Strip Tinning on target to meet FY guidance

31st Oct 2023 09:05

(Sharecast News) - Specialist connection systems supplier Strip Tinning said on Tuesday that it expects to meet full-year guidance after an "improved" financial performance in the third quarter.

Strip Tinning said year-to-date revenues were up £200,000 year-on-year at £8.2m. It said a positive adjusted EBITDA performance represented "a steady continuation" of a turnaround from last year's losses.

The AIM-listed group said its improved performance was driven mainly by the prioritisation of increased gross margins due to price rises which came into effect on 1 January, as well as enhanced productivity.

Chairman Adam Robson said: "It is pleasing that the operational enhancements implemented have driven improved financial performance in the current year to date. Having learnt valuable lessons from the external difficulties faced in FY22, we have emerged a more mature business and well placed to exploit the increasing number of opportunities we are seeing across the wider automotive sector.

"We are encouraged with the growing size, as well as quality of our sales pipeline for both our EV and glazing programmes, and we look forward to announcing new production nominations as they arise."

As of 1300 GMT, Strip Tinning shares were up 8.24% at 46.0p.

Reporting by Iain Gilbert at Sharecast.com