- Efficiency technology manufacturer Sabien Technology Group said it may have to raise additional capital after a failure to convert sales leads as expected led to an annual loss.

The company said it expected to report a pre-tax loss for the year through June of around £0.7m, on revenues of around £0.6m.

The current sales pipeline was estimated to be around £10.4m, which remained relatively stable compared to the £10.1m as at 30 January.

'Unless the group can accelerate the current rate of pipeline conversion, which has been slower than expected, the previously announced target of monthly break-even will not be achieved by December 2018,' Sabian said.

Consequently, the company said it may need to raise additional equity during the first quarter of early in the second quarter of the current financial period ending 30 June 2019.

The board today published a general meeting circular dated 6 August 2018 seeking to increase the authority to allot shares in the company.

'The proceeds from any equity issue would provide working capital to support the rental rollout programme and support the remaining sales expected from the P35 and P40 programmes,' Sabien said.

At 12:36pm: [LON:SNT] Sabien Technology Group PLC share price was -0.14p at 0.2p

Story provided by