REG - Strip Tinning Hldgs - Pre-Close Trading Update

Strip Tinning HoldingsAnnouncement

18/01/2024 07:00

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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 £10.8m (FY22: £10.2m) and Adjusted EBITDA of
£0.1m (FY22: loss of £2.2m). Improved performance has primarily been driven
by the previously stated prioritisation of increased gross margins and
enhanced productivity.

Having raised gross proceeds of £5.1m 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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