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Saietta Group PLC on Thursday saw the suspension on its shares lifted as it published full year results, showing a widened loss but substantial increases in revenue.
Towcester, England-based Saietta’s shares resumed trading in London on Thursday afternoon, having been suspended pending the publication of its final results. They promptly fell 23% to 26.80 pence each.
The designer, engineer and manufacturer of ’eDrive’ solutions for electric vehicles said its pretax loss for the year ended March 31 was £29.3 million, compared with a £11.1 million loss the year before.
Saietta said loss before interest, tax, depreciation and amortisation widened to £14.0 million from £4.4 million the prior year. This excludes £7.9 million of exceptional losses from discontinued activities.
Cash at March 31 totalled £7.2 million, down from £18.4 million at the same time 12 months prior.
However, Saietta said revenue and other income from continuing operations more than doubled in financial 2023 to £4.8 million from £2.1 million. Including discontinued operations, revenue increased 19% to £5.1 million from £4.3 million.
During financial 2023, Saietta discontinued its RetroMotion business, selling it to an existing client in January 2023. Saietta had inherited the loss-making bus retrofit business upon acquiring e-Traction in late 2021.
Going forward, Saietta ‘has high confidence that a significant proportion’ of its sales pipeline ‘will mature into commercial contracts’ during the current financial year.
Saietta acknowledged that its growth plans, changing it ‘from an R&D-focused technology start-up to a large-scale manufacturer with international sales,’ have been extremely ambitious. However, it said it was confident that both its short and long-term goals are still achievable.
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