Trading Statement
25/04/2022 07:00
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RNS Number : 1271J Saietta Group PLC 25 April 2022
Monday 25 April 2022
Saietta Group plc
("Saietta" or "the Company")
Year End Trading and Operational Update
Saietta Group plc (AIM: SED), the international electric drivetrain group,
provides the following update for the financial year ended 31 March 2022,
which includes its first nine months as a listed company.
Highlights
· A strong performance from engineering design services led to
significant revenue growth.
· Unaudited trading revenue for the period is expected to be c. £3.6
million; a fourfold increase over the prior year (FYE Mar 2021: £0.87m).
· Additionally, the Company received £0.5 million of grants in the
year (FYE Mar 2021: £0.02m) taking total expected income for the year to c.
£4.1 million (FYE Mar 2021: £0.9m).
· Saietta expects adjusted EBITDA(1) to be in line with market
forecasts and to publish its audited accounts for the period in July 2022.
· Saietta remains confident that the Group remains on track to
reach its revenue expectations for the financial year to 31 March 2023.
Operational Update
Engineering design services contributed the majority of the revenue in the
year across a range of customers. AFT 140 motor production has moved from
concept to commercial sale primarily through Propel, the Group's marine
division, but also with prototype sales most notably into the US.
In Europe, Saietta has successfully completed multiple retrofit activities in
the year to convert buses from diesel to electric drivetrains, with an
increasing order book now following. The Company has also continued its Radial
Flux Technology (RFT) motor development for bus and truck applications for
both Europe and the US markets.
Demand for the Group's Axial Flux Technology (AFT) and RFT motors remains
strong with a number of commercial negotiations advancing.
Post-period End
On 4 April 2021, Saietta announced that it had taken on a manufacturing
facility in Sunderland from ZF Automotive UK Limited. This will enable the
Company to meet its stated objective of establishing a UK pilot production
facility, with capacity to produce 100,000 units per annum, significantly
ahead of the target and budget set at the time of its IPO.
Wicher (Vic) Kist, Chief Executive of Saietta, commented:
"I am delighted with the progress we have made in the first nine months since
our successful IPO in July last year. The significant revenue increase has
been supported by the launch of Propel, our marine division, and the
acquisition of e-Traction in November which expanded both our technology and
market footprint. There has been a phenomenal advance in Saietta's operating
model which has been driven by strong customer interest for our AFT and RFT
motor technologies.
"We are still at the early stages of the journey to commercialise our electric
drive technology at scale; however, I am delighted to see Saietta accelerate
the trajectory set out at the time of the IPO and look forward to delivering
another period of strong growth in the current financial year."
-ENDS-
The information contained within this announcement was deemed by the Company
to constitute inside information as defined in Article 7 of the Market Abuse
Regulation EU No. 596/2014, as retained and applicable in the UK pursuant to
the European Union (Withdrawal) Act 2018 (as amended).
For any further enquiries, please contact:
Saietta Group via FTI
Wicher (Vic) Kist, Group Chief Executive Officer
Steven Harrison, Group Chief Financial Officer
Canaccord Genuity (Nomad and Broker) 0207 523 8000
Henry Fitzgerald-O'Connor
Patrick Dolaghan
FTI Consulting (Financial PR advisor) Tel: +44 (0) 20 3727 1000
Ben Brewerton saietta@fticonsulting.com
Dhruv Soni
1. Adjusted EBITDA above is a non-IFRS measure and is calculated as the
Group's earnings before interest, tax, depreciation, amortisation, impairment
and exceptional items including share-based payment charges & costs
related to Saietta Group Plc's admission to the AIM
About Saietta:
Saietta is an AIM-quoted, multi-national business which designs, engineers and
manufactures complete powertrains for electric vehicles on land, from scooters
to buses, and on sea.
Saietta has engineered breakthrough electric motor technology including
proprietary AFT (Axial Flux Technology) and RFT (Radial Flux Technology) which
is mated to in-house controllers and transmissions. The design is unique and
modular, delivering both high and low voltage electric drive solutions.
Saietta's difference lies in its ability to conceive powertrain solutions
tailored to deliver competitive advantage and its turnkey engineering services
designed to fast-track electric vehicle manufacturers from concept to start of
production.
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