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Equipmake Holdings PLC on Monday said it narrowed its full-year loss as revenue rose by more than a third.
The Norfolk, England-based manufacturer and developer of electrification products for use across the automotive, aerospace, bus, coach and fire truck industries reported that revenue increased 36% to £5.1 million in the year ended May 31, from £3.7 million the year prior.
The firm noted that its revenue includes £1.6 million in grant funding from Innovate UK and the Advanced Propulsion Centre, which it received as part of the Hydrogen Electric Integrated Drivetrain Initiative.
Revenue was also boosted by significant growth in its EV component sales to £1.6 million from £400,000, and from powertrain sales which totalled £900,000, against nothing the year prior.
Equipmake’s pretax loss narrowed slightly to £5.0 million from £5.2 million a year ago.
Looking ahead, the firm noted that it has a contracted order book of £9.2 million, as well as multiple opportunities it anticipates will become contracted orders within months. It said these orders underpin its expectations for financial 2024.
Chief Executive Ian Foley said: ‘The company is buoyed by the successes achieved since the IPO and is confident that it will achieve both its short-term and long-term goals.
‘It is converting opportunities and establishing itself across multiple markets and the scaling-up of its production capability is underway, demonstrating a leading role that Equipmake has in the transition to zero-emission powertrains.’
Equipmake shares were down 5.7% at 9.10 pence each on Monday morning in London.
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