4 May 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
CT AUTOMOTIVE GROUP PLC
("CT Automotive" or the "Company")
Update on FY22 preliminary results
Further to the Company's announcement on 27 April 2023, which included unaudited summary financial information in respect of the financial year ended 31 December 2022 ("FY22"), potential adjustments have been identified as a result of its ongoing statutory audit. As a result of these adjustments, the underlying loss before tax could be c.$15 million.
The audit remains ongoing and the Company will update the market in due course.
The Company's net debt as at 31 December 2022 of $12.6 million is unchanged by the above adjustments. The £7.7 million (c.$9.6 million) fundraising announced on 27 April 2023, subject to shareholder approval, will predominately be used to strengthen the balance sheet.
As previously stated, trading in the first three months of the year has been encouraging with strong customer demand and order books building into the new financial year. As a result, the Board remains confident of achieving market expectations for FY23.
For further information please contact:
CT Automotive
Simon Phillips, Executive Chairman via MHP
Scott McKenzie, Chief Executive Officer
Anna Brown, Chief Financial Officer
MHP (Financial PR) Tel: +44 (0)20 3100 8540
Tim Rowntree
Charlie Barker
Liberum (Nominated Adviser and Broker) Tel: +44 (0)20 3100 2000
Richard Lindley
Benjamin Cryer
Notes to editors
CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example dashboard panels and fascia finishes) and kinematic assemblies (for example air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment suppliers ("OEMs") and global Tier One manufacturers.
The Group is headquartered in the UK with a low-cost manufacturing footprint. Key production facilities are located in Shenzhen and Ganzhou, China complemented by additional manufacturing facilities in Mexico, Turkey and the Czech Republic.
CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality roster of OEM end customers, both directly and via Tier One suppliers including Faurecia and Marelli. End customers include volume manufacturers, such as Nissan, and luxury car brands such as Bentley and Lamborghini. In addition, the Group supplies electric car manufacturers, including Lucid. It has also recently started working with e.Go Mobile, a German manufacturer which plans to launch a series of small electric vehicles for the budget end of the market.
The Group currently supplies component part types to over 47 different models for 19 OEMs. Since its formation, the Group has been the only significant new entrant into the market, which is characterised by high barriers to entry.
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