Business
Update on FY22 preliminary results
Update on FY22 preliminary results.
About this update from Ct Automotive Group Plc
[{"type":"text","content":"\n\n4 May 2023\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\").\nCT AUTOMOTIVE GROUP PLC\n(\"CT Automotive\" or the \"Company\")\nUpdate on FY22 preliminary results\nFurther to the Company's announcement on 27 April 2023, which included unaudited summary financial information in respect of the financial year ended 31 December 2022 (\"FY22\"), potential adjustments have been identified as a result of its ongoing statutory audit. As a result of these adjustments, the underlying loss before tax could be c.$15 million.\nThe audit remains ongoing and the Company will update the market in due course.\nThe Company's net debt as at 31 December 2022 of $12.6 million is unchanged by the above adjustments. The £7.7 million (c.$9.6 million) fundraising announced on 27 April 2023, subject to shareholder approval, will predominately be used to strengthen the balance sheet.\nAs previously stated, trading in the first three months of the year has been encouraging with strong customer demand and order books building into the new financial year. As a result, the Board remains confident of achieving market expectations for FY23.\n \nFor further information please contact:\nCT Automotive\nSimon Phillips, Executive Chairman via MHP\nScott McKenzie, Chief Executive Officer \nAnna Brown, Chief Financial Officer\n \nMHP (Financial PR) ...