Saietta Group plc (AIM:SED) said its fiscal 2023 pretax loss widened on higher costs, and that it plans to raise additional funding in the fourth quarter of 2023 to fully capitalize on the potential additional sales contracts in the pipeline. The U.K. engineering company said Thursday the board is confident that a significant proportion of the material items in the sales pipeline will mature into commercial contracts in fiscal 2024. It added that it will explore financing opportunities likely including an equity raise.

"The Saietta board has. taken the decision to seek step-change additional funding in part to underpin our current working capital and, importantly, to also generate the financial resources required to fully capitalize on the potential from the anticipated additional contracts within our sales pipeline, including the huge 2W [two-wheel vehicle] sector in India," the company said.