Strip Tinning Holdings PLC Pre-Close Trading Update (0668A)
January 18 2024 - 2:00AM
UK Regulatory
TIDMSTG
RNS Number : 0668A
Strip Tinning Holdings PLC
18 January 2024
18 January 2024
Strip Tinning Holdings plc
("Strip Tinning" or the "Company")
Pre-Close Trading Update
Strip Tinning Holdings plc (AIM: STG), a leading supplier of
specialist connection systems to the automotive sector, today
provides a pre-close trading update for the year ended 31 December
2023 ("FY23"). The figures set out in this statement are subject to
audit.
FY23 performance has been in line with market expectations. The
Board is pleased to report revenue of GBP10.8m (FY22: GBP10.2m) and
Adjusted EBITDA of GBP0.1m (FY22: loss of GBP2.2m). Improved
performance has primarily been driven by the previously stated
prioritisation of increased gross margins and enhanced
productivity.
Having raised gross proceeds of GBP5.1m following the completion
of the Company's recent fundraise, this leaves Strip Tinning with
the resources necessary to capture the considerable opportunities
in its sales pipeline across the EV battery pack market.
Ongoing commercial progress was made in Q4, having announced new
nominations across both the Glazing and EV divisions. The new
business pipeline continues to build amidst a positive outlook
across the automotive sector. The European Automobile Manufacturers
Association (ACEA) report that over nine million cars were produced
in the EU in the first three quarters of 2023, a 14% increase
against the same period in 2022(1) .
In line with the Company's initiative of investment into people,
Rob Smith was appointed in December as Chief Technology Officer.
Rob brings with him extensive EV experience, having previously been
a General Manager at Tata Technologies in Shanghai.
Following a year of strong financial and operational progress,
confidence is high for 2024. The Company expects to report its
preliminary results for the year ended 31 December 2023 in late
April.
Adam Robson, Executive Chair of Strip Tinning, commented:
"In 2023 we have enhanced our core business processes,
capabilities and production capacity, which has driven a
significantly improved financial performance. We enter 2024 with a
solid foundation to continue on a growth trajectory, and we remain
confident in securing new business programmes, across both Glazing
and EV, in the first half of 2024."
(1)
https://www.acea.auto/publication/economic-and-market-report-global-and-eu-auto-industry-first-three-quarters-2023/
Enquiries:
Strip Tinning Holdings plc Via Alma PR
Adam Robson, Executive Chairman
Richard Barton, Chief Executive Officer
Adam Le Van, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Sole Broker) +44 (0) 20 7496 3000
Rick Thompson
James Fischer
Alma (Financial PR) striptinning@almastrategic.com
Joe Pederzolli +44 (0) 20 3405 0205
Josh Royston
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END
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