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Saietta Group PLC on Friday said its loss narrowed despite a ‘challenging’ half-year, as revenue increased.
The Towcester, England-based designer, engineer and manufacturer of ’eDrive’ solutions for electric vehicles said it pretax loss narrowed to £7.9 million in the six months that ended September 30 from £9.4 million a year before.
This was largely thanks to the charge for share options granted being reduced to £456,635 from £1.9 million a year ago.
Revenue increased by 30% to £977,229 from £753,517.
Saietta pays no dividend.
Looking ahead, Saietta said it is ready to ‘enter the next stage of its evolution as a large-scale manufacturer’, following the securing of manufacturing relationships in India and the US.
The firm said it is looking forward to a sustained period of motor production and development.
Chief Executive David Woolley said: ‘The first half of the 23-24 financial year has been challenging, but Saietta has made significant strides towards its full transition from an R&D company to a full-scale production manufacturer.’
Woolley noted that during the recent half-year, Saietta reached operational readiness in its joint venture facility in India and successfully commenced deliveries to its US customer, Ayro Inc.
The development of in-wheel motors and generators for trucks was transferred to Consolidated Metco Inc, resulting in an upfront payment to Saietta of €3.3 million and potential additional future license payments of up to €20 million.
‘This allowed the group to narrow its focus on the lightweight EV opportunity in India,’ the CEO said.
Saietta shares fell 3.1% to 17.45 pence each on Friday morning in London.
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