StockMarketWire.com - Electric vehicle motor developer Saietta posted a deeper first-half loss after expenses, including IPO costs, offset a rise in sales.

The company, which listed on AIM in July, said its pre-tax losses for the six months through September amounted to £5.2 million compared to a year-on-year loss of £1.0 million.

Sales revenue rose to £0.8 million, up from less than £0.1 million, as the company began proactively marketing its launch motor topology.

It said the loss reflected the fact that it was at the early commercialisation stage and included significant share options and IPO-related costs.

Net cash at the end of September was £31.4 million.

'With momentum from contracts secured to date and the successful launch of Propel's marine motors directly into distribution and retail, management is confident of achieving its targets for the year ended 31 March 2022,' Saitta said.


Story provided by StockMarketWire.com