Strip Tinning Holdings PLC on Tuesday reported a decline in full-year revenue but noted margin improvements as it moves into 2025 ‘with strong confidence’.

In a year-end trading report, the Birmingham-England based supplier of specialist connection systems to the automotive sector said 2024 revenue fell 17% on-year to £9.0 million from £10.8 million.

It swung to an adjusted earnings before interest, tax, defopreciation and amortisation loss of £1.9 million from earnings of £100,000 the year prior. It added that both revenue and adjusted Ebitda were exactly in line with market expectations.

Shares in Strip Tinning closed down 3.4% at 37.19 pence each on Tuesday in London.

Strip Tinning said the year was marked by significant sales success, with the total lifetime value of all nominations multiplying to £106.0 million from £34.1 million over the period.

The firm added that gross margin improved on-year to 33.2% from 30.6%.

It expects to report its 2024 results in April this year.

Strip Tinning 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 FY27.

‘We move into FY25 with strong confidence, bolstered by our strong customer relationships and a building pipeline of opportunities.’

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