{"id":21983,"date":"2023-09-25T13:34:45","date_gmt":"2023-09-25T13:34:45","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/saietta-loss-widens-on-one-off-costs-despite-turnover-jump\/"},"modified":"2023-09-25T13:34:46","modified_gmt":"2023-09-25T13:34:46","slug":"saietta-loss-widens-on-one-off-costs-despite-turnover-jump","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=21983","title":{"rendered":"Saietta Loss Widens on One-Off Costs Despite Turnover Jump"},"content":{"rendered":"
\n

By Michael Susin<\/p>\n\n

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.<\/p>\n

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.<\/p>\n

\n

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.<\/p>\n

However, turnover rose 40% to GBP6.0 million, and gross profit increased 35% to GBP2.3 million.<\/p>\n

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.<\/p>\n\n

Write to Michael Susin at michael.susin@wsj.com<\/p>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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<\/p>\n","protected":false},"author":1,"featured_media":9638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-21983","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nSaietta Loss Widens on One-Off Costs Despite Turnover Jump | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"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\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=21983\" \/>\n<meta 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