27th Jan 2023 12:03
(Alliance News) - Equipmake Holdings PLC on Friday said it expects a fall in interim revenue, but eyes financial 2023 results to meet market view.
Equipmake is a UK manufacturer & developer of electrification products for electric vehicle drivetrains.
For the six months ended November 30, the company said it expects revenue to be GBP1.1 million, down from GBP2.3 million the year before. This reflects the "shift away from grant income and a second half weighting driven by current production and delivery schedules," it explained.
Commercial and production contracts have contributed 95.6% of the total revenue for the period, compared to 60.3% for the same period a year prior.
Equipmake said contracted order book amounts to GBP8.6 million as of January 20. It expects to meet market expectations for the current financial year.
Chief Executive Officer Ian Foley said: "Demand for our products and services remains strong, and our medium-term pipeline, which is increasingly diversified both in terms of markets and geographies, is robust."
In November, the company had reported that revenue from commercial and production contracts in year ended May 31 was up 52% to GBP2.7 million from GBP1.8 million. Including grants, total
revenue had been up 2.9% to GBP3.7 million from GBP3.6 million. However, pretax loss had widened to GBP5.2 million from GBP1.6 million, as administrative expenses had spiked to GBP1.9 million from GBP1.0 million.
Additionally, Equipmake on Friday said it is proposing to raise about GBP6 million through the placing of 124.7 million shares at 5 pence each.
Equipmake will publish its interim results ended November 31 on February 15.
Shares were last traded at 6.45 pence each on January 24.
By Xindi Wei, Alliance News reporter
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