After the company reported that its M2G division, Sabien Technology Ltd, has seen good sales performance and accelerated growth in the financial year ending in June 2023, shares of Sabien Technology Group PLC (AIM:SNT) increased by 7% in early trade on Thursday.
According to the firm, it owes this achievement to increasing demand from both its existing clients and its new customers, in addition to the successful launch of its M2G Cloud Connect product.
Orders for CO2 mitigation devices for commercial boilers have been placed by new clients from a variety of industries, including the health sciences, data centers, colleges, and local governments, among others.
This news caused the company to make the announcement.
Richard Parris, executive chairman of Sabien, made the following statement in the business update: “M2G has performed ahead of our expectations; a testament to the team and a reference point for expectations.”
We have seen firsthand, via the process of delivering the Cloud solution, the extent to which the commercial heating sector is eager to welcome energy-saving technologies in support of cost and CO2 reductions.
“M2G’s stellar reputation for delivery and efficiency has contributed to the company’s success in gaining this acceptability. In addition to this, it has been encouraging to see M2G continue to get a high volume of orders despite the normally slower summer season.
At around 9.40 in the morning, Sabien shares were trading 7.4% higher at 14.50p.