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18 Jan 2024 07:00
18 January 2024
Strip Tinning Holdings plc
("Strip Tinning" or the "Company")
Pre-Close Trading Update
Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connection systems to the automotive sector, today provides a pre-close trading update for the year ended 31 December 2023 ("FY23"). The figures set out in this statement are subject to audit.
FY23 performance has been in line with market expectations. The Board is pleased to report revenue of £10.8m (FY22: £10.2m) and Adjusted EBITDA of £0.1m (FY22: loss of £2.2m). Improved performance has primarily been driven by the previously stated prioritisation of increased gross margins and enhanced productivity.
Having raised gross proceeds of £5.1m following the completion of the Company's recent fundraise, this leaves Strip Tinning with the resources necessary to capture the considerable opportunities in its sales pipeline across the EV battery pack market.
Ongoing commercial progress was made in Q4, having announced new nominations across both the Glazing and EV divisions. The new business pipeline continues to build amidst a positive outlook across the automotive sector. The European Automobile Manufacturers Association (ACEA) report that over nine million cars were produced in the EU in the first three quarters of 2023, a 14% increase against the same period in 20221.
In line with the Company's initiative of investment into people, Rob Smith was appointed in December as Chief Technology Officer. Rob brings with him extensive EV experience, having previously been a General Manager at Tata Technologies in Shanghai.
Following a year of strong financial and operational progress, confidence is high for 2024. The Company expects to report its preliminary results for the year ended 31 December 2023 in late April.
Adam Robson, Executive Chair of Strip Tinning, commented:
"In 2023 we have enhanced our core business processes, capabilities and production capacity, which has driven a significantly improved financial performance. We enter 2024 with a solid foundation to continue on a growth trajectory, and we remain confident in securing new business programmes, across both Glazing and EV, in the first half of 2024."
1 https://www.acea.auto/publication/economic-and-market-report-global-and-eu-auto-industry-first-three-quarters-2023/
Enquiries:
Strip Tinning Holdings plc Via Alma PR
Adam Robson, Executive Chairman
Richard Barton, Chief Executive Officer
Adam Le Van, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Sole Broker) +44 (0) 20 7496 3000
Rick Thompson
James Fischer
Alma (Financial PR) striptinning@almastrategic.com
Joe Pederzolli +44 (0) 20 3405 0205
Josh Royston
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