Slow start to the year hits profits at Sevcon

Gateshead-based electric vehicle firm Sevcon posts operating loss of £577,000

Matt Boyle, president and chief executive of Sevcon
Matt Boyle, president and chief executive of Sevcon

Electric vehicle firm Sevcon has posted an operating loss of £577,000 for the year ended September 30.

This compares to profits of £740,000 in 2012.

The Gateshead company’s revenues also dropped from £21.5m to £19.6m because of a sluggish first half to the year’s trading.

Improving economic conditions in the Eurozone, however, led to sales and profit picking up in the fourth quarter.

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