Business
Trading Update & Notice of Results
Trading Update & Notice of Results.
About this update from Strip Tinning Holdings Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n This 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\n \n \n \n \n \n \n \n \n Strip Tinning Holdings plc\n \n \n \n (\"Strip Tinning\" the \"Company\" or \"Group\")\n \n \n \n Trading Update & Notice of Results\n \n \n \n \n \n \n \n \n Strip Tinning (AIM: STG), a leading supplier of specialist connectors to the automotive sector, provides an update on trading ahead of the announcement of its full year results for the year ended 31 December 2021 (\"FY21\") on 21 June 2022.[1]\n \n \n For FY21, Strip Tinning is pleased to confirm that Group revenues and underlying EBITDA are expected to be in line with the Board's expectations.\n \n \n The Group now expects, subject to the finalisation of the accounts and the FY21 audit, revenues to be up 29% to £11.1m (FY20: £8.6m) with underlying EBITDA of £0.5m (FY20: £1.2m). As previously disclosed, disruption to production associated with the global COVID-19 pandemic, increasing material, shipping and labour costs all impacted margin in the period. In addition, the Company made significant investment in its product development and in the launch of EV products in 2021 and further strengthened its organisational structure to manage planned growth.\n \n \n \n 1\n \n These will be the audited results for Strip Tinning Limited (\"STL\") the Group's wholly owned operating subsidiary. The Company was incorporated on 6 January 2022 as Strip Tinning Holdings Limited and on 7 February re-registered as public company changing its name to Strip Tinning Holdings plc, ahead of its admission to AIM. The Company is the holding company of the Group. Save for the Company and STL there are no other companies within the Group.\n \n \n \n Business Update\n \n \n \n The Group consists of two business lines; Automotive Glazing and Electric Vehicle battery sub-systems (\"EV\"). Over 90 per cent. of the Group's historical sales have related to Glazing systems, however the proportion of revenue generated from the EV division will considerably increase as the Company exploits the significant new opportunities in the ...