LONDON - Strip Tinning Holdings plc (AIM: STG), a key provider of specialized automotive connection systems, has announced its pre-close trading update for the fiscal year ended December 31, 2024. The company reported revenues of £9.0 million and an adjusted EBITDA loss of £1.9 million, which align with market expectations. Notably, gross margins improved to 33.2%, up by 2.6% from the previous fiscal year.
The company experienced a substantial increase in the lifetime value of its nominations, soaring by 311% to £106.0 million, compared to £34.1 million at the beginning of the year. This growth was driven by successes in both the Battery Technologies Division, which secured £56.8 million, and the Glazing Connectors Division, which brought in £20.1 million.
December marked several achievements for Strip Tinning, including a nomination to supply Flexible Printed Circuits for a new e-bike battery pack worth over £1 million, a prototype order from a major UK Automobile OEM, and a sixth nomination for a PDLC Glazing connector expected to enter production by the end of 2025.
The company also referenced positive European market data from the European Automobile Manufacturers' Association ( ACEA (BIT:ACE)), which indicated a slight increase of 0.5% in total car registrations up to November 30, 2024. Despite a second-half decline, the market showed signs of stabilizing, and Strip Tinning expects the European car market to remain steady in 2025.
Adam Robson, Executive Chair of Strip Tinning, expressed optimism for the future, highlighting the company's operational improvements, sales successes, and strong customer relationships. He anticipates a tripling of sales to over £27 million by the end of FY27.
Strip Tinning is set to release its preliminary results for FY24 in April. This pre-close update is based on a press release statement by Strip Tinning Holdings plc.
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