REG - CT Automotive Group - Half-year Report
26/09/2024 07:00
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RNS Number : 7123F CT Automotive Group PLC 26 September 2024
26 September 2024
CT Automotive Group PLC
("CT Automotive" or the "Group")
"Good visibility for both 2024 and 2025 with further margin improvement"
CT Automotive, a leading designer, developer and supplier of interior
components to the global automotive industry, today announces its results for
the half year ended 30 June 2024 ("H1 24").
Simon Phillips, Chief Executive Officer of CT Automotive, commented:
"Our focus on delivering margin improvement continues to come through
with profit before tax on track to be in line with market expectations for
the full year and the profit before tax margin slightly ahead.
For the first-half, gross profit margin improved by 250bps to 28.7%, compared
to H1 23, reflecting successful cost reduction initiatives. As a result, the
Company has delivered an Adj. PBT of $4.1million, a substantial improvement of
59% on the prior year. Existing customer volumes have aligned back to current
demand as expected. However, five key contract wins from existing customers in
H1 24, worth an estimated $27.5m annually(1) have boosted our order book
through to 2027, which with further prospects leave the business well placed
to grow revenue by taking market share."
Financial highlights(+)
H1 24 H1 23
$m $m
Revenue 60.5 68.2
Gross profit 17.4 17.8
Gross profit margin 28.7% 26.2%
Adj. EBITDA* 7.4 6.7
Adj. EBITDA margin 12.2% 9.8%
Adj. profit before taxation* 4.1 2.5
Adj. profit before taxation* margin 6.7% 3.7%
Profit before taxation 3.8 1.3
Earnings per share 4.7c 1.7c
Net debt** 5.8 9.0
* Adjusted for non-recurring items as explained in Notes 4 and 13 of the
consolidated condensed financial statements
** Net debt excludes IFRS 16 lease liabilities
(+)Note: the above figures are derived from continuing operations excluding UK
discontinued operations
HY24 financial highlights
· Total revenues of $60.5m (H1 23: $68.2m)
o Tooling revenues almost doubled to $4.5m (H1 23: $2.4m) providing an
enhanced pipeline for future revenues
o Production revenues reduced to $56.0m (H1 23: $65.8m) as a result of
volumes declining in line with the broader automotive market
· Five contract wins in the period from existing customers, worth an
estimated $27.5m annually 1 to supply components for new EV models from
global OEMs as well as two hybrids and one ICE
· Gross profit margin improved by 250bps to 28.7%, as a result of
management action to reduce direct cost from the start of 2023
· Adjusted PBT grew by 59% to $4.1m (H1 23: $2.5m), reflecting savings
in direct and indirect costs
· Positive operating cash generation in H1 24, resulting in net debt of
$5.8m (excluding IFRS 16) (H1 23: $9.0m)
· Discussions are progressing well towards securing a new borrowing
facility, and are expected to complete imminently
HY24 operational update
· A solid period with all production facilities working to plan both in
terms of output and the longer term delivery of additional capacity with
further efficiencies driving improved margins
o China recorded strong gross profit margin improvement and is pursuing
further cost reduction programmes which, if successful, are to be rolled-out
group wide
o Inflationary pressures in Türkiye have eased with an improving outlook as
tighter monetary policy takes effect
o Mexico has good visibility on incoming contracts to expand current
revenues, capitalising on demand from US companies looking to near-shore
supply
Current trading and outlook
· Trading in the initial months of H2 24 has been robust across the
Group and the Board anticipates that, with the successful margin improvement
initiatives made across the business, profit before tax is on track to be in
line with market expectations for the full year and the profit before
tax margin slightly ahead
· Relentless focus on both direct and indirect costs, utilising
digitisation, robotics and artificial intelligence to improve and expand
automation of the Group's operations
· Expanded business development team across key OEM markets to
drive future revenue growth
· New programmes that commenced production in 2024 have added to
revenue visibility for 2025 and looking further ahead we have a strong order
book of programmes commencing between 2025 and 2027 as well as a good pipeline
of RFQ's
1 Estimated annual value is based on customer nominations from underlying
OEM and is expected to span five to six years
Investor Presentation
The Company will hold an investor presentation to discuss the interim
results, followed by a Q&A session, on 26 September 2024 at 11.00am. To
attend, please register with PI World via this
link: https://bit.ly/CTA_HY24_results_webinar
(https://bit.ly/CTA_HY24_results_webinar)
Enquiries:
CT Automotive Via Novella
Simon Phillips, Chief Executive Officer
Anna Brown, Chief Financial Officer
Singer Capital Markets Advisory LLP (Nominated Adviser and Broker) Tel: +44 (0)20 7496 3000
Steve Pearce, Alex Bond, James Todd
Novella Communications (Financial Public Relations) Tel : +44 (0)20 3151 7008
Tim Robertson, Claire de Groot, Safia Colebrook ctautomotive@novella-comms.com (mailto:ctautomotive@novella-comms.com)
Notes to editors
CT Automotive is engaged in the design, development and manufacture of bespoke
automotive interior finishes (for example, dashboard panels and fascia
finishes) and kinematic assemblies (for example, air registers, arm rests,
deployable cup holders and storage systems), as well as their associated
tooling, for the world's leading automotive original equipment suppliers
("OEMs") and global Tier One manufacturers.
The Group is headquartered in the UK with a low cost manufacturing footprint.
Key production facilities are located in Shenzhen and Ganzhou, China
complemented by additional manufacturing facilities in Mexico, Türkiye and
Czechia.
CT Automotive's operating model enables it to pursue a price leadership
strategy, supplying high quality parts to customers at a lower overall landed
cost than competitors. This has helped the Group build a high-quality
portfolio of OEM customers, both directly and via Tier One suppliers including
Forvia and Marelli. End customers include volume manufacturers, such as
Nissan, Ford, GM and Volkswagen Audi Group, and premium luxury car brands such
as Bentley and Lamborghini. In addition, the Group supplies all our customer
base with a range of products for PHEV and BEV platforms and supplies electric
car manufacturers, including Rivian and a US based major EV OEM.
The Group currently supplies component part types to over 57 different models
for 22 OEMs. Since its formation, the Group has been one of the very few new
entrants to the market, which is characterised by high barriers to entry.
Use of alternative performance measures
The commentary uses alternative performance measures, which have been adjusted
for certain non-recurring items. An explanation of the items identified as
non-recurring and that have been adjusted can be found in Notes 4 and 13 of
the consolidated condensed interim financial statements. Non-recurring items
are items which due to their one-off, non-trading and non-underlying nature,
have been separately classified by the Directors in order to draw them to the
attention of the reader and allow for a greater understanding of the operating
performance of the Group.
CEO Statement
Overview
I am pleased to report on a positive set of results for the first six months
of 2024. The business has good visibility on its growth trajectory for 2025
and subsequent years, and with less than 5% share of the global market at
present, continues to see substantial scope for growth.
In 2024 the global Automotive supply chain experienced a challenging period
caused by OEM destocking, a somewhat volatile and uncertain transition from
internal combustion engines (ICE) to EV's, as well as weaker underlying
consumer demand caused by higher interest rates. This is impacting the entire
industry, especially the larger OEM's.
Despite this, as a smaller, lower cost and more agile operator with the
ability to respond quickly, CT Automotive continues to perform well, take
market share and grow profits. In H1 we grew adjusted PBT by 59%, enjoyed
five new business wins on our customers' platforms and have been very active
in responding to multiple RFQ's across our customer base.
Our confidence in our products and operating model alongside our ability to
deliver across all vehicle types gives us the belief in our ability to win
further market share with both existing and new customers to drive revenue
growth. As a result, in H1 we expanded our sales teams across the organisation
to capitalise on these significant, tangible opportunities ahead.
We continue to focus on costs and are now trialling a number of technologies
to drive automation across all areas of the business and improve efficiency
allowing us both to optimise margins and invest in the Group's future.
Trading
The Company has strong visibility over both booked production and tooling
revenues for the remainder of 2024 and into 2025.
As anticipated, production demand in the current year declined in line with
the broader automotive market, with total revenues 11% lower in H1 versus the
same period in 2023. These trends are expected to continue into H2 but will be
offset by further improvements in the Group's margin that will come from cost
reduction programmes put in place over the past 18 months, further costs
savings to commence in H2, as well as an increased mix of higher margin
tooling revenues.
In H1 2024 gross margin improved once again to circa 29%, building on last
year's growth from 12% to 22%, benefitting from the annualisation of last
year's cost saving measures as well as some new initiatives. Moreover, we are
planning future cost reduction programmes which will utilise robotics,
digitisation and artificial intelligence to drive further automation across
all aspects of the Company's operations.
Adjusted PBT grew to $4.1m (H1 23: $2.5m) supported by the cost reduction
programmes as well as savings in operating expenditure, driving EPS growth of
176% with EPS on continuing operations of 4.7c.
New business development
Momentum in our order book is building and in H1 this year, we were awarded
five new contracts from existing customers, worth an estimated $27.5m2
annually. These include EV models hybrids and one ICE with revenue coming on
stream from the start of 2026, reflecting typical long product cycles. These
wins highlight our customers' confidence in our ability to deliver a
high-quality product at the right unit cost in a timely manner. Prospects for
further growth are positive with a strong pipeline of RFQ's.
We anticipate further opportunities for new business and so have taken the key
decision during H1 to invest in expanding our New Business Development team,
adding sales expertise into Korea, Türkiye, Europe, Mexico and North America.
This investment is a reflection of our confidence in the opportunity to
continue to grow through existing customer referrals as well as adding new
leading auto manufacturers as customers.
2 Estimated annual value is based on customer nominations from underlying OEM
and is expected to span five to six years
Manufacturing base
China
Our relentless focus in China on reducing costs delivered a material
improvement in gross profit margin. This has been enabled by the annualization
of our cost reduction programmes in 2023 and initiatives commenced in
2024. We expect to see some sales migrate from China to Mexico as North
American OEM's and Tier One suppliers near-shore supply. In response, we are
right-sizing operations to match demand.
China is the Group's centre for testing cost reduction programmes, all of
which going forward will be automation led. Currently, we are trialling the
application of robotics to assembly processes, injection moulding and
painting. Similarly, we are trialling AI for basic administrative tasks, with
the potential to significantly reduce headcount. Each programme that is
successful will then be rolled out across Türkiye and Mexico.
Türkiye
Our manufacturing site in Gebze, Türkiye traded well, primarily supplying the
domestic market. The easing of inflationary pressures in Türkiye due to a
tighter national monetary policy position has been helpful over the period.
The business has an effective cost escalation system in place to pass on
inflationary and currency cost increases, and management have also introduced
shortened payment terms further reducing the Company's exposure. The ability
to provide a total solution in Türkiye from design to production
differentiates this business from peers and means it is well placed to
continue to attract new customers.
Mexico
The decision to open a manufacturing site in Puebla, Mexico in 2022 is proving
to be a pivotal decision for the business. In H1, the site performed well with
trading delivering to plan. Alongside this, demand has expanded significantly
as US companies look to relocate production. This is in part to be tax
efficient, but also to be close to their home market. To accommodate future
demand, additional capacity will be added over the next 18 months. In
addition, CT Automotive México has now successfully achieved the commercially
important IATF 16949:2016 and ISO 9001:2015 certifications.
Sustainability
We are very mindful of our responsibilities to create a sustainable business
that will allow all stakeholders to prosper whilst reducing our impact on the
environment. In 2024, as part of furthering our commitment, we were pleased to
receive the Ecovadis Silver Award. Placing us in the top 15% of companies
assessed by Ecovadis, scoring highly in Environment, Ethics, Labour and Human
rights and Sustainable Procurement.
To support our various stakeholder groups, we are also working with Integrum
which provides real time ESG data analysis for investors who are faced with
more granular ESG reporting and more stringent regulatory requirements.
People
I am, as ever, very grateful to our entire workforce for their continued
efforts to develop the business and deliver consistently high-quality products
to our automotive customers from around the world. It is their collective
endeavours which underpin our future success.
Current trading and outlook
Trading in the initial months of H2 24 has been robust across the Group and
the Board anticipates that with the successful margin improvement initiatives
made across the business that profit before tax is on track to be in line
with market expectations for the full year and the profit before tax margin
slightly ahead.
Visibility over the Company's expected trading performance in 2025 has
improved as we benefit from a full year's revenue contribution from new
programmes which commenced part way through 2024 as well as further programmes
coming on stream through the year
In addition, there is a good pipeline of new business prospects, further
supported by the investment made in expanding our global business development
team.
Automation is an exciting area for the business and will enable further fixed
cost reductions over time to support our low-cost positioning and afford us
the ability to increase investment behind the business.
The automotive industry is undergoing a transitional period with a slower than
expected move away from ICE, leading to changes in production levels and
delays in new launches. Nevertheless, CT Automotive is navigating these
conditions well, supported by two key drivers. Firstly, we are deploying a
range of strategies to capitalise on the market share opportunity, and
secondly, the automation led cost reductions we are currently trialling have
the potential to drive a further step change in efficiency.
Financial review
Revenue and margins
During the first half of 2024 the Group generated total revenue of $60.5m,
compared to $68.2m revenue generated during the comparative prior period.
The $7.7m reduction in revenue was due to production volumes aligning with
consumer demand, which resulted in $56.0m of production revenues (H1 23:
$65.8m). This was partially offset by an increase in tooling revenue from
$2.4m in H1 23 to $4.5m in H1 24, as the number of tooling projects increased
from 5 to 7.
Despite a reduction in revenue, the Group's gross profit was maintained at
$17.4m, broadly similar to H1 23 levels of $17.8m. Gross margins improved to
28.7% (H1 23: 26.2% and FY23: 21.6%) further benefitting from materials and
labour cost savings as a result of ongoing efficiency and margin improvement
initiatives. As part of these initiatives, labour savings contributed 1.6%
towards H1 24 gross margin improvement, while materials savings contributed
5.9% when compared to FY23 gross margin.
Non-recurring items
During H1 24 the Group has reduced its non-recurring items to $0.3m (H1 23:
$1.2m). These non-recurring items represented the impact of accounting for
hyperinflation in Türkiye. For further details, see Notes 4 and 13 of the
consolidated condensed financial statements.
EBITDA and operating result
H1 24 adjusted EBITDA was $7.4m (H1 23: $6.7m) while reported EBITDA was $7.1m
(H1 23: $5.4). The improvement in adjusted EBITDA mainly came from an
increased tooling gross profit and a reduction in distribution and
administrative expenses. A reduction in distribution expenses was due to
container rates settling to pre-Covid levels and lower sales volumes. An
improvement in administrative expenses mainly came from the overheads savings
initiatives. During H1 24 the Group incurred $0.7m of foreign exchange
losses (H1 23: $0.3m gains) due to exchange rate movements primarily against
the US$ and from intercompany balances.
Depreciation and amortisation charges reduced to $2.1m (H1 23: $3.0m)
benefitting from the extended useful economical lives of plant and machinery
which were revised at the end of December 2023. Therefore, the resulting
adjusted operating profit was $5.3m (H1 23: $3.7m) and reported operating
profit was $5.0m (H1 23: $2.4m).
Profit from continuing operations and EPS
H1 24 adjusted profit before tax was $4.1m (H1 23: $2.5m), while reported
profit before tax was $3.8m (H1 23: $1.3m), taking into account non-recurring
items of $0.3m (H1 23: $1.2m). Profit after tax from continuing operations
was $3.5m (H1 23: $1.0m), resulting in basic EPS from continuing operations of
4.7c (H1 23: 1.7c).
Discontinued operations
During the first half of 2024 the Group has completed the liquidation of CAS,
its UK manufacturing subsidiary. H1 24 gain attributable to the discontinued
operations was $0.2m (H1 23: $0.4m loss) and related to a release of
previously booked provisions which were not required.
Capital structure, working capital and interest
Since December 2023 year end, the Group saw its net asset value increase to
$21.6m (FY23: $17.0m), main driver being $3.6m of net profits generated during
the period.
Non-current assets remained broadly the same at $18.0m (FY23: $18.1m), while
the current assets have reduced to $60.3m since the year end (FY23: $66.3m)
and current liabilities reduced to $51.3m (FY23: $62.0m).
During the first half of 2024 the Group continued to actively manage its trade
payable balances in China, contributing to a reduction from $43.4m to
$36.7m. This was the primary driver for the reduction in current
liabilities. This in turn has contributed to a reduction in cash and cash
equivalents to $4.4m (FY23: $9.4m). It should be noted that the year-end
cash balance was boosted by the timing of December payroll payments in China
of $1.7m which took place in early January 2024.
Net debt as at 30 June 2024 was $5.8m (FY23: $3.8m) and included cash and
amounts drawn on the Group's trade loans and invoice finance facilities with
HSBC. After applying IFRS 16 accounting for right-of-use assets on current
and non-current lease liabilities, net debt as at 30 June 2024 was $14.4m
(FY23: $12.7m).
The Group uses HSBC post-dispatch trade loans and invoice financing facilities
as an additional working capital lever. As at 30 June 2024 the amounts drawn
on the Group's trade loans and invoice finance facilities were $10.2m (FY23:
$13.2m) against total available facilities of c.$21m. Net finance costs
remained at similar levels at $1.2m (H1 23: $1.1m).
As previously announced, the Group is well advanced to refinance the current
HSBC facilities to put in place an asset backed facility. It is anticipated
that, once in place, the new facility would support the Group's international
expansion plans and will be committed over the medium -term. We are
expecting to complete the refinancing process and make an announcement in the
coming weeks.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Note Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year to 31 December 2023
$'000 $'000 $'000
Continuing Operations:
Revenue 2,3 60,498 68,152 142,974
Cost of sales (43,132) (50,307) (112,118)
Gross profit 17,366 17,845 30,856
Distribution expenses (1,119) (2,692) (3,150)
Other operating income 509 312 807
Administrative expenses (11,792) (13,022) (20,041)
EBITDA (before non-recurring items) 7,382 6,671 16,090
Depreciation (1,949) (2,891) (4,950)
Amortisation (168) (100) (294)
Non-recurring items 4 (301) (1,237) (2,374)
Operating Profit 4,964 2,443 8,472
Finance income 27 - -
Finance expenses (1,242) (1,138) (2,535)
Profit before tax 3,749 1,305 5,937
Taxation (charge)/credit (267) (351) 616
Profit for the period from continuing operations 3,482 954 6,553
Discontinued operations:
Profit/(Loss) for the period from discontinued operations 192 (367) (238)
Profit for the period attributable to equity shareholders 3,674 587 6,315
Profit for the period attributable to:
Owners of the 3,665 587 6,313
Company
Non-Controlling Interests 9 - 2
Other comprehensive income/(loss)
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences - foreign operations (465) (1,180) (1,426)
Other comprehensive loss for the period, net of income tax (465) (1,180) (1,426)
Total comprehensive income/(loss) for the period 3,209 (593) 4,889
From continuing operations:
Basic earnings per share 5 4.7 c 1.7 c 10.1 c
Diluted earnings per share 5 4.7 c 1.7 c 9.7 c
From continuing and discontinued operations:
Basic earnings per share 5 5.0 c 1.0 c 9.7 c
Diluted earnings per share 5 5.0 c 1.0 c 9.4 c
Consolidated Balance Sheet
Note Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year to 31 December 2023
$'000 $'000 $'000
Non-current assets
Goodwill 1,259 1,259 1,259
Intangible assets 286 392 314
Property, plant and equipment 6 7,335 6,199 7,089
Right of use assets 7,575 9,008 7,895
Deferred tax assets 1,571 - 1,571
18,026 16,858 18,128
Current assets
Inventories 7 25,747 25,265 25,997
Tax receivable 220 344 261
Trade and other receivables 8 29,976 32,971 30,578
Cash and cash equivalents 14 4,382 7,592 9,440
60,325 66,172 66,276
Total Assets 78,351 83,030 84,404
Current liabilities
Trade and other payables 10 (36,676) (43,695) (43,390)
Other interest-bearing loans and borrowings 9 (10,236) (16,601) (13,198)
Derivative financial liabilities - (189) (52)
Tax payables (1,232) (1,049) (1,847)
Lease liabilities 9 (3,115) (2,311) (3,492)
(51,259) (63,845) (61,979)
Non-current liabilities
Lease liabilities 9 (5,444) (7,905) (5,458)
Deferred tax liabilities - (175) -
(5,444) (8,080) (5,458)
Total Liabilities (56,703) (71,925) (67,437)
Net assets 21,648 11,105 16,967
Equity attributable to equity holders of the parent
Share capital 15 484 484 484
Share premium 63,696 63,696 63,696
LTIP Reserve 21 - 4
Translation reserve (407) (1,527) (1,397)
Merger reserve (35,812) (35,812) (35,812)
Accumulated Deficit (6,405) (15,736) (10,070)
Non-controlling interest 71 - 62
Total equity 21,648 11,105 16,967
Consolidated Statement of Changes in Equity
Share capital Share premium LTIP reserve Translation reserve Merger reserve Accumulated Deficit Non-Controlling Interest Total equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 January 2023 342 54,717 - (347) (35,812) (16,323) - 2,577
Total comprehensive income for the year:
Profit for the year - - - - - 6,313 2 6,315
Recognition of LTIP reserve - - 4 - - - - 4
Foreign currency translation - - - (1,050) - - - (1,050)
Total comprehensive income/ (loss) for the year - - 4 (1,050) - 6,313 2 5,269
Transactions with equity:
Share issue 142 9,488 - - - - - 9,630
Issuance Cost - (509) - - - - - (509)
Share issue in CT-Mexico - - - - - (60) 60 -
142 8,979 - - - (60) 60 9,121
At 31 December 2023 484 63,696 4 (1,397) (35,812) (10,070) 62 16,967
As at 1 January 2024 484 63,696 4 (1,397) (35,812) (10,070) 62 16,967
Total Comprehensive income for the period
Profit for the period - - - - - 3,665 9 3,674
Recognition of LTIP reserve - - 17 - - - - 17
Foreign currency translation - - - 990 - - - 990
Total comprehensive income for the period - - 17 990 - 3,665 9 4,681
Balance at 30 June 2024 484 63,696 21 (407) (35,812) (6,405) 71 21,648
Consolidated statement of cash flows
Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year to 31 December 2023
$'000 $'000 $'000
Cash flows from operating activities
Profit for the period 3,482 954 6,553
Profit/(loss) from discontinued operations 192 (367) (238)
Profit for the period after tax 3,674 587 6,315
Adjustments for:
Depreciation 1,949 2,891 4,950
Amortisation 168 100 294
Share Based Charge 17 - 4
Hyperinflation impact on operating profit 301 (429) 683
Net fair value losses recognised in Profit or Loss (1) - (714)
Financial expense 1,242 942 2,535
Gain on Termination of Lease (192) - -
Taxation charge/(credit) 267 353 (616)
Loss on disposal of Property, Plant and Equipment 68 329 1,136
Operating Profit before working capital changes 7,493 4,773 14,587
Decrease/(Increase) in trade and other receivables 2,217 (9,178) (4,620)
(Increase)/Decrease in inventories (662) 3,212 641
(Decrease) in trade and other payables (5,758) (968) (2,530)
Tax (paid) (237) - (41)
Net cash generated/(used in) from operating activities 3,053 (2,161) 8,037
Cash flows from investing activities
Net Purchase of intangible assets (91) - (96)
Net Purchase of property, plant and equipment (1,521) (427) (3,114)
Net cash used in investing activities (1,612) (427) (3,210)
Cash flows from financing activities
Gross proceeds from share issue - 9,630 9,630
Payment of professional fees related to share issue - (509) (509)
Principal repayment of lease liabilities (1,905) (1,018) (3,005)
Net Interest paid (1,215) (945) (2,535)
Repayment of trade loans (3,125) (1,166) (578)
Repayment of invoice finance (158) (41) (2,924)
Net cash (used in)/from financing activities (6,403) 5,951 79
Net (decrease)/increase in cash and cash equivalents (4,962) 3,362 4,906
Cash and cash equivalents at beginning of period 9,440 4,471 4,471
Effect of exchange rate fluctuations on cash held (96) (1,350) 63
Cash and cash equivalents at end of period (see Note 14) 4,382 6,483 9,440
Notes forming part of the unaudited consolidated condensed interim financial
statements (hereinafter "the financial statements")
1. Accounting Policies
Introduction
The financial statements have been prepared in accordance International
Financial Reporting Standards currently in force and in conformity with the
requirements of the Companies Act 2006.
These financial statements have been prepared on the basis of the same
accounting policies as per the audited financial statements for the year ended
31 December 2023. The financial statements, which have been prepared in
accordance with International Accounting Standard 34 (IAS 34), are unaudited
and do not constitute statutory accounts within the meaning of section 434 of
the Companies Act 2006. Statutory accounts for the year ended 31 December
2023 prepared in accordance with IFRS, have been filed with Companies House.
The Auditors' Report on these accounts was unqualified, did not include any
matters to which the Auditors drew attention by way of emphasis without
qualifying their report and did not contain any statements under section 498
of the Companies Act 2006.
The financial statements are for the six months to 30 June 2024. The interim
consolidated financial information does not include all the information and
disclosures required in the annual financial statements and should be read in
conjunction with the Group's annual financial statements for the year ended 31
December 2023 which were prepared in accordance with UK adopted International
Accounting Standards and in conformity with the requirements of the Companies
Act 2006.
Measurement convention
The financial statements are prepared on the historical cost basis except that
the derivative financial instruments are stated at their fair value and the
hyperinflationary adjustments are applied to the results of our foreign
operations in Türkiye
Going Concern
The Directors have assessed the Group's business activities and the factors
likely to affect future performance in light of the current and anticipated
trading conditions. In making their assessment the Directors have reviewed
the Group's latest budget, current trading, forecasts and debt facilities and
considered reasonably plausible downside scenarios and mitigating actions.
The Directors are confident that, after taking into account cash and debt
facilities available to the Group, the Group has adequate resources in place
to continue in operational existence for a period of at least 12 months from
the date of approval of these financial statements being to September 2025.
In making their assessment the Directors have stress tested the cashflows of
the business.
For the purposes of stress testing, the Directors modelled a base case,
several downside scenarios, a combined downside scenario and a set of
mitigating actions to the combined downside scenario. The base case was
modelled on a prudent basis, assuming revenues based on the production
schedules and cost estimates. Positive cash headroom is maintained under the
base case scenario. Taking into account the economic outlook, expected
interest rates and geopolitical events, the Directors have identified certain
specific key risks to the base case assumptions and have modelled the
scenarios as follows:
• Reduction in revenue risk: the entire automotive
market suffers a downturn of 10% in revenue reflecting a scenario similar to
the 2008-2009 downturn;
• Risk of increased cost of sales and freight costs:
reflecting the impact of inflation in cost of sales and freight costs raising
by 5% and the inability to recover the increase in costs from customers;
• Stockholding risk: reflecting a scenario caused by the
disruption in customer schedules due to possible military conflicts or other
plausible disruptions resulting in the need to hold more than normal stock
levels required in the distribution centres.
In addition, the Directors have modelled a combined downside scenario and
considered several controllable mitigating actions. The principal mitigating
action modelled is the agreement of extended supplier payment terms.
Additional mitigating actions which have not been modelled but are available
for Management to deploy, if required, are reduced customer payment terms and
a further reduction of overheads. Such mitigating actions are within
Management's control and the business closely monitors appropriate lead
indicators to implement these actions in sufficient time to achieve the
required cash preservation impact.
In any of the scenarios noted above the combined impact of the above downside
assumptions, the stress testing model, incorporating the above principal
mitigation, demonstrates that the business is able to maintain a positive cash
balance and covenants throughout the entire going concern review period
considered.
The Group currently has trade loans and invoice finance facilities which are
renewed at set times (typically quarterly, six monthly or annually) and which
have been renewed as part of this renewal cycle. The Group has reviewed our
current banking debt facility providers going forward and considered all
viable options with regard to our potential lenders to ensure that we have the
best commercial arrangements in place. Following a full externally run tender
process we are currently in advanced negotiations to secure new borrowing
facilities. Signed heads of terms are in place, due diligence completed and
the legal documentation of the facilities is well progressed. Our current
trade loan and invoice finance facilities remain in place until such time as
the new borrowing facility is completed.
As a result of the above considerations, the Directors consider that the Group
has adequate resources in place for at least 12 months from the date of the
approval of these interim financial statements and have therefore adopted the
going concern basis of accounting in preparing the financial statements.
Basis of Consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an
entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns
through its power over the entity. In assessing control, the Group takes into
consideration potential voting rights that are currently exercisable. The
acquisition date is the date on which control is transferred to the acquirer.
The financial statements of subsidiaries are included in the consolidated
financial statements from the date that control commences until the date that
control ceases.
Non-controlling Interest
Non-controlling interest represents the equity in subsidiaries that is not
attributable to all shareholders of the Group.
Change in subsidiary ownership and loss of control
Changes in the Group's interest in a subsidiary that do not result in a loss
of control are accounted for as equity transactions.
Where the Group loses control of a subsidiary, the assets and liabilities are
derecognised along with any related non-controlling interests and other
components of equity. Any resulting gain or loss is recognised in profit or
loss. Any interest retained in the former subsidiary is measured at fair
value when control is lost.
Transactions eliminated on consolidation
Intra-Group balances and transactions, and any unrealised income and expenses
arising from intra-Group transactions, are eliminated. Unrealised gains
arising from transactions with equity-accounted investees are eliminated
against the investment to the extent of the Group's interest in the investee.
Unrealised losses are eliminated in the same way as unrealised gains.
Discontinued operations
When the Group has sold or discontinued a component that represents a separate
major line of business or geographical area of operations during the year, or
has classified the component as held for sale, its results are presented
separately, net of any profit or loss on disposal, in the statement of profit
or loss and other comprehensive income, with the comparative amounts restated.
Revenue
Revenue is measured at the fair value of the consideration received or
receivable. Provided it is probable that the economic benefits will flow to
the Group and the revenue and costs, if applicable, can be measured reliably,
revenue is recognised in profit or loss as follows:
Serial production goods are recognised as sold at a point in time when control
is passed to the customer, which depending on the incoterms (a series of
pre-defined commercial terms published by the International Chamber of
Commerce relating to international commercial law) can be when they are
delivered to the customer site or when the customer collects them.
Revenue from Tooling and the provision of associated services is recognised at
a point in time when the performance obligations in the contract are satisfied
and control is passed to the customer, which is based on the date of issue of
the parts submission warrant (PSW) or a similar approval from customers, or
other evidence of the commencement of serial production. Monies received from
customers in advance of completing the performance obligations are recognised
as contract liabilities as at the balance sheet date and released to revenue
when the related performance obligations are satisfied at a point in time.
Discounts on the serial production contracts are considered as one off and
agreed with the customers as part of the negotiation and as per the terms of
the contract, they are either paid in advance or otherwise. Discounts paid in
advance are recognised as a prepayment and recognised as a debit to revenue in
the period in which the related revenue is recognised. All other discounts are
recognised as a debit to revenue based on the period in which the related
revenues are recognised.
Revenue excludes value added tax or other sales taxes and is after deduction
of any trade discounts.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation
and accumulated impairment losses.
Where parts of an item of property, plant and equipment have different useful
lives, they are accounted for as separate items of property, plant and
equipment.
Depreciation is charged to the profit and loss account on a straight-line
basis over the estimated useful lives of each part of an item of property,
plant and equipment. The estimated useful lives are as follows:
Assets under construction - not
depreciated
Plant and
equipment - 2-15
years straight line
Furniture, fixtures and equipment - 2-5 years straight line
Motor
vehicles
- 2-5 years straight line
Depreciation methods, useful lives and residual values are reviewed at each
balance sheet date. The useful life for plant and equipment was reviewed at 31
December 2023 and changed from 2-5 years to 2-15 years.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is
based on the first-in first-out principle and includes expenditure incurred in
acquiring the inventories, production or conversion costs and other costs in
bringing them to their existing location and condition. In the case of
manufactured inventories and work in progress, cost includes an appropriate
share of overheads based on normal operating capacity.
Net realisable value is the value that would arise on sale of stock in the
normal course of business, minus a reasonable estimation of selling costs.
Foreign currency
Transactions in foreign currencies are translated to the respective functional
currencies of Group entities at the foreign exchange rate ruling at the date
of the transaction. Foreign currency monetary assets and liabilities are
translated at the rates ruling at the reporting date. Exchange differences
arising on the retranslation of unsettled monetary assets and liabilities are
recognised immediately in profit or loss. Exchange differences arising on the
retranslation of the foreign operation are recognised in other comprehensive
income and accumulated in the foreign exchange reserve.
The assets and liabilities of foreign operations, including goodwill and fair
value adjustments arising on consolidation, are translated to the Group's
presentational currency US Dollars at foreign exchange rates ruling at the
balance sheet date. The revenues and expenses of foreign operations are
translated at an average rate for the period where this rate approximates to
the foreign exchange rates ruling at the dates of the transactions.
Exchange differences arising from this translation of foreign operations are
reported as an item of other comprehensive income and accumulated in the
translation reserve. When a foreign operation is disposed of, such that
control is lost, the entire accumulated amount in the foreign currency
translation reserve, is reclassified to profit or loss as part of the gain or
loss on disposal. When the Group disposes of only part of its interest in a
subsidiary that includes a foreign operation while still retaining control,
the relevant proportion of the accumulated amount is reattributed to
non-controlling interests. When the Group disposes of only part of its
investment in an associate that includes a foreign operation while still
retaining significant influence, the relevant proportion of the cumulative
amount is reclassified to profit or loss.
Classification of financial instruments issued by the Group
Financial instruments issued by the Group are treated as equity only to the
extent that they meet the following two conditions:
(a) they include no contractual obligations upon the Company (or Group as
the case may be) to deliver cash or other financial assets or to exchange
financial assets or financial liabilities with another party under conditions
that are potentially unfavourable to the Group; and
(b) where the instrument will or may be settled in the Company's own equity
instruments, it is either a non-derivative that includes no obligation to
deliver a variable number of theCompany's own equity instruments or is a
derivative that will be settled by the Company's exchanging a fixed amount of
cash or other financial assets for a fixed number of its own equity
instruments.
To the extent that this definition is not met, the proceeds of any issues are
classified as a financial liability.
Non-derivative financial instruments
Financial assets and liabilities are recognised when the Group becomes party
to the contractual provisions of the instrument.
Non-derivative financial instruments comprise trade and other receivables,
cash and cash equivalents, loans and borrowings, and trade and other payables.
Trade and other receivables
Trade and other receivables are initially measured at their transaction price.
Trade receivables and other receivables are held to collect the contractual
cash flows which are solely payments of principal and interest. Therefore,
these receivables are subsequently measured at amortised cost using the
effective interest rate method.
Trade and other payables
Trade and other payables are recognised initially at fair value. Subsequent to
initial recognition they are measured at amortised cost using the effective
interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank
overdrafts that are repayable on demand and form an integral part of the
Group's cash management are included as a component of cash and cash
equivalents for the purpose only of the cash flow statement.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less
attributable transaction costs. Subsequent to initial recognition,
interest-bearing borrowings are stated at amortised cost using the effective
interest method. See Note 9 for full details of classes of interest-bearing
borrowings.
Effective interest rate
The 'effective interest' is calculated using the rate that exactly discounts
estimated future cash payments or receipts (considering all contractual terms)
through the expected life of the financial asset or financial liability to its
carrying amount before any loss allowance.
Share based payments
Where share options are awarded to employees, the fair value of the options at
the date of the grant is charged to the income statement over the vesting
period. Non-market vesting conditions are taken into account by adjusting the
number of equity instruments expected to vest at each balance sheet date so
that, ultimately, the cumulative amount recognised over the vesting period is
based on the number of options that eventually vest.
Hyperinflation
The Group has applied IAS 29, Financial Reporting in Hyperinflationary
Economies, for its subsidiary in Türkiye, whose functional currency has
experienced a cumulative inflation rate of more than 100%, over the past three
years. Assets, liabilities, the financial position and results of foreign
operations in hyperinflationary economies are translated to US Dollar at the
exchange rate prevailing at the reporting date. The exchange differences are
recognised directly in other comprehensive income and accumulated in the
translation reserve in equity. Such translation differences are reclassified
to profit or loss only on disposal or partial disposal of the overseas
operation. Prior to translating the financial statements of foreign
operations, the non-monetary assets and liabilities and comprehensive income
(both previously stated at historic cost) are restated to account for changes
in the general purchasing power of the local currencies based on the consumer
price index published by the Turkish Statistical Institute. The consumer price
index for the six months ended 30 June 2024 increased by 1.92%.
2. Revenue
Disaggregation of revenue Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year to 31 December 2023
$'000 $'000 $'000
An analysis of turnover by type is given below:
Production revenue 55,966 65,811 132,046
Tooling revenue 4,532 2,341 10,928
Total revenues 60,498 68,152 142,974
All revenue is derived from goods transferred at a point in time.
An analysis of turnover by geographical market is given within Note 3.
3. Segment information
Operating segments are reported in a manner consistent with internal reporting
provided to the Chief Operating Decision Maker (CODM). The CODM has been
identified as the management team including the Chief Executive Officer and
Chief Financial Officer. The segmental analysis is based on the information
that the management team uses internally for the purpose of evaluating the
performance of operating segments and determining resource allocation between
segments.
The Group has 3 strategic divisions which are its reportable segments. The
Group has the below main divisions:
1. Tooling - Design, development and sale of tooling for the automotive
industry.
2. Production - Manufacturing and distributing serial production kinematic
interior parts for the automotive industry.
3. Head office - Manages group financing and capital management
The Group evaluates segmental performance based on revenue and profit or loss
from operations calculated in accordance with IFRS.
Unaudited 6 months ended 30 June 2024
Revenue Tooling Production Head office Total
$'000 $'000 $'000 $'000
Total revenue from customers 4,532 55,966 - 60,498
Depreciation and amortisation - (2,117) - (2,117)
Finance expense - (1,242) - (1,242)
Group and segment Profit/(Loss) before tax and discontinued operations 1,328 6,343 (4,018) 3,653
Unaudited 6 months ended 30 June 2023
Revenue Tooling Production Head office Total
$'000 $'000 $'000 $'000
Total revenue from customers 2,341 65,811 - 68,152
Depreciation and amortisation - (2,991) - (2,991)
Finance expense - (928) - (928)
Group and segment Profit/(Loss) before tax and discontinued operations 295 5,088 (4,078) 1,305
Year ended 31 December 2023
Revenue Tooling Production Head office Total
$'000 $'000 $'000 $'000
Total revenue from customers 10,928 132,046 - 142,974
Depreciation and amortisation - (5,244) - (5,244)
Finance expense - (2,485) (50) (2,535)
Group and segment Profit/(Loss) before tax and discontinued operations 3,885 9,145 (7,093) 5,937
External revenue by location of customers Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year ended 31 December 2023
$'000 $'000 $'000
Europe 20,987 23,480 43,327
North America 14,427 19,551 32,261
Asia Pacific 13,088 10,545 37,568
United Kingdom 8,158 11,760 23,417
Rest of the World 3,838 2,816 6,401
60,498 68,152 142,974
4. Non-recurring items
Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year ended 31 December 2023
$'000 $'000 $'000
Restructuring and margin improvement costs - 884 -
One off working capital write offs (net) - - 494
Costs from historic tooling projects - 345 849
Covid related business disruption charges - - 277
Impact of hyperinflation 301 8 683
Redundancy Costs - - 71
Total 301 1,237 2,374
Non -recurring items are items, which, due to their one-off, non-trading and
non-underlying nature, have been separately classified by the Directors in
order to draw them to the attention of the reader and allow for greater
understanding of the operating performance of the Group.
Effective from 1 January 2022, the Group has applied IAS 29, Financial
Reporting in Hyperinflationary Economies for its subsidiary in Türkiye. The
impact of applying this standard in respect of 6 months ended 30 June 2024 was
a charge of $301,000 and is considered as non-trading.
5. Earnings per share
Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year ended 31 December 2023
Number Number Number
Weighted average number of equity shares 73,597,548 56,599,354 65,191,848
$ $ $
Profit for the period from continuing operations 3,482,000 954,000 6,553,000
Cents Cents Cents
Basic Profit per share from continuing operations 4.7 1.7 10.1
Diluted Profit per share from continuing operations 4.7 1.7 9.7
Basic Profit/(Loss) per share from discontinued operations 0.3 (0.6) (0.4)
Diluted Profit/(Loss) per share from discontinued operations 0.3 (0.6) (0.4)
There are contingently issuable shares in existence (see Note 12) that can
result in diluted Earnings/(Loss) per share being different from basic
Earnings/(Loss) per share in 2024 and 2023.
6. Property, plant and equipment
Plant and Fixtures Motor
equipment and fittings vehicles Total
$'000 $'000 $'000 $'000
Cost
Balance as at 1 January 2023 13,345 4,275 23 17,643
Hyperinflationary adjustment 1,176 291 - 1,467
Additions 2,315 799 - 3,114
Disposals (1,658) (713) - (2,371)
Effect of movements in foreign exchange (784) (493) - (1,277)
Balance as at 31 December 2023 (audited) and as at 1 January 2024 14,394 4,159 23 18,576
Hyperinflationary adjustment 320 243 - 563
Additions 1,381 515 - 1,896
Disposals (667) (284) - (951)
Effect of movements in foreign exchange (275) (141) - (416)
Balance as at 30 June 2024 (unaudited) 15,153 4,492 23 19,668
Depreciation
Balance at 1 January 2023 6,708 3,610 23 10,341
Hyperinflationary adjustment 948 263 - 1,211
Depreciation charge for the period 1,498 400 - 1,898
Disposals (429) (711) - (1,140)
Effect of movements in foreign exchange (515) (308) - (823)
Balance as at 31 December 2023 (audited) and as at 1 January 2024 8,210 3,254 23 11,487
Depreciation charge for the period 857 378 - 1,235
Disposals (532) (43) - (575)
Hyperinflationary adjustment 301 211 - 512
Effect of movements in foreign exchange (232) (94) - (326)
Balance as at 30 June 2024 (unaudited) 8,604 3,706 23 12,333
Net book value
At 31 December 2023 (audited) 6,184 905 - 7,089
At 30 June 2024 (unaudited) 6,549 786 - 7,335
7. Inventories
Unaudited as at 30 June 2024 Unaudited as at As at 31 December
30 June 2023 2023
$'000 $'000 $'000
Raw materials and consumables 7,161 6,277 6,117
Work in progress 7,792 8,773 7,084
Finished goods 10,794 10,215 12,796
25,747 25,265 25,997
8. Trade and other receivables
Unaudited as at 30 June 2024 Unaudited as at As at
30 June 2023 31 December 2023
$'000 $'000 $'000
Trade receivables 14,463 22,994 16,943
VAT Receivable 2,071 1,446 1,813
Other receivables 1,768 1,031 1,807
18,302 25,471 20,563
Prepayments and accrued income 11,674 7,500 10,015
Total trade and other receivables 29,976 32,971 30,578
The carrying value of trade and other receivables classified at amortised cost
approximates fair value.
The Group applies the IFRS 9 simplified approach to measuring expected credit
losses using a lifetime expected credit loss provision to trade receivables.
The expected loss rates are based on the Group's historical credit losses. Due
to the nature of the Group's customers historic losses are limited, however a
small credit loss provision of $200,000 has been made at the end of the period
(H12023: $nil). The key assumptions used in evaluating the credit loss
provision are the historical default ratio of these customers, any known
liquidity risks of the customers and based on the information available we
have assessed a range of possible outcomes.
9. Loans and borrowings
Unaudited as at 30 June 2024 Unaudited as at 30 June 2023 As at 31 December 2023
$'000 $'000 $'000
Non-current liabilities
Non-current portion of finance lease liabilities 5,444 7,905 5,458
5,444 7,905 5,458
Current liabilities
Current portion of secured bank loans 5,880 8,416 9,005
Unsecure bank overdraft - 1,109 -
Invoice finance 4,356 7,076 4,193
10,236 16,601 13,198
Current portion of finance lease liabilities 3,115 2,311 3,492
13,351 18,912 16,690
18,795 26,817 22,148
10. Trade and other payables
Unaudited as at 30 June 2024 Unaudited as at 30 June 2023 As at 31 December 2023
$'000 $'000 $'000
Current
Trade payables 16,097 20,484 20,187
Non-trade payables and accrued expenses 6,428 11,077 9,684
Employee social security and taxes 2,490 1,605 1,997
Contract liabilities 5,328 2,689 5,769
Other payables 6,333 7,840 5,753
36,676 43,695 43,390
11. Related parties
Key Management personnel are those persons having authority and responsibility
for planning, directing and controlling the activities of the Group, including
the Directors of the Company.
The compensation of key management personnel (including the directors) is
as follows:
Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year ended 31 December 2023
$'000 $'000 $'000
Key management remuneration including social security costs 597 783 1,116
Company contributions to money purchase pension plans 4 9 15
601 792 1,131
Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year ended 31 December 2023
$'000 $'000 $'000
Directors' remuneration 469 595 1,084
Company contributions to money purchase pension plans 4 4 8
473 599 1,092
12. Share options
In the 6 months to 30 June 2024, CT Automotive Group PLC granted share options
to 3 executives. Subject to vesting conditions, the executives will have the
option to acquire a total of 374,999 Ordinary Shares at an exercise price of
£0.005 per share.
The LTIP Awards to executives will vest on the third anniversary of grant
subject to meeting earnings per share performance criteria for the three year
period ending FY2025. 25% of the LTIP Awards will vest on meeting minimum
performance criteria, with vesting thereafter on a straight-line basis.
In addition, the Company awarded 97,560 nominal cost options under the same
plan to certain senior managers. These awards vest on the third anniversary of
grant subject to continued employment and no further performance conditions.
As at 30 June 2024 2,701,951 share options are outstanding.
13. Alternative performance measures
The Directors consider Alternative Performance Measures (APMs) to better allow
the readers of the accounts to understand the underlying performance of the
Group. The Directors also monitor these APMs to assess financial performance
throughout the period.
The APMs used by the Directors include:
Adjusted EBITDA - calculated as EBITDA adjusted for non-recurring items*
Adjusted EBITDA margin - calculated as adjusted EBITDA divided by revenue in
the period*
Adjusted profit before tax - calculated as profit before tax adjusted for
non-recurring items*
Adjusted profit before tax margin - calculated as adjusted profit before tax
divided by revenue in the period*
*Continuing operations only
EBITDA is calculated using Operating profit/(loss) before interest, taxes,
depreciation and amortisation.
Detail of each of the non-recurring items is disclosed in Note 4.
Adjusted EBITDA and Adjusted EBITDA margin Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year ended 31 December 2023
$'000 $'000 $'000
Adjusted EBITDA 7,382 6,671 16,090
Non - recurring items
- Restructuring and margin improvement costs - (884) -
- Impact of hyperinflation (301) (8) (683)
- One-off working capital write offs (net) - - (494)
- Redundancy Costs - - (71)
- Costs from historic tooling projects - (345) (849)
- COVID related business disruption charges - - (277)
EBITDA 7,081 5,434 13,716
Adjusted EBITDA margin 12.2% 9.8% 11.3%
EBITDA margin 11.7% 8.0% 9.6%
Adjusted Profit/(Loss) Before Tax and Adjusted Profit/(Loss) Before Tax margin Unaudited 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Year ended 31 December 2023
$'000 $'000 $'000
Adjusted Profit Before Tax 4,050 2,542 8,311
Non- recurring items
- Restructuring and margin improvement costs - (884) -
- Impact of hyperinflation (301) (8) (683)
- One-off working capital write offs (net) - - (494)
- Redundancy Costs - - (71)
- Costs from historic tooling projects - (345) (849)
- COVID related business disruption charges - - (277)
Profit Before Tax 3,749 1,305 5,937
Adjusted Profit before tax margin % 6.7% 3.7% 5.8%
Profit before tax margin % 6.2% 1.9% 4.2%
14. Cash and cash equivalents
Cash and cash equivalents for purposes of the statement of cash flows Unaudited as at 30 June 2024 Unaudited as at 30 June 2023 As at 31 December 2023
comprises:
$'000 $'000 $'000
Cash and cash equivalents 4,382 7,592 9,440
Unsecured bank overdraft - (1,109) -
4,382 6,483 9,440
15. Share Capital
Unaudited as at 30 June 2024 Unaudited as at 30 June 2023 As at 31 December 2023
Allotted, called up and fully paid $'000 $'000 $'000
73,597,548 (2023: 73,597,548) ordinary shared of £0.005 each 484 484 484
Shares classified in Shareholder's fund 484 484 484
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