REG - Strip Tinning Hldgs - Interim Results
05/09/2023 07:00
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RNS Number : 3407L Strip Tinning Holdings PLC 05 September 2023
5 September 2023
Strip Tinning Holdings plc
("Strip Tinning" or the "Company")
Interim Results
Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist
connection systems to the automotive sector, is pleased to announce its
unaudited results for the six months ended 30 June 2023(1).
Key Financials:
· Total Revenues of £5.6m (H1 2022: £4.7m)
· Glazing product sales up 23% to £5m (H1 2022: £4.1m)
· EV product sales of £0.6m (H1 2022: £0.6m)
· Combined Gross Margin of £1.5m /26.7% (H1 2022: £0.4m / 8.8%)
· Adjusted(2) EBITDA of £0.05m (H1 2022: loss of £1.6m)
· Cash generation from operations of £0.1m (H1 2022: -£3.5m); cash
balance of £0.7m with no draw down against the CID facility
· Basic EPS(3) of (2.85)p versus H1 2022 (17.8)p
· The Board remains confident of meeting market expectations for FY23
Operational updates:
· Completion of new production line for flexible printed circuits
("FPCs")
· Production line benefitted from the £1.4m of funding provided
under the Advanced Propulsion Centre's ("APC") Scale-up Readiness Validation
("SuRV") scheme, awarded in September 2022
· Transfer and re-layout of Connectors production into a single
building completed, improving productivity
· Multiple further improvements including automation projects,
improved ERP functionality, implementation of EDI with our customers, cross
training and improved communications
Adam Robson, Executive Chair of Strip Tinning, commented: "I am pleased to be
able to report the significant turnaround that the Company has achieved over
the last 12 months and the positive outlook we see ahead.
Over the past year, we have focussed on strengthening our business and
enhancing our capabilities. We are pleased with the platform for growth that
has been developed. Converting these growth prospects into production
nominations is now a key priority.
To capitalise to the maximum extent possible on the growth opportunities we
see ahead of us and to fully satisfy our customers with delivery of the new
production nominations we have won, we plan to continue to ramp-up our
investments in people, including engineering, project management, quality
sourcing and sales. We remain optimistic about our promising sales pipelines
for EV and Glazing beyond 2023, with potential new profitable nominations in
the near future."
(1) Comparative numbers for the half year to 30 June 2002 are for Strip
Tinning Limited.
(2) Adjusted for FX impacts, share based payments, restructuring and IPO
exceptionals
(3) Based on weighted average number of shares in the period
Enquiries:
Strip Tinning Holdings plc Via Alma PR
Adam Robson, Exec Chair
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
at www.striptinning.com (http://www.striptinning.com/) .
Chief Executive's Report
Introduction
I am pleased to be able to report in these results the significant turnaround
that the Company has achieved over the last 12 months and the positive outlook
we see ahead.
Our key financial metric is Adjusted EBITDA and this has been positive in each
of the first six months (H1) of 2023, totalling £0.05m (H1 2022: -£1.6m) a
very significant improvement over 2022. The Board is confident that the
Company will meet market expectations for the Full Year.
We have also been pleased with our cash performance in H1. Cash generated
from operations was near break-even at £0.1m (H1 2022: -£3.5m) and as at
30(th) June we had no draw-down on our CID facility. We have taken this
opportunity to change CID provider to one that gives us lower costs and
preferential lending criteria which has improved our actual available credit
to about £1.2m based on our current customer receivables book.
There have been a number of key drivers of the improvement in EBITDA, the most
significant of which are:
· Increased sales with £5.6m being reported in H1 2023 (H1 2022:
£4.7m);
· The price increases we agreed with customers during 2022;
· The leadership of the strengthened senior management team, working
under Mark Perrins, our MD who joined us in March 2022; and
· The improvements in productivity, quality and customer service that
the team are delivering.
It has been gratifying to see the results of the many improvements we have
made to the business being reflected in both our financial results and in our
new business pipeline, a key indicator of customer satisfaction. We are now
a significantly healthier and more developed Company compared to a year ago.
We have grown stronger by successfully navigating through the challenging
obstacles and severe headwinds of 2022, which included the Russian invasion of
Ukraine, shortages of materials, intense inflationary pressures and the
aftermath of COVID. Consequently, we are better placed than ever to
capitalise on the increasing momentum we see across the business and our
markets.
As ever, I must also thank all of our employees for their determined efforts
that have brought us this far and who are the foundation of our successes,
past and future.
Market Opportunity
In both the markets we serve, we are seeing an improved market position with
strong customer demand and our enhanced competitiveness is opening the door to
accelerating growth.
The market for EV battery packs continues to grow at very high rates,
supported by the governments' determination to address climate change,
consumer enthusiasm and the strategic drive of the automotive industry. For
H1 2023, registrations in Europe(4) (EU, EFTA and UK) of battery electric
powered vehicles (full and hybrid) grew by 27.2% year on year (and by 45.0%
for full BEVs) meaning that 47.3% of all vehicles registered in this period
contained a battery pack. Similar high growth rates are being seen in the
mid-market which is our primary target market. In the truck market,
registrations in Europe(5) (EU, EFTA and UK) of battery electric powered
vehicles (full and hybrid) grew by 385% year on year (although the total share
remains low at 1.8% of all vehicles sold in H1 2023). Investment in new
electric mobility and delivery vehicles, from autonomous delivery vans to
e-VTOL aircraft continues apace. These mid-market customers are highly
attracted to working with European suppliers such as Strip Tinning who can
provide local, highly responsive, full service, engineered solutions for their
battery pack developments.
For our Glazing connectors business, we benefit from having a high share of
higher specification vehicles that we supply onto (including many BEVs), so by
capitalising on the higher volume growth rates seen in these vehicle
categories as well as higher product prices based on enhanced electrical
functionality within the glazing products. Year on year Glazing sales growth
in H1 was 23.5% which is higher than the overall growth of 17.6% in vehicle
registrations, which is encouraging. We are seeing a two tier structure
appear in the industry supply base in Europe with commodity products being
increasingly sourced from Asia, whilst the supply base for higher value added
products, on which we are focussed, has seen a contraction with smaller
competitors leaving the industry and very large competitors refocussing on
other larger market segments (such as battery packs).
(4) ACEA New Passenger Car Registration 19 July 2023
https://www.acea.auto/files/20230719_PRPC_2306-FINAL.pdf
(5) ACEA New Commercial Vehicle Registration 27 July 2023
https://www.acea.auto/files/20230727_PRCV_Q1-Q2_2023.pdf
Review of Operations
Our operations continue to benefit from the integrated sales, engineering,
programme management, purchasing, quality, production and HR team which
operates across our site, optimising the skills of the team and the transfer
of capabilities and capacity between our two lines of business.
EV
The major step forward made in the first half of 2023 has been the completion
of our new production line for flexible printed circuits (FPCs), used
primarily in our Cell Contact Systems ("CCS") but also increasingly for high
end Glazing connectors. This line benefitted from the £1.4m of funding
provided under the Advanced Propulsion Centre's ("APC") Scale-up Readiness
Validation ("SuRV") scheme which was awarded to us in September 2022. The
line has a capacity of around 180,000 units per annum, depending on the
dimensions of the pieces. The new factory layout has this FPC line adjacent
to the laminate busbar production line and both lead directly into the CCS
assembly and test operations. Investment in these facilities continues, in
particular, as we enhance our laser assembly capabilities - requirement is
currently estimated at £1.8 million. The total value will depend on the
exact size and terms of nominations received over the coming months.
We also continue to engage with a growing number of mid-market actual and
prospective customers. We are today producing production parts for two
active customer CCS programmes and samples for multiple programmes in
development. Total revenues from these activities in H1 were £0.6m (H12022:
£0.6m).
Our pipeline for new EV programmes is developing strongly, with leads
exceeding our ability to respond in all cases, a factor that emphasises the
value of our strict mid-market focus and the significance of our plans to
further grow our people resources. At the end of the half year, our Top 15
sales leads (based on strength of engagement) had a total annualised sales
value of £88m, with typical annual sales ranging from £1m to £10m+ and with
production nomination dates ranging from 2023 to 2026. We remain optimistic
that we will be able to announce a next major EV nomination in Q3.
We announced last August the notice purporting to terminate our contract with
a Croatian electric vehicle technology innovator for the supply of cell
management systems to a leading German OEM. We believe we have reached an
amicable settlement with this customer which leaves us free of any further
costs arising from this dispute.
Glazing
Sales in H1 were £5.1m (H1 2022: £4.1m) which was ahead of our expectations.
This growth is the net outcome of increased prices and demand partially
offset by reduced volumes and we have (in agreement with our customers) been
stopping production of loss making products. These changes will be completed
in H2 2023 and as a result we expect sales in H2 to be lower than in H1 2023.
However, gross margins have improved, from 8.6% in H1 2022 to 27.1% in H1
2023 and further improvement is expected in H2 2023 despite the decline in
sales.
Throughout 2022 and into 2023, we have been working on a lean turnaround of
our Glazing operations and we are pleased with the progress made which has
been a further contributor to the improving gross margins. The most obvious
manifestation of these improvements has been the transfer and re-layout of
Connectors production into a single building, which has improved productivity
and when combined with selective investments to reduce bottle necks has
allowed us to stop our night shift production (leaving this to provide a
future capacity increase of up to 50%). In addition to this change there
have been multiple other improvements including automation projects, improved
ERP functionality, implementation of EDI with our customers, cross training
and improved communications. In aggregate, our production headcount is now
90 lower than its peak level in November 2023 and we expect to see further
rationalisation in H2 2023.
The Glazing business is now looking to return to growth with new production
nominations being won or in the pipeline. We are intent on delivering growth
in both sales and margins through a focus on higher value added products and
our selective pipeline for these types of products is developing strongly.
At the end of the half year, our top 15 leads (based on strength of
engagement) had a total annualised sales value of £2.9m with production
nominations expected over the next 12 months. We are optimistic that this
will deliver net Glazing sales growth in 2024 from its low point in H2 2023.
Outlook
For the full year 2023, the Board remains confident of meeting market
expectations.
Over the past year, we have focussed on strengthening our business and
enhancing our capabilities. We are pleased with the platform for growth that
has been developed. Converting these growth prospects into production
nominations is a key priority.
To capitalise to the maximum extent possible on the growth opportunities we
see ahead of us and to fully satisfy our customers with delivery of the new
production nominations we have won, we plan to continue to ramp-up our
investments in people, including engineering, project management, quality
sourcing and sales. Consequently, we do not expect to deliver profitability
ahead of expectations.
Looking beyond 2023, we are greatly encouraged by the strength of our new
sales pipelines for both EV and Glazing and we expect to be able to announce
material profitable new sales nominations over the coming months.
Financial Review
£'000 £'000
H1 2023 H1 2022
Glazing product sales 5,050 4,089
EV product sales 596 588
Total Revenues 5,646 4,677
Gross Margin 1,512 410
Gross Margin % 26.7% 8.8%
Adjusted EBITDA 51 (1,636)
Depreciation (544) (687)
Amortisation (34) 13
FX (17) 43
Taxation fees (14) -
Reorganisation (Staff Exceptionals) - (91)
Share Based Payments (90) (62)
IPO Exceptionals - (382)
Operating Profit / (Loss) (648) (2,802)
Financing Costs (150) (81)
Tax 357 412
Net Income (441) (2,471)
Glazing sales were up 23% compared to H1 2022, with EV sales up over 40% on
the same period after stripping out sales attributable to the cancelled
Croatian EV contract.
The price rises achieved on the Glazing products combined with progress on
materials cost reductions and reduced direct headcount increased gross profit
by £1.1m in absolute terms, and gross margin from 8.8% to 26.7%. Overheads
increased by 8% in H1 2023, reflecting continued investment in the EV business
and full period run rates compared to 2022. The benefit to the business is
deemed greater than the percentage increase indicates as the total increase
from new hires improving capability and effectiveness was partially offset by
combining other roles to improve efficiency, limiting the net headcount cost
increase. H1 2023 also benefited from £0.7m of SuRV Grant income.
The combination of an improving external market and the proactive actions
taken by the Company have led to a positive adjusted EBITDA for H1 2023 of
£0.05m, compared to an EBITDA loss of £1.6m in H1 2022.
Financing costs have increased due to asset finance investments and fees
associated with the CID facility, but the Company has benefited from high
R&D Tax Credit payments, evidencing the Knowledge Intensive Company status
held and additional patent applications are under active review.
Capital investment has been considerable, including for additional Clean
Rooms, Ink Jet Printer, upgraded Flexible Printed Circuit wet cell and
Automatic Optical Inspection unit to deliver industry leading capabilities.
The stock reduction between H1 2022 and H1 2023 is flattered by provisions
made at the 2022 year end, but real improvements have been made in H1 2023 and
true reductions in stock holdings are expected to continue in H2 2023, with
this a priority focus for management. Debtors have not increased in line with
sales growth due to improved debtor collections, with reduced overdues.
The Company has signed a new Confidential Invoice Discounting facility
("CID"). The key terms of the CID are a £1.5m facility limit, based on a 75%
advance rate against eligible debtors, at 2.85% above base rate. Cash stood at
£0.7m as at 30 June 2023, with no draw down against the CID facility. The
Company continues to benefit from the government grant award to assist with
the scale-up of the EV business and R&D Tax Credit claims.
Statement of Consolidated Comprehensive Income for the six months ended 30
June 2023
Note Unaudited Unaudited
Six months ended 30 June Six months ended 30 June
2023 2022
£'000 £'000
Revenue 3 5,646 4,677
Cost of sales (4,134) (4,267)
Gross profit 1,512 410
Other operating income 4 790 13
Administrative expenses excluding exceptional costs (2,950) (2,843)
Exceptional IPO related expenses 5 - (382)
Total administrative expenses (2,950) (3,225)
Operating loss (648) (2,802)
Finance costs (150) (81)
Loss before taxation (798) (2,883)
Taxation 6 357 412
Loss and total comprehensive expense for the period
(441) (2,471)
Loss per share (pence)
Basic and diluted 7 (2.85) (17.8)
Consolidated statement of Financial Position as at 30 June 2023
Notes Unaudited 30 June 2023 Audited 31 December 2022 Unaudited 30 June 2022
£'000 £'000 £'000
ASSETS
Non-current assets
Intangible assets 1,193 1,277 1,489
Right-of-use assets 1,201 1,151 1,287
Property, plant and equipment 3,202 2,950 2,936
5,596 5,378 5,712
Current assets
Inventories 1,518 1,848 2,316
Trade and other receivables 2,427 3,381 2,155
Corporation tax receivable 386 559 353
Cash and cash equivalents 736 1,290 3,134
5,067 7,078 7,958
Total assets 10,663 12,456 13,670
LIABILITIES
Current liabilities
Trade and other payables (1,766) (3,045) (1,678)
Borrowings (483) (553) (567)
Lease liabilities (173) (182) (177)
(2,422) (3,780) (2,422)
Non-current liabilities
Accruals and deferred income (24) (37) (137)
Borrowings (846) (992) (945)
Lease liabilities (1,064) (995) (1,099)
Provisions (233) (227) (222)
(2,167) (2,251) (2,403)
Total liabilities (4,589) (6,031) (4,825)
Net assets 6,074 6,425 8,845
EQUITY
Share capital 8 154 154 151
Share premium account 6,966 6,966 6,966
Merger reserve (100) (100) (100)
Other reserve (3) (3) -
Retained earnings (943) (592) 1,828
Total equity 6,074 6,425 8,845
Consolidated statement of changes in equity
Share Share Merger reserve Other reserve Retained earnings Total equity
capital premium
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2022 100 - (100) - 4,237 4,237
Loss and total comprehensive expense for the period - - (2,471) (2,471)
Shares issued in the period 51 6,966 - - - 7,017
Share based payment - - - - 62 62
At 30 June 2022 151 6,966 (100) - 1,828 8,845
Loss and total comprehensive expense for the period - - - - (2,454) (2,454)
Shares issued in the period 3 - - (3) - -
Share based payment - - - - 34 34
At 31 December 2022 154 6,966 (100) (3) (592) 6,425
Loss and total comprehensive expense for the period - - - - (441) (441)
Share based payment - - - - 90 90
At 30 June 2023 154 6,966 (100) (3) (943) 6,074
Consolidated statement of cash flows for the six months ended 30 June 2023
Unaudited Six months ended 30 June 2023 Unaudited
Six months ended 30 June 2022
£'000 £'000
Cash flow from operating activities
Loss for the financial period (441) (2,471)
Adjustment for:
Depreciation of property, plant and equipment 435 285
Depreciation of right-of-use assets 109 171
Amortisation of intangible assets 84 229
Amortisation of government grants (49) (13)
Share based payment 90 62
Finance costs 150 81
Taxation credit (357) (412)
Changes in working capital:
Decrease/(increase) in inventories 330 (302)
Decrease in trade and other receivables 954 1,623
Decrease in trade and other payables (1,237) (2,707)
Cash generated from/(used in) operations 68 (3,454)
Income tax received 530 -
Net cash from/(used in) operating activities 598 (3,454)
Cash flow from investing activities
Purchase of property, plant and equipment (604) (132)
Purchase of intangible assets - (157)
Net cash used in investing activities (604) (289)
Cash flow from financing activities
Shares issued (net of issue costs) - 7,017
Interest paid (150) (81)
Payment of lease liabilities (99) (114)
Repayment of bank loans (19) -
Repayment of capital element of hire purchase contracts (280) (282)
Net cash (used in)/generated from financing activities (548) 6,540
(Decrease)/increase in cash and cash equivalents (554) 2,797
Net cash and cash equivalents at beginning of the period 1,290 337
Net cash and cash equivalents at end of the period (all cash balances)
736 3,134
Notes to the interim consolidated financial statements for the six months
ended 30 June 2023
1. Corporate information
Strip Tinning Holdings plc is a public company incorporated in the United
Kingdom. The registered address of the Company is Arden Business Park, Arden
Road, Frankley Birmingham, West Midlands, B45 0JA.
The principal activity of the Company and its subsidiary (the 'Group') is the
manufacture of automotive busbar, ancillary connectors and flexible printed
circuits.
2. Accounting policies
Basis of preparation
This unaudited condensed consolidated interim financial statements for the six
months ended 30 June 2023 and 30 June 2022 have been prepared in accordance
with UK adopted international accounting standards ("IFRS") including IAS 34
'Interim Financial Reporting'.
The accounting policies applied by the Group include those as set out in the
financial statements for the year ended 31 December 2022 and are consistent
with those to be used by the Group in its next financial statements for the
year ending 31 December 2023. There are no new standards, interpretations and
amendments which are not yet effective in these financial statements, expected
to have a material effect on the Group's future financial statements.
The financial information does not contain all of the information that is
required to be disclosed in a full set of IFRS financial statements. The
financial information for the six months ended 30 June 2023 and 30 June 2022
is unreviewed and unaudited and does not constitute the Group's statutory
financial statements for those periods.
The comparative financial information for the full year ended 31 December 2022
has, however, been derived from the audited statutory financial statements for
Strip Tinning Holdings plc for that period. A copy of those statutory
financial statements has been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified and did not contain a
statement under section 498(2)-(3) of the Companies Act 2006.
These policies have been applied consistently to all periods presented, unless
otherwise stated.
The interim financial information has been prepared under the historical cost
convention with the exception of fair value calculations applied in accounting
for share based payments. The financial information and the notes to the
historical financial information are presented in thousands of pounds sterling
('£'000'), the functional and presentation currency of the Group, except
where otherwise indicated.
Going concern
After making appropriate enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for at least twelve months from the date of approval of the
financial information. In adopting the going concern basis for preparing the
financial statements, the directors have considered a base case going concern
model. The results of this model suggested that with the financing
arrangements available to the business and / or realistic mitigating actions,
the Group has adequate resources to continue in operational existence. For
this reason, the directors continue to adopt the going concern basis in
preparing the Group's financial information.
3. Segmental and geographical destination reporting
IFRS 8, Operating Segments, requires operating segments to be identified on
the basis of internal reports that are regularly reviewed by the company's
chief operating decision maker. The chief operating decision maker is
considered to be the executive Directors.
The operating segments are monitored by the chief operating decision maker and
strategic decisions are made on the basis of adjusted segment operating
results. All assets, liabilities and revenues are located in, or derived in,
the United Kingdom. In addition to the established automotive glazing products
business ('Glazing' segment), the Group has commenced the development and
initial sales of components for electric vehicle battery packs ('EV' segment)
which are expected to grow to be a material segment. Many of the Glazing
products are used on electric vehicles but these reman classified as Glazing
not EV products. Separate management reporting and information is prepared
at a revenue and gross profit level only for the Glazing and EV segments as
follows:
Glazing EV Total
6 months ended 30 June 2023 £'000 £'000 £'000
Revenue 5,050 596 5,646
Cost of sales (3,680) (454) (4,134)
Gross profit 1,370 142 1,512
Glazing EV Total
6 months ended 30 June 2022 £'000 £'000 £'000
Revenue 4,089 588 4,677
Cost of sales (3,736) (531) (4,267)
Gross profit 353 59 412
Turnover with the largest customers (including customer groups) representing
in excess of 10% of total revenue in the period for 2 customers (2022: 3
customers) has been as follows:
Six months ended 30 June 2023 Six months ended 30 June 2022
£'000 £'000
Customer A 1,575 908
Customer B 711 1,060
Customer C 491 555
All revenue arises at a point in time and relates to the sale of automotive
busbar, ancillary connectors and flexible printed circuit product. Turnover by
geographical destination is as follows:
Six months ended 30 June 2023 Six months ended 30 June 2022
£'000 £'000
UK 706 418
Rest of Europe 2,738 2,842
Rest of the World 2,202 1,417
5,646 4,677
4. Other operating income
Six months ended 30 June 2023 Six months ended 30 June 2022
£'000 £'000
Government revenue development grants 741 -
Amortisation of capital grants 49 13
790 13
The group was awarded a £1.484m UK innovation development grant in respect of
revenue expenditure with £741,000 recognised against eligible costs in the
period. £389,000 was recognised in the second half of 2022 with £354,000
expected to be recognised in the remainder of 2023.
5. Exceptional costs
Six months ended 30 June 2023 Six months
ended 30 June 2022
£'000 £'000
IPO related costs - 382
The directors consider that the specific professional fees and costs incurred
in preparation for the IPO and connection with the admission process are
exceptional as they are non-recurring in nature and not related to the
underlying trading. The majority of the fees were recorded against the share
premium account as they relate to the new shares issued with the balance
expensed.
6. Income tax
Six months ended 30 June 2023 Six months ended 30 June 2022
£'000 £'000
Current tax:
UK corporation tax 78 74
Adjustments in respect of prior periods 279 -
Total current tax credit 357 74
Deferred tax:
Origination and reversal of temporary differences - 338
-
Total deferred tax credit - 338
Total tax credit 357 412
The credit for the period can be reconciled to the loss for the period as
follows:
Six months ended 30 June 2023 Six months ended 30 June 2022
£'000 £'000
Loss before taxation (798) (2,883)
Income tax calculated at 22% (2022: 19%) (176) (548)
Expenses not deductible 20 88
Enhanced research and development allowances
(12) (32)
Enhanced capital allowances (20) (6)
Deferred tax not recognised 110 220
Adjustments in respect of prior periods (279) -
Effect of differing deferred tax and current period tax rates
- (134)
Total tax credit (357) (412)
The tax rate used to calculate deferred tax is 25% at 30 June 2023 (2022:
25%), being the rate at which the timing differences were expected to unwind
based on enacted UK corporate tax legislation at each balance sheet date.
A deferred tax asset has not been recognised for losses carried forward as,
the key accounting judgement made is that it is not yet considered
sufficiently probable that the losses will be utilised in the short term.
7. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
Earnings Six months ended 30 June 2023 Six months ended 30 June 2022
£'000 £'000
Loss for the purpose of basic and diluted earnings per share being net loss
attributable to the shareholders
(441) (2,471)
Six months ended 30 June 2023 Six months ended 30 June 2022
Number of shares
Weighted average number of ordinary £0.01 shares for the purposes of basic
and diluted loss per share
15,459,714 13,895,056
There were options in place over 734,505 shares at 30 June 2023 (2022:
254,051) that were anti-dilutive at the period end but which may dilute future
earnings per share.
8. Share capital
The movements in share capital have been as follows:
Number of £0.01 shares Nominal Share premium
£'000 £'000
Share issued on incorporation 1 - -
Shares issued in exchange for Strip Tinning Limited shares 9,999,999 100 -
EIS and VCT placing shares issued at £1.85 each 2,702,702 27 4,973
Other placing shares issued at £1.85 each 1,621,622 16 2,984
Exercise of options at £0.116 each 813,045 8 86
Share issue costs (1,077)
At 30 June 2022 15,137,369 151 6,966
Shares issued to employee benefit trust at £0.01 each 322,345 3 -
At 31 December 2022 and 30 June 2023 15,459,714 154 6,966
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. END IR FLFLAAIISIIVRecent news on Strip Tinning Holdings
See all newsREG - Strip Tinning Hldgs - Notice of AGM, Posting of Annual Report & Accounts
AnnouncementREG - Strip Tinning Hldgs - Annual Results for year ended 31 December 2023
AnnouncementREG - Strip Tinning Hldgs - Notification of Major Holdings
AnnouncementREG - Strip Tinning Hldgs - Record "Smart" Glass Nomination
AnnouncementREG - Strip Tinning Hldgs - Notice of Results and Investor Presentation
Announcement