By Michael Susin
Saietta Group said that it expects to report a widened pretax loss for fiscal 2023 despite a jump in turnover as it was dragged by write-downs and discontinued activities.
The U.K. electric-drive company said Monday that pretax loss for the year ended March 31 was 23.8 million pounds ($29.1 million), compared with a loss of GBP11.3 million in fiscal 2022. The company booked a loss of GBP6.4 million from discontinued activities.
Adjusted loss before interest, taxes, depreciation and amortization–which strips out exceptional and other one-off items–was GBP9.9 million compared with a loss of GBP4.4 million.
However, turnover rose 40% to GBP6.0 million, and gross profit increased 35% to GBP2.3 million.
The company is shifting its focus to electric vehicle components manufacturing expects to announce production contracts and specific developments in this regard over the coming weeks, it said.
Write to Michael Susin at [email protected]
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