By Anthony O. Goriainoff
Sabien Technology Group PLC reported Friday that pretax loss for fiscal 2022 widened on higher costs, and said it is well placed to take its three main business lines to their next development stage in 2023 following a recent fundraise.
The provider of energy-reduction technologies posted a pretax loss for the year ended June 30 of 743,000 pounds ($841,893) compared with a pretax loss of GBP509,000 the year before.
Revenue fell to GBP679,000 from GBP971,000 the year before.
The company carried GBP290,000 in revenue into fiscal 2023, mostly comprising of deferred revenue unable to be completed in 2022 due to supply chain issues brought on by the global semiconductor shortage as well as forward orders.
"The group has developed, and is developing, a series of operations whose purpose and growth are both strong now and likely to strengthen further in the medium term," Executive Chairman Richard Parris said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
Gloss