Business
Trading Update for the year ended 31 May 2023
Trading Update for the year ended 31 May 2023.
About this update from Equipmake Holdings Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\").\n \n14 July 2023\n \nEquipmake Holdings plc\n(\"Equipmake\" or the \"Company\") \n \nTrading Update for the year ended 31 May 2023\n \nEquipmake, the UK-based engineering specialist pioneering the development and production of electrification products across the automotive, aerospace, bus, coach, and fire truck industries, is pleased to announce a trading update in line with expectations for the year ended 31 May 2023 (\"FY2023\").\n \nFinancial Highlights\n· Listed on AQUIS and raised £16.2m during the year, enabling the continuation of its growth strategy.\n· Revenue expected to be £5.1m (FY2022: £3.7m), comprising:\no £4.8 million revenue from existing order book and grants; and\no £0.3 million from new licensing agreement with Sona Comstar.\n· Commercial and production contracts represent 97.7% of total revenue (FY2022: 72.1%), demonstrating the business' ability to realise commercial returns from its portfolio of know-how and IP.\n· Cash at year end was £7m.\n· Gross margins expected to be ahead of half year at 23.9%, with loss before tax expected to be £4.4m, inclusive of IPO-related costs (FY2022: £4.3m).\n \nOperational Highlights\n· Strengthened its position as a market leader for the repowering of buses by delivering vehicles into service for First Bus York and Transport for London (\"TfL\"), and secured orders for further bus repowers from both new and existing clients. \n· In addition to an order, First Bus has provided a letter of intent stating that it may engage the Company for the conversion to electric of several hundreds of double deck diesel buses.\n· The successful demonstration of repowered buses led to a repower order in the adjacent coach market, providing Equipmake with an early-mover advantage in this complimentary market.\n· Secured, and successfully delivered, further orders for electric vehicle (\"EV\") powertrains for fire trucks for both the UK and US markets, further enhancing its...