Saietta Group, a prominent U.K. engineering company, has reported an increased pretax loss for fiscal 2023. The company attributes this to higher costs. However, Saietta remains optimistic about the future as it plans to take advantage of potential additional sales contracts in the pipeline. To fully capitalize on these opportunities, the company intends to raise additional funding in the fourth quarter of 2023.
Confidence in Maturing Sales Pipeline
According to Saietta, a significant proportion of the items in their sales pipeline are expected to mature into commercial contracts by fiscal 2024. This has led the company’s board to explore financing opportunities, including the possibility of an equity raise.
Financial Figures
For the fiscal year ending on March 31, Saietta reported a pretax loss of £20.4 million, compared to a loss of £11.1 million in the previous year. Despite the loss, the company experienced an increase in revenue from £1.4 million to £2.1 million.
Focus on Future Growth
In light of these financial results, Saietta’s board has taken the decision to seek additional funding. This will not only support the company’s current working capital but also provide the necessary financial resources to fully capitalize on potential contracts within their sales pipeline. Of particular interest is the two-wheel vehicle sector in India, presenting significant growth opportunities for Saietta.
