Strip Tinning Holdings PLC AGM Statement (4658E)
June 30 2023 - 2:00AM
UK Regulatory
TIDMSTG
RNS Number : 4658E
Strip Tinning Holdings PLC
30 June 2023
30 June 2023
Strip Tinning Holdings plc
("Strip Tinning" or the "Company")
AGM Statement
Strip Tinning Holdings plc (AIM: STG), a leading supplier of
specialist connectors to the automotive sector, will hold its
Annual General Meeting at 9:30am today during which the Executive
Chairman, Adam Robson, will make the following statement:
"We are pleased that following the difficulties of 2022, in 2023
we are clearly demonstrating the progress made with the Company
being EBITDA positive for each of the first six months of the
current period. The Board is confident in meeting market
expectations for FY 23.
"Our progress is not just financial. We have a growing pipeline
of EV opportunities, which we believe will result in material new
production nominations in both the short and the medium term. In
April we announced a new order worth GBP0.8m for sample cell
contact system modules from our leading EV customer which we hope
will be a precursor to a significant next order. Beyond this we
have won sample orders for further new programmes and we are
working on other significant opportunities. Most of these
programmes have the potential to result in production nominations
with annual sales values ranging from GBP1m to GBP15m per annum,
with start of production dates typically in 2024 to 2026.
"Our strong glazing order book is showing greater resilience
than originally expected for FY 23 and we are working on
significant new leads with production start dates in 2024 or 2025,
which the Board believe will deliver material growth for the coming
years, in line with our pre-Covid trajectory. In part, this growth
in opportunities we are seeing is driven by improving prospects for
the automotive light vehicle markets, as the threat of European
recession diminishes, supply chain shortages ease and pent-up
demand is satisfied.
"We will be holding at Capital Markets Day on 4 July and I am
delighted that Andy Bell, Head of Supply Chain at WAE Technology
Ltd (formerly known Williams Advanced Engineering(1) ), will attend
as our guest speaker, to tell us about the ambitious and highly
commendable decarbonisation plans of Fortescue Metals Group (FMG).
FMG, who are an iron ore mining company, launched Fortescue Future
Industries to diversify their business into green energy and green
technologies. Through this venture they acquired WAE in February
2022. WAE with support from the Fortescue companies are driving
growth in the UK's capability to design and make electric power
systems and are establishing an international series manufacturing
footprint to serve focused global markets.
"In summary, the Board is confident in meeting market
expectations for FY23 and believes that FY24 will see further
improvement in EBITDA and a return to revenue growth, with high
exposure to the fast-growing EV space both through our glazing
products and our products for EV battery packs."
(1) In 2010 Williams Grand Prix Engineering - the company behind
the Williams F1 team - began diversifying its operations. The
division that was established became WAE. Initially WAE provided
innovative technology across a range of sectors, but demand for its
services quickly increased and its focus sharpened. Soon the
company established itself as a world leader in electrification and
energy storage. In 2022 WAE was acquired by Fortescue Metals Group
(FMG). As part of FMG, WAE is extending their impact, supporting a
sustainable, decarbonisation strategy through their world-leading
advanced battery technology and energy storage solutions to bring
the world efficient and electric solutions and technology that
ensures a more sustainable future.
Enquiries:
Strip Tinning Holdings plc
Adam Robson, Exec Chair Via Alma PR
Richard Barton, Chief Executive Officer
Adam Le Van, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Sole Broker) +44 (0) 20 7496 3000
Rick Thompson
James Fischer
Alma PR (Financial PR) striptinning@almapr.co.uk
Josh Royston +44 (0) 20 3405 0205
Joe Pederzolli
A copy of this announcement will be available to view on the
Company's website in due course at www.striptinning.com .
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END
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