- Sabien Technologies has warned its FY trading performance will be considerably below views due to a slow conversion rate of the companies pipeline.

The company separately said it had raised £475,000 at 1p a share to continue its growth strategy and scaling of M2G pilots.

"Public procurement delays in the receipt of orders have had a major impact on our business' cashflow and we are grateful to our investors who continue to have confidence in the strategy that we have been following for the past 2 years," said CEO Alan O'Brien.

"We are confident that the strategy is the correct course to follow and that material orders should be received over the next few months."

Sabien also posted an H1 pretax loss of £826,000, from a loss of £983,000. Sales revenue was £298,000, from £321,000.

"The sales pipeline currently stands at £9.7m," said chairman Bruce Gordon.

"In view of the slow conversion rate of the pipeline to confirmed sales orders, the board anticipates that the trading performance for the financial year will be considerably below our expectations and that the Group will require a further fundraising to ensure that it can meet its liabilities over the coming months," said Gordon.

At 9:22am: [LON:SNT] Sabien Technology Group PLC share price was -1.75p at 1.25p

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