Sabien Technology Group plc
Sabien Technology Group Plc is a small UK-listed (AIM) green-technology holding company. Its main operating business is M2G, patented boiler optimisation/control technology that cuts CO2 and energy consumption on commercial gas boilers by up to 35%, sold increasingly via a partner/channel and Cloud-subscription model. Its second, pre-revenue line is a UK/US exclusive licence to commercialise City Oil Field's (COF) Regenerated Green Oil (RGO) plastic-to-oil technology, pursued via its 33%-owned associate b.grn Group Ltd.
9 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (9)
FY2026Next report expected 8 Nov 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Sabien Technology Group, which sells technology that cuts gas use in commercial boilers, grew revenue by 19.1% to £847k in the year to 30 June 2025 (previous year £711k). But its loss after tax widened to £647k, from £524k. Growth came from a key facilities-management customer and from lower-margin stock sales to Parris Group, a company linked to Sabien. Lower legal and professional fees trimmed the trading loss, but one-off write-downs pushed the overall loss up, including £91k on a hydrogen licence and others on investments. Cash at the year end was £67k, and borrowings were £239k. Some directors' pay and other bills were settled in new shares rather than cash. There is no dividend. Management said sales in the first three months of the new year already beat the first six months of the last. The auditor warned of a material uncertainty over whether the company can keep going, as it depends on winning orders and a new invoice-financing deal with Parris Group. One customer provided most of the year's revenue, which the report calls a risk.
From the reportevery line sits on the page it namesWhat drove revenueM2G boiler optimisation product/installation sales and Cloud Connect subscription revenue
M2G Cloud Solutions revenue rose to £0.85m (2024: £0.71m), underpinned by recurring revenues and a growing order book; channel-led sales strategy delivered compound growth of 35% since 2022
page 5AndRelated-party bulk stock sales to Parris Group Ltd (PGL)
Sales to PGL of £0.1m included in FY25 revenue, representing bulk sales of stock Sabien intends to buy back as needed to deliver on its order book
page 5What moved the marginheadwindRelated-party stock sales to PGL carrying lower margin but improving working capital flexibility
Gross margin for the year was 65% (FY24: 82%), the reduction reflecting the impact of the related party stock sales to PGL, which also enhanced working capital flexibility
page 4AndtailwindReduction in legal and professional expenses
Operating loss reduced to £0.46m (2024: £0.54m) primarily due to a reduction in legal and professional expenses due to the Group's focus on minimising operating costs
page 13One-offs in the year£101k charge: Impairment loss on investments (Proton Technologies Canada Inc. and Aeristech Ltd fair value reductions)
page 36What management saidSales revenues in the first three months of FY26 have already exceeded those generated in the first six months of FY25, providing a robust platform for the year ahead.
page 4After the year endShareholder vote proposed on voluntary liquidation of Proton Technologies Canada Inc.; board concluded remaining £1k investment and £91k associated intangible asset should be fully impaired as at 30 June 2025
page 77Going concern and the auditAuditor Moore Kingston Smith LLP gave an unmodified (true and fair) opinion but included a material uncertainty related to going concern paragraph, referencing the £645k loss, £450k net current liabilities, reliance on converting the sales pipeline, and the planned PGL factoring facility; Parris Group Ltd has also confirmed it will not seek repayment of the £209k (incl. interest) loan owed by the Group unless repayment would not compromise the Group's ability to trade. An Emphasis of Matter also highlights uncertainty over the timing of cashflows from the £193,000 associate investments related to the RGO project. Key audit matters: carrying value of intangible assets, valuation of other investments/investments in associates, occurrence of revenue transactions, and going concern.
page 32The risks it names first- Technology developments and competitive products — risk of a competing product or of commercial gas boilers being replaced by alternative heat sources (e.g. heat pumps)p.10
- Changes in legislation — risk that commercial gas boilers are banned (UK 2035 phase-out proposals for new buildings)p.10
- Supply chain issues — key electronic component obsolescence/unavailability, worldwide semiconductor shortage since 2023p.11
- Brand awareness and maintenance of reputationp.11
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