Business
Interim Results
Interim Results.
About this update from Ct Automotive Group Plc
[{"type":"text","content":"\n\n21 September 2023\n \nCT AUTOMOTIVE GROUP PLC\n(\"CT Automotive\" or the \"Group\")\n \nINTERIM RESULTS\n \nPositive trading, efficiency initiatives delivering margin improvement\n \nCT 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 2023 (\"H1 2023\").\n \nSimon Phillips, Chief Executive Officer of CT Automotive, commented:\n \n\"We are pleased with our first half performance. We drove strong revenue growth, returned to profitability and strengthened our balance sheet. Production volumes at the Group's facilities have recovered rapidly and we are making good progress with our margin enhancement initiatives.\n \nCT Automotive is well-positioned to capitalise on the continued recovery in global automotive end-markets and our improved operating environment. Whilst cognisant of the macroeconomic uncertainty, the Board remains confident of meeting full year expectations.\"\n \n \nFinancial highlights\n \n\n\n\n\n \n\n\n \nH1 23\n\n\nRestated\nH1 22\n\n\n\n\n \n\n\n$m\n\n\n$m\n\n\n\n\nRevenue\n\n\n68.2\n\n\n54.2\n\n\n\n\nGross profit\n\n\n17.8\n\n\n10.5\n\n\n\n\nUnderlying EBITDA*\n\n\n6.7\n\n\n(4.6)\n\n\n\n\nUnderlying profit/(loss) before taxation*\n\n\n2.5\n\n\n(8.4)\n\n\n\n\nProfit/(loss) before taxation\n\n\n1.3\n\n\n(9.0)\n\n\n\n\nEarnings/(loss) per share\n\n\n1.7c\n\n\n(15.2)c\n\n\n\n\nNet debt\n\n\n9.0\n\n\n20.2\n\n\n\n\n* Adjusted for non-underlying items as explained in Notes 4 and 13 of the condensed consolidated financial statements\nNote: H1 2023 and H1 2022 are presented as continuing operations excluding UK discontinued operations. H1 2022 has been restated for prior period adjustments as explained in Note 15 of the condensed consolidated financial statements\n \n· Encouraging trading performance in H1 2023 as global production volumes recovered and automotive supply chain issues eased\n· Revenues for H1 2023 ahead of the Board's expectations up 26% at $68.2m\n· Production revenue up 26% at $65.8m, reflecting the improved trading environment\n· Tooling revenue expected to be second-half weighted reflecting the timing of customer projects, with strong v...