17 October 2024

CT Automotive Group PLC

("CT Automotive" or the "Group")

Appointment of Chief Financial Officer

CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, is pleased to announce that Salman Mohammed is succeeding Anna Brown as Chief Financial Officer of CT Automotive and joins the Board with immediate effect.

Anna will step down from the plc Board on  31 October and has kindly agreed to remain as a Board and Finance advisor until 31 December 2024 as part of ensuring an orderly handover.

Salman joined CT Automotive in October 2023 as Group Finance Director. He has significant financial and commercial experience gained from senior finance leadership roles working for UK listed companies and for private equity owned US companies. Prior to joining CT Automotive, he spent six years at Zotefoams plc as Group financial controller and finance business partner. He is a fellow of the Association of Chartered Certified Accountants and holds an executive MBA from the University of Warwick.

Raymond Bench, Chairman of CT Automotive, said:

"On behalf of the Board, I would like to thank Anna for continuing to support the business and to welcome Salman to his new role as CFO. Naturally, we know him well already and over the last twelve months he has shown he has the requisite skills and knowledge to be a key part of our leadership team. I look forward to working closely with Salman as the business focuses on delivering on the expected step changes in revenue growth coming over the next two years."

Regulatory Disclosures

Save for the information set out below, there are no further disclosures to be made in accordance with Rule 17, Schedule Two (g) of the AIM Rules for Companies in respect of the appointment of Mr. Salman Mohammed, aged 44.

Enquiries:

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, Türkiye and Czechia.

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 portfolio of OEM customers, both directly and via Tier One suppliers including Forvia and Marelli.  End customers include volume manufacturers, such as Nissan, Ford, GM and Volkswagen Audi Group, and premium luxury car brands such as Bentley and Lamborghini.  In addition, the Group supplies all our customer base with a range of products for PHEV and BEV platforms and supplies electric car manufacturers, including Rivian and a US based major EV OEM.

The Group currently supplies component part types to over 57 different models for 22 OEMs. Since its formation, the Group has been one of the very few new entrants to the market, which is characterised by high barriers to entry.