Saietta Group posts best-ever annual trading figures thanks to accelerated growth

Saietta-Demo-Vehicles

Oxfordshire-based specialists in high-tech advanced e-mobility powertrains  Saietta Group have announced a trading update for the financial year ended 31 March 2022, including nine months as a listed company.

Combined revenue and grant income is expected to total £4.1 million in the year, demonstrating significant growth compared to 2020-21.

The unaudited trading revenue for the period is expected to reach £3.6 million, representing a fourfold increase. Engineering design services contributed the majority of the revenue across a range of customers.

Saietta’s vision is to play a leading role in cleaning up the air in large cities around the globe by quickly deploying its innovative electric drive technology from scooters to buses and on sea.

With its high-tech, low-cost, low-voltage performance and exceptionally durable and robust characteristics, the Saietta Axial Flux Technology (AFT) electric motors are the ideal powertrain to transform transportation networks from being old and polluting to become new, advanced and sustainable.

AFT 140 motor production has moved from concept to commercial sale primarily through Propel, the Group’s marine division, but also with prototype sales in the US.

Saietta has successfully completed multiple retrofit activities in the year to convert buses from diesel to electric drivetrains through its RetroMotion division with an ever-increasing order book.

The company continues its Radial Flux Technology (RFT) motor development for bus and truck applications for both Europe and the US markets.

Demand for the Group’s AFT and RFT motors remains strong with a number of commercial negotiations advancing and the Directors are confident that the Group remains on track to reach its revenue expectations for the financial year which commenced on 1 April 2022.

CEO Vic Kist said: “I am delighted with the progress we have made 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 demand 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.”

The company recently announced an acceleration in its growth plans following the addition of manufacturing capabilities in Sunderland.

A former ZF Automotive production site, Saietta will have capacity to build 100,000 motors per annum in the first stage, meeting its stated objective of establishing a UK pilot production facility significantly ahead of its 2024 target.