Business
Annual Results for year ended 31 December 2022
Annual Results for year ended 31 December 2022.
About this update from Strip Tinning Holdings Plc
[{"type":"text","content":"\n\n07 June 2023\nStrip Tinning Holdings plc\n(\"Strip Tinning\" or the \"Company\")\nAnnual Results for year ended 31 December 2022\nStrip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connectors to the automotive sector, is pleased to announce its full year results for the year ended 31 December 2022.\n2022 has been a transitional year for the Company, executed against a very challenging business environment which was heralded by Russia's invasion of the Ukraine, which started just six days after the Company's admission to AIM. Strip Tinning has emerged stronger and leaner and has maintained its core investment programmes despite the disappointing FY 22 results.\nFY23 developments and market outlook:\n· EBITDA positive for each of the first five months of FY 23 and the Board is confident in meeting market expectations for FY 23¹\n· Growing pipeline of EV opportunities\no New order worth £0.8m for sample cell contact system modules from the Company's leading EV customer announced in April\no New opportunities for serial production nominations and a growing number of new leads\n· Strong glazing order book showing greater resilience than originally expected for FY 23\n· Improving prospects for the automotive light vehicle markets, seeing positive growth as the threat of recession diminishes, supply chain shortages ease and pent-up demand is satisfied\n· The Board is confident of a return to revenue growth in FY 24, with high exposure to the fast-growing EV space both through our glazing products and our products for EV battery packs\nFY22 Financial highlights:\n· Total Revenues of £10.2m (FY 21: £11.2m)\n· EV product sales trebled to £1.3m (FY 21: £0.4m)\n· Glazing product sales of £8.9m (FY 21: £10.8m)\n· Adjusted EBITDA loss of £2.2m (FY 21: £0.5m profit)\n· Cash of £1.3m (FY 21: £0.3m)\n \nFY22 Operational highlights:\n· Increased EV sales highlight the continuing focus of vehicle manufacturers on electric ranges, a continuing trend from which the Company is well-positioned to benefit\n· Prudent action taken to accelerate the capture of the EV opportunity...