Business
Results for the year ended 31 December 2022
Results for the year ended 31 December 2022.
About this update from Ct Automotive Group Plc
[{"type":"text","content":"\n\n16 June 2023\n \nCT AUTOMOTIVE GROUP PLC\n(\"CT Automotive\" or the \"Group\")\n \nAudited Results for the year ended 31 December 2022\n \nEncouraging trading in 2023 - well positioned as operating conditions stabilise\n \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 2022 (\"FY22\"). \n \nScott McKenzie, Chief Executive Officer of CT Automotive, commented:\n \n\"The Group navigated through a turbulent year and is now on an upward trajectory, with new awards and customer wins. We responded to the challenging operating conditions while focusing on executing our important strategic priorities. This included opening our new facility in Mexico, winning new contracts and making good progress with margin enhancement initiatives.\n \nTrading in FY23 to date has been encouraging as market conditions have improved, with increasing stability and visibility from customers. Meanwhile, our roadmap to drive further efficiencies in the business is on track. While macroeconomic uncertainty remains, the Board remains confident of achieving its expectations for FY23 and delivering significant growth in the medium-term.\"\n \nFinancial headlines\n \n\n\n\n\n \n\n\nAudited\nFY 22\n\n\nRestated\nFY 21\n\n\n\n\n \n\n\n$m\n\n\n$m\n\n\n\n\nRevenue\n\n\n124.3\n\n\n127.8\n\n\n\n\nGross profit\n\n\n14.9\n\n\n25.2\n\n\n\n\nAdjusted EBITDA*\n\n\n(7.1)\n\n\n3.3\n\n\n\n\nAdjusted loss before taxation*\n\n\n(14.5)\n\n\n(6.8)\n\n\n\n\nLoss before taxation\n\n\n(18.8)\n\n\n(12.4)\n\n\n\n\nEarnings per share\n\n\n(42.9)c\n\n\n(55.2)c\n\n\n\n\nNet debt\n\n\n12.2\n\n\n9.1\n\n\n\n\n* Adjusted for non-recurring items\nNote: continuing operations excluding UK discontinued operations\n \n· Group revenue from continuing operations was broadly maintained at FY21 levels\n· Strong FY22 production revenues despite volatile and short-term nature of customer orders offsetting reduced tooling revenues\n· Profitability impacted by increased production and distribution costs as the Group reacted to maintain service\n· Balance sheet strengthened following post period-end fundraise with gross proceeds of $9.6m pre...