7th May 2025 12:04
(Alliance News) - CT Automotive PLC on Wednesday reported a rise in its profit for 2024, despite a decline in revenue, and it said its new year started as expected.
CT Automotive is a Portsmouth, England-based designer, developer and supplier of interior components to the automotive industry.
CT Automotive shares rose 31% to 30.78 pence in London on Wednesday afternoon.
The company's pretax profit was USD7.5 million in 2024, up 26% from USD5.9 million the previous year. This was driven by the firm having no non-recurring costs in 2024, compared to USD2.4 million in 2023, as "the net impact of hyperinflation in Turkey was negligible".
However, CT Automotive's revenue was USD119.7 million in 2024, down 16% from USD143 million the previous year. This was put down to the subsidising of "pent-up consumer demand post-Covid" which had previously driven sales in 2023. This led to original equipment manufacturers reducing inventories.
Looking forward, the company has said that trading in the first quarter has been in line with expectations, supported by continued improvements in operations and the launch of new production initiatives.
Despite uncertainty caused by the US tariffs, the firm said it "remains in a robust position" and expects to deliver mid-single digit revenue growth and further margin expansion in 2025.
Chief Executive Officer Simon Phillips said: "Looking ahead, in a rapidly evolving and uncertain geopolitical landscape we are maintaining a cautious approach. At the same time, as one of the industry's most efficient, reliable and cost-effective manufacturers we also believe the current unsettled environment will create some opportunities for us to help our customers find efficiencies and long-term solutions for their future production plans."
By Olivia Mason-Myhill, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Ct Automotive