Saietta Group PLC - Bicester, England-based engineering company specialising in electric vehicles - For the year ended March 31, pretax loss widens to GBP11.1 million from GBP7.3 million, as a result of rising administrative costs arising from the group expanding its operations and headcount. Sales meanwhile hike to GBP3.6 million from GBP870,966.
Looking ahead, is "extremely confident" of meeting its short and long-term goals, including revenue expectations for its current financial year.
Also on Wednesday, announces the signing of a joint commercialisation and development agreement with automotive components supplier Consolidated Metco Inc, to develop two new truck e-drive product systems to commercial production in 2023 and 2024 respectively.
The two products are an in-wheel generator and an in-wheel motor.
To fund the contract, Saietta will raise GBP20 million through a placing of shares at a fixed price of 183 pence per share.
Current stock price: 143.55 pence
12-month change: down 10%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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