Business
H1 2022 Results
H1 2022 Results.
About this update from Ct Automotive Group Plc
[{"type":"text","content":"\n \n \n 20 September 2022\n \n \n \n \n \n \n \n \n CT AUTOMOTIVE GROUP PLC\n \n \n \n \n (\"CT Automotive\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n H1 2022 RESULTS\n \n \n \n \n \n \n \n \n \n Revenues ahead in H1, production recovery gaining momentum\n \n \n \n \n \n \n \n \n CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, today announces its results for the half year ended 30 June 2022 (\"H1 2022\").\n \n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n H1 22\n \n \n \n \n \n \n H2 21\n \n \n \n \n \n \n H1 21\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $m\n \n \n \n \n \n \n $m\n \n \n \n \n \n \n $m\n \n \n \n \n \n \n \n \n Revenue\n \n \n \n \n \n 57.2\n \n \n \n \n 58.3\n \n \n \n \n 74.7\n \n \n \n \n \n \n \n Gross profit\n \n \n \n \n \n 10.6\n \n \n \n \n 9.5\n \n \n \n \n 19.5\n \n \n \n \n \n \n \n Adjusted EBITDA*\n \n \n \n \n \n (4.3)\n \n \n \n \n 0.5\n \n \n \n \n 8.8\n \n \n \n \n \n \n \n Adjusted EBIT*\n \n \n \n \n \n (7.3)\n \n \n \n \n (2.0)\n \n \n \n \n 3.2\n \n \n \n \n \n \n \n (Loss)/profit after taxation\n \n \n \n \n \n (7.7)\n \n \n \n \n (8.4)\n \n \n \n \n 2.1\n \n \n \n \n \n \n \n Earnings per share\n \n \n \n \n \n (15.2)c\n \n \n \n \n (39.7)c\n \n \n \n \n 10.5c\n \n \n \n \n \n \n \n Net debt\n \n \n \n \n \n 20.2\n \n \n \n \n 9.5\n \n \n \n \n 56.6\n \n \n \n \n \n \n \n * Adjusted for non-recurring items\n \n \n \n \n \n \n \n Due to the semi-conductor shortage, 2021 was a year of two halves with strong revenue in H1 followed by a slowdown in H2. The shortage continued into 2022 and therefore 2022 was expected to be a mirror image with a suppressed H1 followed by a strong recovery in H2. We have therefore used H2 2021 as our most meaningful comparative.\n \n \n \n \n \n \n \n \n ·\n Group revenue was ahead of original expectations and broadly flat compared to H2 21:\n \n \n o \n Production revenue was up 19.3% to $55.3m (H2 21: $46.4m)\n \n \n o \n Tooling revenue was only $1.9m which reflected timing of revenue recognition of certain projects which are still expected to be completed before year end\n \n \n ·\n Investment made in working capital to support future growth and in initiatives to...