CT Automotive Group PLC on Friday said its trading performance in 2023 was strong following as global automotive production volumes continued to recover.

Shares in CT Automotive jumped 18% to 75.30 pence each in London on Friday morning.

The Portsmouth, England-based designer, developer and supplier of interior components to the global automotive industrysaid revenue for 2023 is expected to be no less than $140 million, compared to $124.3 million a year ago.

CT Automotive added that group gross profit margins have continued to improve, supported by the ongoing efficiency initiatives. ‘These initiatives, which include automation, consolidation of certain product lines and labour cost savings through more efficient work streams, have progressed as planned over the year, delivering further savings in [the second half],’ it said.

As a result, it said it expects pretax profit of $8 million for 2023, swinging from a pretax loss of $18.8 million in 2022.

Looking ahead, the firm said it is ‘encouraged by healthy order volumes’ and has entered 2024 with ‘strong visibility of booked production and tooling revenue, with recent new programme wins extending visibility into future years.’

It added that it remains confident of making progress in the year ahead.

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