StockMarketWire.com - Energy saving technology group Sabien Technology warned that it would post a full-year loss after its sales more than halved.

Revenue for the year through June was seen falling to £0.46m, down from £1.38m on-year.

Sabien said the 'disappointing' fall in sales was explained by the previous year benefiting from an exceptional order of £0.85m and three months of lost business due to the Covid lockdown.

Sale had, however, doubled in the second half of the financial year compared to the first.

Sabien said it believed the first half represented a low watermark 'after several years of diminishing performance by the previous board and management team'.

'Since the new management team has taken charge earlier this year, sales prospects are demonstrably strengthening, and consistent year-on-year growth is expected as the Ccmpany transitions into a more realisable go-to market strategy based on an enhanced product and service proposition,' it said.

'While Covid uncertainty has made it impossible to achieve a profitable performance this year, costs have been tightly controlled within the operating business.'

The company had placed 85% of its workforce on Covid-19 furlough from 31 March, mitigating payroll expenses for 25% of the financial year.




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