AGM Statement

RNS Number : 1387G

Sabien Technology Group PLC

18 November 2015

 

Sabien Technology Group Plc

('Sabien' or the 'Company')

AGM statement

At the Annual General Meeting to be held at 11am today, the Company will provide the following update in respect of the period since 1 July 2015

Pilot programme

At the time of the fund raising in July 2015, the Company announced a new business model by offering free pilots to up to 35 clients with large estates in the current financial year in order to significantly build the sales pipeline by June 2016. This is a key metric for the Company.

The Company is pleased to report that, to date, 21 clients have signed an agreement to go ahead. Of these, 6 are live and the remainder are in the course of being installed or are being surveyed pending installation. The Company is confident that its strategy is on course to produce the intended results.

Trading update

Trading in the first months of the current financial year has been affected by the requirement to get the pilot programme up and running and this, along with the extra budgeted costs in recruiting staff and ongoing development of the M2G product, will mean that the results for the half year to 31 December 2015 will show a loss in line with management expectations.

Appointment of Bruce Gordon as Chairman

As announced on 23 October 2015, Bruce Gordon will be appointed Chairman of the Company from the end of the Annual General Meeting.

A further update will be provided to the market at the time of the announcement of the half year results in February 2016.

For further information:

Sabien Technology Group plc
Alan O'Brien, Chief Executive	Tel: [phone]
Gus Orchard, Finance Director
Westhouse Securities Ltd
Antonio Bossi	Tel: [phone]

  Rose Ramsden

 

END

 

 

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