StockMarketWire.com - Sabien Technology made a loss before tax of £1.65m in the year to 30 June, compared with a loss of £1.62m the year before.

Sales fell from £880,000 to £510,000, primarily due to free pilots not having a material effect on reducing timings of the sales cycle.

The sales pipeline was £8.7m at 30 June 2017, down from £12.2m a year ago.

In view of the loss incurred in the year, no dividend is proposed.

The company said: "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. Calendar year-end cash balances are expected to be increased by the final payment of the contract announced in June 2017, and the company plans to raise additional equity funding in the early part of 2018."

It added: "The board continues to focus its efforts on returning the company towards profitability and has been frustrated by the unpredictability of conversion of the sales pipeline into sales orders, with disappointing sales for the year under review."




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