under common control.
In contrast to IFRS 3, FRS 6 sets out accounting guidance for transactions under common control. The guidance contained in FRS 6 indicates that merger accounting may be used when accounting for transactions under common control.
Having considered the requirements of IAS 8, and the guidance included in FRS 6, it is considered appropriate to use a form of accounting which is similar to pooling of interest when dealing with the transaction in which the Company acquired its controlling interest in Sabien Technology Limited.
In consequence, the consolidated financial statements for Sabien Technology Group Plc report the result of operations for the year as though the acquisition of its controlling interest through a transaction under common control had occurred at 1 October 2005. The effect of intercompany transactions has been eliminated in determining the results of operations for the year prior to acquisition of the controlling interest, meaning that those results are on substantially the same basis as the results of operations for the year after the acquisition of the controlling interest.
Similarly, the consolidated balance sheet and other financial information have been presented as though the assets and liabilities of the combining entities had been transferred at 1 October 2005.
The Group took advantage of Section 131 of the Companies Act 1985 and debited the difference arising on the merger with Sabien Technology Limited to a merger reserve.
c) Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Assets are written off on a straight-line basis over their estimated useful life commencing when the asset is brought into use. The useful lives of the assets held by the Group are considered to be as follows:
Office equipment, fixtures and fittings 3-4 years
d) Intangible assets: Intellectual property, which is controlled through custody of legal rights and could be sold separately from the rest of the business, is capitalised where fair values can be reliably measured.
Intellectual property is amortised on a straight line basis evenly over its expected useful life of 20 years.
Impairment tests on the carrying value of intangible assets are undertaken:
-- At the end of the first full financial year following acquisition
-- In other periods if events or changes in circumstances indicate that the carrying value may not be fully recoverable.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of the fair value, less costs to sell, and value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only in so far that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised in income immediately.
e) Fixed asset investments: Fixed asset investments are stated at cost less any provision for impairment in value.
f) Inventories: Inventories are valued at the lower of average cost and net realisable value.
g) Financial Instruments
Financial Assets
The Group classifies its financial assets as loans and receivables and cash. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets.
Trade receivables are classified as loans and receivables and are recognised at fair value less provision for impairment. Trade receivables, with standard payment terms of between 30 to 65 days, are recognised and carried at the lower of their original invoiced and recoverable amount. Where the time value of money is material, receivables are carried at amortised cost. Provision is made when there is objective guidance that the Group will not be able to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote.
Financial Liabilities
The Group classifies its financial liabilities as trade payables and other short term monetary liabilities. Trade payables and other short term monetary liabilities are recorded initially at their fair value and subsequently at amortised cost. They are classified as non-current when the payment falls due more than 12 months after the balance sheet date.
h) Cash and Cash Equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less, and bank overdrafts.
i) Revenue recognition: Revenue from sale of goods is recognised upon delivery and installation at a customer site or delivery to a customer's incumbent facilities manager which subsequently carries out the installation itself. Where goods are delivered to overseas distributors, revenue is recognised at the time of shipment from the Group's warehouse.
Revenue from services generally arises from pilot projects for customers and is recognised once the pilot has been completed and the results notified to the customer. Pilot projects generally have a duration of between 1 and 3 months.
Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the Group.
Interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate applicable.
j) Share-based payments: The Group has applied the requirements of IFRS2 Share-based Payments. The Group issues options to certain employees. These options are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period based on the Group's estimate of the shares that will eventually vest and adjusted for the effect of non-market based vesting conditions.
Fair value is measured by use of the Black-Scholes model. The expected life used in the model has been adjusted, based on management's best estimate for the effects of non-transferability, exercise restrictions and behavioural conditions.
k) Operating leases: Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of comprehensive income on the straight line basis over the lease term.
l) Taxation: The charge for current tax is based on the results for the period as adjusted for items that are non-assessable or disallowed. It is calculated using rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interest in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax is calculated at the rates that are expected to apply when the asset or liability is settled. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
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 company'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 GBP171k which were 37% of total revenues for the period.
During the period, sales to the Group's largest customers were as follows:
Sales revenue % of total
revenue
GBP'000
Customer 1 259 56
Customer 2 86 19
Customer 3 68 15
3. Taxation
Year to
6 months 6 months 30
to 31 December to 31 December June
2017 2016 2017
GBP'000 GBP'000 GBP'000
Corporation tax recovered - 30 30
4. Earnings per share (EPS)
The calculation of the basic earnings per share is based on the earnings attributable to the ordinary shareholders, divided by the weighted average number of shares in issue in the period.
Year to
6 months 6 months 30
to 31 December to 31 December June
2017 2016 2017
GBP'000 GBP'000 GBP'000
Loss for the period (233) (796) (1,621)
Basic and Diluted:
Weighted average number of
shares in issue 71,504,867 56,504,867 71,504,867
Loss per share - basic and
diluted (0.3)p (1.4)p (2.3)p
5. Share capital
The Company's issued Ordinary share capital is:
Amount Number Number
of New of Deferred
Ordinary Shares
Shares of 4.5p
of 0.5p each
each
Allotted, called up and fully
paid:
At 31 December 2017 and 30 June
2017 GBP2,531,495 110,254,867 44,004,867
At 31 December 2016 GBP2,293,993 62,754,867 44,004,867
At a general meeting of the Company held on 13 July 2016, the Ordinary shares of 5p each were split into 44,004,867 New Ordinary shares of 0.5p each and 44,004,867 Deferred shares of 4.5p each. The Deferred shares have no right to receive notice of attendance or vote at any general meetings of the company and no right to receive any dividend or other distribution.
On 16 September 2016, the Company raised GBP750k (gross) by the issue of 18,750,000 New Ordinary shares of 0.5p each at a price of 4p per share. Net proceeds after expenses amounted to GBP704k.
On 19 April 2017, the Company raised GBP475k (gross) by the issue of 47,500,000 New Ordinary shares of 0.5p each at a price of 1p per share. Net proceeds after expenses amounted to GBP443k.
6. Seasonality
The business of the Group is not seasonal.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FKDDNBBKDBDN
(END) Dow Jones Newswires
January 31, 2018 07:34 ET (12:34 GMT)
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