29th Jul 2024 14:26
CT Automotive Group PLC - Portsmouth, England-based maker of interior components to the automotive industry - Reports trading in 2024 has gone "as planned" so far. Says demand was as expected over the first half of the year, noting some "volume moderation". "The board anticipates this effect to be partially offset in the second half of the year by additional volumes from new programme launches with a number of Tier 1 and original equipment manufacturer customers, including Ford [Motor Co], Marelli and Rivian [Automotive Inc], which commenced production in [the second-quarter]," CT Automotive says. For the full-year, it expects a gross margin improvement from the 22% achieved in 2023. CEO Simon Phillips adds: "2024 is proceeding as planned and we have good visibility over production demand into the medium term. We see significant scope for expansion in all three of our production centres in China, Mexico and Turkey through a combination of potential new business wins and growth with existing customers. Combined with the margin improvements ongoing, the outlook for revenues and profit for 2025 and beyond is positive." It will report half-year results in "late September".
Current stock price: 61.50 pence per share, up 6.0% Monday afternoon in London
12-month change: up 54%
By Tom Budszus, Alliance News slot editor
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