25 Apr 2022 07:00
Monday 25 April 2022
Saietta Group plc
("Saietta" or "the Company")
Year End Trading and Operational Update
Saietta Group plc (AIM: SED), the international electric drivetrain group, provides the following update for the financial year ended 31 March 2022, which includes its first nine months as a listed company.
Highlights
· A strong performance from engineering design services led to significant revenue growth.
· Unaudited trading revenue for the period is expected to be c. £3.6 million; a fourfold increase over the prior year (FYE Mar 2021: £0.87m).
· Additionally, the Company received £0.5 million of grants in the year (FYE Mar 2021: £0.02m) taking total expected income for the year to c. £4.1 million (FYE Mar 2021: £0.9m).
· Saietta expects adjusted EBITDA1 to be in line with market forecasts and to publish its audited accounts for the period in July 2022.
· Saietta remains confident that the Group remains on track to reach its revenue expectations for the financial year to 31 March 2023.
Operational Update
Engineering design services contributed the majority of the revenue in the year across a range of customers. AFT 140 motor production has moved from concept to commercial sale primarily through Propel, the Group's marine division, but also with prototype sales most notably into the US.
In Europe, Saietta has successfully completed multiple retrofit activities in the year to convert buses from diesel to electric drivetrains, with an increasing order book now following. The Company has also continued its Radial Flux Technology (RFT) motor development for bus and truck applications for both Europe and the US markets.
Demand for the Group's Axial Flux Technology (AFT) and RFT motors remains strong with a number of commercial negotiations advancing.
Post-period End
On 4 April 2021, Saietta announced that it had taken on a manufacturing facility in Sunderland from ZF Automotive UK Limited. This will enable the Company to meet its stated objective of establishing a UK pilot production facility, with capacity to produce 100,000 units per annum, significantly ahead of the target and budget set at the time of its IPO.
Wicher (Vic) Kist, Chief Executive of Saietta, commented:
"I am delighted with the progress we have made in the first nine months since our successful IPO in July last year. The significant revenue increase has been supported by the launch of Propel, our marine division, and the acquisition of e-Traction in November which expanded both our technology and market footprint. There has been a phenomenal advance in Saietta's operating model which has been driven by strong customer interest for our AFT and RFT motor technologies.
"We are still at the early stages of the journey to commercialise our electric drive technology at scale; however, I am delighted to see Saietta accelerate the trajectory set out at the time of the IPO and look forward to delivering another period of strong growth in the current financial year."
-ENDS-
The information contained within this announcement was deemed by the Company to constitute inside information as defined in Article 7 of the Market Abuse Regulation EU No. 596/2014, as retained and applicable in the UK pursuant to the European Union (Withdrawal) Act 2018 (as amended).
For any further enquiries, please contact:
Saietta Group Wicher (Vic) Kist, Group Chief Executive Officer Steven Harrison, Group Chief Financial Officer
| via FTI |
Canaccord Genuity (Nomad and Broker) Henry Fitzgerald-O'Connor Patrick Dolaghan
| 0207 523 8000 |
FTI Consulting (Financial PR advisor) Ben Brewerton Dhruv Soni
| Tel: +44 (0) 20 3727 1000 saietta@fticonsulting.com
|
1. Adjusted EBITDA above is a non-IFRS measure and is calculated as the Group's earnings before interest, tax, depreciation, amortisation, impairment and exceptional items including share-based payment charges & costs related to Saietta Group Plc's admission to the AIM
About Saietta:
Saietta is an AIM-quoted, multi-national business which designs, engineers and manufactures complete powertrains for electric vehicles on land, from scooters to buses, and on sea.
Saietta has engineered breakthrough electric motor technology including proprietary AFT (Axial Flux Technology) and RFT (Radial Flux Technology) which is mated to in-house controllers and transmissions. The design is unique and modular, delivering both high and low voltage electric drive solutions.
Saietta's difference lies in its ability to conceive powertrain solutions tailored to deliver competitive advantage and its turnkey engineering services designed to fast-track electric vehicle manufacturers from concept to start of production.