Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Saietta Group PLC - Bicester, England-based engineering company specialising in electric vehicles - For the year ended March 31, pretax loss widens to £11.1 million from £7.3 million, as a result of rising administrative costs arising from the group expanding its operations and headcount. Sales meanwhile hike to £3.6 million from £870,966.
Looking ahead, is ‘extremely confident’ of meeting its short and long-term goals, including revenue expectations for its current financial year.
Also on Wednesday, announces the signing of a joint commercialisation and development agreement with automotive components supplier Consolidated Metco Inc, to develop two new truck e-drive product systems to commercial production in 2023 and 2024 respectively.
The two products are an in-wheel generator and an in-wheel motor.
To fund the contract, Saietta will raise £20 million through a placing of shares at a fixed price of 183 pence per share.
Current stock price: 143.55 pence
12-month change: down 10%
Copyright 2022 Alliance News Limited. All Rights Reserved.