Saietta Group PLC - Bicester, England-based engineering firm - Says pretax pretax loss for the year ended March 31 widened to GBP23.8 million from GBP11.3 million a year prior. Turnover grew by 40% to GBP6.0 million from GBP4.3 million the year before. Says it is undergoing a "transformational shift" to focus on its eDrive manufacturing business. Adds it will announce production contracts and developments regarding the new focus in the next few weeks.
Executive Chair Anthony Gott says: "We are focused very heavily on our core target market of lightweight electric vehicles (LEVs) which offers the biggest, nearest and most certain commercial opportunities. We have therefore restructured our operations in the heavy-duty eDrive and marine divisions, reducing expenditure and allowing all resources and management time to be allocated into products for LEVs I see strong evidence that Saietta is placed to succeed in securing a large market segment and generate meaningful long term recurring revenue streams."
Current stock price: 36.10 pence, down 16%
12-month change: down 72%
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.