The following amendment has been made to the
'Pre-Close Trading Update' announcement released on 7 January 2025
at 7:00 under RNS No 3181S.
The percentage increase in the third paragraph
has been corrected to 211% from 311%.
All other details remain unchanged.
The full amended text is shown
below.
7 January 2025
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, is pleased to provide a pre-close trading update for the
year ended 31 December 2024 ("FY24"). The figures set out in this
statement are subject to audit.
The Board is pleased to confirm that FY24
performance has been in line with market
expectations¹, with revenue of £9.0m and
Adjusted EBITDA loss of £1.9m. Operational improvements have
remained strong and gross margins for FY24 have improved by 2.6% to
33.2% (FY23: 30.6%).
As previously reported, FY24 has been marked by
significant sales success. On a like-for-like basis²
the total lifetime value of all nominations³ held by the Company
has increased by 211%, from £34.1 million as at 1 January 2024 to
£106.0 million⁴ as at 31st December 2024. Sales
successes in FY24 spanned both the Battery Technologies Division
(£56.8 million) and the Glazing Connectors Division (£20.1
million).
In December we were pleased to be notified of
several achievements: we won (subject to contract) a further
nomination to supply the Flexible Printed Circuits for a new e-bike
battery pack with a lifetime value of over £1 million; an order for
prototype Battery Pack components from a major UK Automobile OEM
with whom we are also working on the design of the Cell Contact
System for a next generation vehicle; and a sixth small PDLC
Glazing connector nomination expected to go into production by the
end of 2025, building on our early success in this new and growing
market segment.
The Company is also pleased to note encouraging
market data for Europe published by the ACEA⁵, with total car
registrations for the year to 30 November 2024 having increased by
0.5%. Growth was strong in the first half of the year and
while there was a decline in the second half as anticipated, it is
reassuring that the decline has largely ceased in recent months.
The Company is expecting the European car market to remain flat,
year on year, in 2025.
The Company expects to report its preliminary
results for the year ended 31 December 2024 in
April.
Adam Robson,
Executive Chair of Strip Tinning,
commented:
"FY24 has
been a year of strong progress for Strip Tinning, characterised by
significant operational improvements and sales
successes across our Battery Technologies and Glazing
Connectors divisions. The
nominations secured in the year underpin our medium-term growth
prospects and leave us well-placed to treble sales to over £27
million by the end of FY27.
We move into
FY25 with strong confidence, bolstered by our strong customer
relationships and a building pipeline of
opportunities."
Notes
1 Strip Tinning understands that
as at the date of this announcement, market expectations for the
years ended 31 December 2024 are for Sales of £9.0m and
Adjusted EBITDA of (£1.9m). (Source: FactSet)
2 All lifetime values of nominations expressed
at constant exchange rates as at 1 June 2024.
3 A nomination can be defined as a formal
contract to supply components for particular vehicle models or
programmes over a certain period.
4 Calculated as opening nominations value of
£38.1 million as at 1 January 2024 plus total value of nominations
won in 2024 of £76.9 million less sales in the year of £9.0m giving
a net outcome of £106.0 million.
5 The European Automobile Manufacturers'
Association (ACEA) report dated 19 December 2024:
https://www.acea.auto/pc-registrations/new-car-registrations-1-9-in-november-2024-year-to-date-battery-electric-sales-5-4/
Enquiries:
Strip Tinning
Holdings plc
Via Alma
Adam Robson, Executive Chairman
Mark Perrins, Chief Executive
Officer
Kevin Edwards, 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
