The following amendment has been made to the 'Pre-Close Trading Update' announcement released on 7 January 2025 at 7:00 under RNS No 3181S.

The percentage increase in the third paragraph has been corrected to 211% from 311%.

All other details remain unchanged.

The full amended text is shown below.

7 January 2025

Strip Tinning Holdings plc

("Strip Tinning" or the "Company")

Pre-Close Trading Update

Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connection systems to the automotive sector, is pleased to provide a pre-close trading update for the year ended 31 December 2024 ("FY24"). The figures set out in this statement are subject to audit.

The Board is pleased to confirm that FY24 performance has been in line with market expectations¹, with revenue of £9.0m and Adjusted EBITDA loss of £1.9m. Operational improvements have remained strong and gross margins for FY24 have improved by 2.6% to 33.2% (FY23: 30.6%).  

As previously reported, FY24 has been marked by significant sales success. On a like-for-like basis² the total lifetime value of all nominations³ held by the Company has increased by 211%, from £34.1 million as at 1 January 2024 to £106.0 million⁴ as at 31^st December 2024. Sales successes in FY24 spanned both the Battery Technologies Division (£56.8 million) and the Glazing Connectors Division (£20.1 million).

In December we were pleased to be notified of several achievements: we won (subject to contract) a further nomination to supply the Flexible Printed Circuits for a new e-bike battery pack with a lifetime value of over £1 million; an order for prototype Battery Pack components from a major UK Automobile OEM with whom we are also working on the design of the Cell Contact System for a next generation vehicle; and a sixth small PDLC Glazing connector nomination expected to go into production by the end of 2025, building on our early success in this new and growing market segment. 

The Company is also pleased to note encouraging market data for Europe published by the ACEA⁵, with total car registrations for the year to 30 November 2024 having increased by 0.5%.  Growth was strong in the first half of the year and while there was a decline in the second half as anticipated, it is reassuring that the decline has largely ceased in recent months. The Company is expecting the European car market to remain flat, year on year, in 2025.

The Company expects to report its preliminary results for the year ended 31 December 2024 in April. 

Adam Robson, Executive Chair of Strip Tinning, commented: 

"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."

Notes

1 Strip Tinning understands that as at the date of this announcement, market expectations for the years ended 31 December 2024 are for Sales of £9.0m and Adjusted EBITDA of (£1.9m). (Source: FactSet)

2 All lifetime values of nominations expressed at constant exchange rates as at 1 June 2024.

3 A nomination can be defined as a formal contract to supply components for particular vehicle models or programmes over a certain period.

4 Calculated as opening nominations value of £38.1 million as at 1 January 2024 plus total value of nominations won in 2024 of £76.9 million less sales in the year of £9.0m giving a net outcome of £106.0 million.

5 The European Automobile Manufacturers' Association (ACEA) report dated 19 December 2024: https://www.acea.auto/pc-registrations/new-car-registrations-1-9-in-november-2024-year-to-date-battery-electric-sales-5-4/

Enquiries:

Strip Tinning Holdings plc                                                                                                           Via Alma

Adam Robson, Executive Chairman

Mark Perrins, Chief Executive Officer                                                                                    

Kevin Edwards, Chief Financial Officer

Singer Capital Markets (Nominated Adviser and Sole Broker)                    +44 (0) 20 7496 3000

Rick Thompson

James Fischer

Alma (Financial PR)                                                                                                        [email protected]

Joe Pederzolli                                                                                                                    +44 (0) 20 3405 0205       

Josh Royston