Shares in AIM listed electric motor design company Saietta (SED:AIM), drifted 0.39%% lower to 254p following the announcement of its maiden half year results to 30 September 2021.
Revenues increased to £795,000, up from £56,000 last year while gross profit grew from £37,000 to £437,000.
However, the company reported a loss after tax of £5.78 million due to the fact that the Group is at the early commercialisation stage and the results included significant share option and IPO (initial public offering) related costs.
The group ended the period with cash of £31.4 million and is on track to increase production capacity to a target of 100,00 units per annum by 2024.
SAIETTA’S MISSION
Saietta intends to become a leading global electric motor supplier and licensor, across specific electric vehicle sectors and other applications.
The company has developed a potentially disruptive solution called Axial Flux Technology. This has been engineered for the needs of mass market high volume production.
Saietta’s technology can enable original equipment manufacturers to produce efficient and affordable electric alternatives.
Following the Padmini joint venture agreement a number of motorbike models retro-fitted with Saietta motors, have been shipped to India.
This present Saietta with a key opportunity given its potentially disruptive design.
Saietta’s products are suited to the huge Asian market where demand for two wheelers is growing.
Saietta is also set to benefit from its recent €2 million acquisition of e-Traction Europe B.V. (“e-Traction“), a designer, manufacturer, and supplier of complete electric powertrain systems for heavy commercial vehicles.
As a complete e-powertrain package, it extends Saietta’s application range from scooters through to buses and will help to bring affordable electric propulsion to places suffering from chronic air pollution.
