Business
Final Results - Replacement
Final Results - Replacement.
About this update from Ct Automotive Group Plc
[{"type":"text","content":"\n\nThe following amendment has been made to the Final Results announcement released on 7 May 2025 at 07:00 under RNS No 6500H.\nFY23 Adjusted EBITDA was misstated in the Financial Highlights table as $6.1m. The correct figure is $16.1m\nAll other details remain unchanged.\n \n7 May 2025\n\nCT Automotive Group PLC\n(\"CT Automotive\" or the \"Group\")\nTechnology Adoption Drives Significant and Sustainable Margin Improvement\nCT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, today announces its results for the year ended 31 December 2024 (\"FY24\"). \nCEO Simon Phillips commented:\n\"Our response to the headwinds facing the auto industry in 2024 was to focus on what was within our control, namely strengthening our business and streamlining our operations. Foremost amongst our achievements was the 600 basis points improvement in our gross margin from 22% to 28% driven by our successful adoption of key digitisation and automation strategies. This enabled us to achieve a 5% increase in adjusted profits before tax to $8.7 million despite revenues reducing as anticipated by 16% as the pent-up consumer demand post-COVID that had driven sales in 2023 began to subside, leading OEMs to reduce inventories.\nLooking ahead, in a rapidly evolving and uncertain geopolitical landscape we are maintaining a cautious approach. At the same time, as one of the industry's most efficient, reliable and cost-effective manufacturers we also believe the current unsettled environment will create some opportunities for us to help our customers find efficiencies and long-term solutions for their future production plans.\" \nIn the short film below, CEO Simon Phillips answers 5 key questions on trading and outlook:\n\nYour browser does not support HTML5 video.\nFinancial highlights*\n\n\n\n\n \n\n\nFY24\n\n\nFY23\n\n\n% Change\n\n\n\n\n \n\n\n$m\n\n\n$m\n\n\n \n\n\n\n\nRevenue\n\n\n119.7\n\n\n143.0\n\n\n(16%)\n\n\n\n\nGross profit\n\n\n33.1\n\n\n30.9\n\n\n7%\n\n\n\n\nGross profit margin\n\n\n28%\n\n\n22%\n\n\n+600bps\n\n\n\n\nAdjusted EBITDA**\n\n\n16.3\n\n\n16.1\n\n\n1%\n\n\n\n\n \n\n\n \n\n\n\n\n\n\n\n\n\n\nAdjusted PBT**\nReported PBT\n\n\n8.7\n7.5\n\n\n8.3\n5.9\n\n\n5%\n26%\n\n\n\n\nAdjusted Earnings per share\n\n\n11.8c\n\n\n11.3c\n\n\n5%\n\n\n\n\nN...