Saietta Group Plc (LON:SED), the multi-national business which designs, engineers and manufactures complete eDrive systems for electric vehicles, today announced its unaudited interim results, covering the six-month period ended 30 September 2023.
Financial Highlights for the Period
· Group income (including grants) of £1.4m compared to £1.3m in prior Period
· Gross profit of £0.1m (H1 2022: £0.1m) with a gross margin of 9% (H1 2022: 13%). The decline in gross margin reflects both the absence of retrofit revenues in H1 2023 and high manufacturing costs prior to the Group’s recent automation of production.
· £0.2m of gain on disposal of fixed assets in the period, generated through the restructuring of arrangements with ConMet.
· Loss from continuing operations, before tax, of £7.9m (H1 2022: £9.4m) largely reflecting a lower share option charge.
· Adjusted EBITDA1 loss of £6.5m (H1 2022 £6.3m loss)
· Net cash at the end of the Period of £0.5m