Sabien Technology Group shares were up 0.3% to 16.8p in early afternoon trading on Monday after the company announced a contract win for its Sabien Technology operating subsidiary worth £264,000 from an arm of the UK government.
The contract is reportedly for the extended deployment of Sabien Technology’s M2G Boiler Optimisation Technology across a selection of sites throughout the country in support of a major government project, and follows a previous contract awarded to the group for the use of its Boiler Optimisation products.
The contract comes as the second half of an initial order on 25 March 2022, which is scheduled for implementation through a different facilities managing partner.
The heating, cooling and transportation solutions company said that a minimum of £206,000 of the order will be recognised in FY 2022.
Sabien noted that its latest order increased the firm’s forward orders to 229 M2G Cloud devices to be installed, from which most of the revenue has either been invoiced or is set to be invoiced over 2022.
“This further contract award re-confirms the confidence placed in the M2G Cloud device by a major UK Government department,” said Sabien executive chairman Richard Parris.
“At times of rapidly increasing gas prices, Sabien Cloud delivers significant, easy to install savings, visible in real time through the intuitive M2G Cloud dashboard.”