(Alliance News) - Saietta Group PLC on Tuesday said its interim loss had widened, as revenue also dropped in the first half.
The Bicester, England-based engineering company specialising in electric vehicles said that pretax loss had widened to GBP10.4 million for the first six months ended September 30, from GBP5.2 million a year ago.
The company said that revenue was down for the first half, falling 5.2% to GBP753,517 from GBP795,142 in the same period last year. However, cost of sales increased by 82% to GBP653,231 from GBP358,228.
Meanwhile, earnings before interest, taxes, depreciation, and amortisation widened from a loss of GBP1.1 million a year ago, to GBP6.3 million for the fast half of financial 2022.
Saietta Chief Executive Officer Wicher Kist said the company had made significant progress towards "establishing itself as a key provider of electric drivetrain solutions."
The company announced that it had signed its first major original equipment manufacturer contract with Consolidated Metco Inc, one of India's largest original equipment manufacturers.
"In India, Saietta VNA, a partnership with Padmini VNA, a leading Tier 1 automotive supplier, has today confirmed the signing of development agreements worth approximately GBP3.2 million with one of the largest OEMs operating in India," Kist said.
The company has also appointed Devyani Vaishampayan as a non-executive director. Vaishampayan has 35 years of experience as a board director and senior executive and is currently non-executive director at Norman Broadbent PLC.
Saietta shares were down 5.2% at 72.50 pence per share on Tuesday afternoon in London.
By Harvey Dorset, Alliance News reporter
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