Business
Lifetime Value of Contracted Nominations Increased
Lifetime Value of Contracted Nominations Increased.
About this update from Strip Tinning Holdings Plc
[{"type":"text","content":"\n\n11 December 2024\nThis announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered in the public domain. \nStrip Tinning Holdings plc\n(\"Strip Tinning\" or the Company\")\nLifetime Value of Contracted Nominations Increased\nTrading and Operational Update\nStrip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connection systems to the automotive sector, is delighted to announce a £11.7 million increase, in aggregate, in the value of its contracted nominations¹. As such, 93% of the Company's revised sales expectations for 2025 and 82% for 2026 are now contracted (with annual sales values of £8.5m and £13.4m respectively). Consequently, the Company's sales are expected to grow by 82% from the end of 2024 to the end of 2026. Further, the Board remain confident that the Company will meet EBITDA market expectations in both FY24² and FY25². FY24 revenue is expected to be c.£9.0m.\nNominations\nThe Company has announced four major nominations in 2024. On each, Strip Tinning engineers have been working with its customers to respond to requests for added functionality into the product designs. The added functionality has enhanced the value of the products such that the lifetime value of the nominations has increased. On a like-for-like basis³ the total lifetime value of all nominations now held has increased by 12.2% from £95.7 million as at 30 June 2024 to £107.4 million⁴ today.\nOn 6 June 2024, the Company announced a major £43.0 million nomination in its Battery Technologies (\"BT\") division. Revised prices have now been agreed with the customer for this programme which increase the lifetime value to £56.8 million initially and the customer has indicated there is likely to be further volumes which would potentially increase the final lifetime value to £60.0 million. With respect to ...