REG - CT Automotive Group - Notice of Results

CT AutomotiveAnnouncement

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RNS Number : 2378E  CT Automotive Group PLC  14 May 2026

14 May 2026

 

CT Automotive Group plc

("CT Automotive" or the "Group")

Notice of FY25 Results

FY24 Financial Statements

CT Automotive, a leading designer, developer and supplier of interior
components to the global automotive industry, expects to release its results
for the year ended 31 December 2025 ("FY25") on 20 May 2026.

The Group expects to report revenues for FY25 of $114.8 million and net debt
as at 31 December 2025 of $7.7 million, in line with our previous announcement
on 5 February 2026.  Adjusted profit before tax is now expected to be $9.5
million (rising to $10.0 million including non-cash foreign exchange gains),
below previous guidance of $10.0 million and largely due to a pricing
overstatement in a contract with a UK customer and the re-working of certain
lease accounting calculations in China.

Financial Statements for the Year Ended 31 December 2024 ("FY24")

During the preparation of the FY25 Financial Statements, certain prior period
accounting misstatements have been identified, the most significant of which
relate to an incorrect posting in the consolidation when converting from local
GAAP to IFRS and the misclassification of a customer prepayment in 2021.
None of these prior period accounting adjustments affect working capital or
cash, nor do they impact the underlying operational performance of the
business in FY25 or the Group's expected future financial performance.

In aggregate, the restatements are expected to have a non-cash impact on the
Consolidated Statement of Profit and Loss for FY24 by increasing
administrative expenses by $0.8 million and reducing total net assets as at 31
December 2024 by $5.0 million, to $21.2 million.  FY24 Adjusted Profit Before
Tax will therefore be restated to $7.9 million (from $8.7 million).

Following identification of these prior period misstatements, the Directors
appointed an external expert, who specialises in technical accounting, to
review the errors  relating to lease accounting in China and confirm the
impact of those errors on the FY24 Financial Statements.  This review
concluded yesterday and concurred with Management's determination.

The Board has been concerned by the discovery of these prior period accounting
misstatements and has conducted a comprehensive review of the Group's balance
sheet and historical accounting treatments. This has been well supported by
MHA Audit Services LLP, the Group's new Auditor selected in September 2025.
Additional controls have been implemented to ensure there is no recurrence of
these errors.

The comparative figures for the Financial Statements of FY24 will be restated
in the forthcoming Financial Statements for FY25.

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

Enquiries:

 CT Automotive

 Raymond Bench, Non-Executive Chairman

 Simon Phillips, Chief Executive Officer

 Singer Capital Markets Advisory LLP (Nominated Adviser and Broker)  Tel: +44 (0)20 7496 3000

 Alex Bond, Dan Ingram, Samed Ethemi

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 manufacturers
("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 China with additional manufacturing
facilities in Mexico and Türkiye and distribution facilities and assembly
lines in Europe, Asia and the US.  The Company has a low-cost design and
administrative centre in India.

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 64 different models
for 21 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.

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