REG - Strip Tinning Hldgs - AGM Statement

Strip Tinning HoldingsAnnouncement

30/06/2023 07:00

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RNS Number : 4658E  Strip Tinning Holdings PLC  30 June 2023

30 June 2023

Strip Tinning Holdings plc

("Strip Tinning" or the "Company")

AGM Statement

Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist
connectors to the automotive sector, will hold its Annual General Meeting at
9:30am today during which the Executive Chairman, Adam Robson, will make the
following statement:

"We are pleased that following the difficulties of 2022, in 2023 we are
clearly demonstrating the progress made with the Company being EBITDA positive
for each of the first six months of the current period. The Board is confident
in meeting market expectations for FY 23.

"Our progress is not just financial.  We have a growing pipeline of EV
opportunities, which we believe will result in material new production
nominations in both the short and the medium term.  In April we announced a
new order worth £0.8m for sample cell contact system modules from our leading
EV customer which we hope will be a precursor to a significant next order.
Beyond this we have won sample orders for further new programmes and we are
working on other significant opportunities.  Most of these programmes have
the potential to result in production nominations with annual sales values
ranging from £1m to £15m per annum, with start of production dates typically
in 2024 to 2026.

"Our strong glazing order book is showing greater resilience than originally
expected for FY 23 and we are working on significant new leads with production
start dates in 2024 or 2025, which the Board believe will deliver material
growth for the coming years, in line with our pre-Covid trajectory. In part,
this growth in opportunities we are seeing is driven by improving prospects
for the automotive light vehicle markets, as the threat of European recession
diminishes, supply chain shortages ease and pent-up demand is satisfied.

"We will be holding at Capital Markets Day on 4 July and I am delighted that
Andy Bell, Head of Supply Chain at WAE Technology Ltd (formerly known Williams
Advanced Engineering(1)), will attend as our guest speaker, to tell us about
the ambitious and highly commendable decarbonisation plans of Fortescue Metals
Group (FMG). FMG, who are an iron ore mining company, launched Fortescue
Future Industries to diversify their business into green energy and green
technologies. Through this venture they acquired WAE in February 2022. WAE
with support from the Fortescue companies are driving growth in the UK's
capability to design and make electric power systems and are establishing an
international series manufacturing footprint to serve focused global markets.

"In summary, the Board is confident in meeting market expectations for FY23
and believes that FY24 will see further improvement in EBITDA and a return to
revenue growth, with high exposure to the fast-growing EV space both through
our glazing products and our products for EV battery packs."

(1) In 2010 Williams Grand Prix Engineering - the company behind the Williams
F1 team - began diversifying its operations. The division that was established
became WAE. Initially WAE provided innovative technology across a range of
sectors, but demand for its services quickly increased and its focus
sharpened. Soon the company established itself as a world leader in
electrification and energy storage. In 2022 WAE was acquired by Fortescue
Metals Group (FMG).  As part of FMG, WAE is extending their impact,
supporting a sustainable, decarbonisation strategy through their world-leading
advanced battery technology and energy storage solutions to bring the world
efficient and electric solutions and technology that ensures a more
sustainable future.

Enquiries:

Strip Tinning Holdings plc

Adam Robson, Exec Chair
 
Via Alma PR

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 PR (Financial
PR)
striptinning@almapr.co.uk

Josh
Royston
+44 (0) 20 3405 0205

Joe Pederzolli
 

 

A copy of this announcement will be available to view on the Company's website
in due course at www.striptinning.com (http://www.striptinning.com/) .

 

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