Strip Tinning Holdings PLC said on Tuesday it made ‘strong’ progress in 2024, with sales growth and operational improvements across its Battery Technologies and Glazing Connectors divisions.
The Birmingham, England-based provider of connection systems to the automotive sector reported revenue of £9.0 million for 2024, with an adjusted earnings before interest, taxes, depreciation, and amortisation loss of £1.9 million, in line with market expectations. Despite the loss, operational improvements led to a 2.6% increase in gross margins, rising to approximately 33%, compared to 30% in 2023.
In the previous year, the company recorded revenue of £10.8 million, a pretax loss of £1.7 million, and an adjusted Ebitda of £76,000.
Strip Tinning said it plans to publish its full-year results for 2024 in April 2025.
Strip Tinning highlighted strong sales performance, with the total lifetime value of nominations secured by the company tripling to £106.0 million by December 31, 2024, from £31.1 million at the start of the year. The Battery Technologies division contributed £56.8 million to this growth, while the Glazing Connectors division added £20.1 million.
In December, Strip Tinning received several significant new nominations, including a contract, subject to final agreement, to supply flexible printed circuits for an e-bike battery pack valued at over £1 million. Additionally, the company secured an order for prototype battery pack components from a major UK automobile original equipment manufacturer and a sixth nomination for PDLC glazing connectors, expected to enter production in 2025.
Executive Chair Adam Robson said: ‘FY24 has been a year of strong progress for Strip Tinning, characterised by significant operational improvements and sales successes across our Battery Technologies and Glazing Connectors divisions. The nominations secured in the year underpin our medium-term growth prospects and leave us well-placed to treble sales to over £27 million by the end of financial 2027.
‘We move into financial 2025 with strong confidence, bolstered by our strong customer relationships and a building pipeline of opportunities.’
Shares in Strip Tinning were flat at 37.00 pence each in London on Tuesday afternoon.
Copyright 2025 Alliance News Ltd. All Rights reserved.
