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By Steve Moore | Thursday 7 June 2018
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
A 2017 sell tip of the year at a 3p bid price from myself, Sabien Technology (SNT) has today made a “Corporate Update New Order Received” announcement…
Previously writing on the company, it was a £0.4 million placing at 0.5p per share. That followed the Chairman having advanced an additional £50,000 earlier this year – both after results for the half-year ended 31st December 2017 showed a loss of £0.23 million on revenue of £0.46 million, cash of £0.13 million and a net current liabilities position of £0.10 million.
The company is now, after a pilot in 2017/18, “pleased to announce that it has been awarded a new contract, as principal contractor and supplier for the installation of its M2G product, of £151,683”, with CEO Alan O'Brien emphasising “this is a very pleasing new contract win for Sabien and an excellent demonstration of the quality of our M2G boiler control, scale of installation expertise and the project management that Sabien can bring to a contract of this type, utilising skills gathered from previous large-scale client M2G roll out programmes”.
Hmmm! Also, just before the start of the noted half-year the company was “pleased to announce it has been awarded a contract worth £287,750. The order will be recognised as sales revenue during the first quarter of the 2017/18 financial year” and that “since the companies last market update on 29 March 2017, sales orders totalling £26,500 were also received”.
It is noted the latest order “will be recognised as sales revenue during Q1 of the financial year ending 30 June 2019”, but I now await the outcome for the current year with interest – previously questioning how long will the new cash last? Presently, I still remain bearish.
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