Saietta Group plc (LON:SED), the electric vehicle drivetrain specialist, has provided a trading update ahead of its Annual General Meeting to be held at 10.00 a.m. on Tuesday, 26 September 2023.
The Company is concluding the preparation of the annual report and accounts for the 12 months ended 31 March 2023 which have been delayed to allow time to conduct the impact assessment for impairment of intangible assets arising from the discontinuance of Retromotion activities, the revised contractual arrangements with Consolidated Metco Inc and the suspension of marine product commercialisation. The annual report and accounts will therefore be released after the AGM with a target date of 29 September.
Financial Update Year to 31 March 2023 (unaudited):
· Turnover (Sales and Grant Income) increased 40% to £6.0m* (2022: £4.3m).