(Alliance News) - 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 GBP7.9 million in the six months that ended September 30 from GBP9.4 million a year before.
This was largely thanks to the charge for share options granted being reduced to GBP456,635 from GBP1.9 million a year ago.
Revenue increased by 30% to GBP977,229 from GBP753,517.
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 EUR3.3 million and potential additional future license payments of up to EUR20 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.
By Harvey Dorset, Alliance News reporter
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