(Alliance News) - 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 GBP29.3 million, compared with a GBP11.1 million loss the year before.
Saietta said loss before interest, tax, depreciation and amortisation widened to GBP14.0 million from GBP4.4 million the prior year. This excludes GBP7.9 million of exceptional losses from discontinued activities.
Cash at March 31 totalled GBP7.2 million, down from GBP18.4 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 GBP4.8 million from GBP2.1 million. Including discontinued operations, revenue increased 19% to GBP5.1 million from GBP4.3 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.
By Emma Curzon, Alliance News reporter
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