AGM Statement

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 £0.8m 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 £1m to £15m 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 Engineering¹), 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)                    [phone]

Rick Thompson

James Fischer

Alma PR (Financial PR)                                                                                                  [e-mail]

Josh Royston                                                                                                                     [phone]       

Joe Pederzolli                                                                                   

A copy of this announcement will be available to view on the Company's website in due course at www.striptinning.com.

 

END