4th Jul 2022 10:27
(Alliance News) - Strip Tinning Holdings PLC on Monday said it has won a five-year nomination with BMW AG for its Glazing division.
The Birmingham-based supplier of electrical connectors started trading on London's AIM in February of this year, at a price of 185 pence per share. Shares are currently down 41% from the initial public offering price.
The stock was 11% higher at 110.00p each in London on Monday morning.
Strip Tinning said that, under its new contract with BMW, it will provide glazing connectors for the panoramic roofs of the new range of electric BMW iX vehicles. It will provide 16,000 connectors each month, the company added.
The contract is scheduled to commence in the companies fourth quarter of its current financial year and thereafter is expected to generate around USD1.2 million revenue in 2023.
Additionally, Strip Tinning said it has signed another 5 year contract with existing customer Skoda Auto to increase its connector volume demand by 45%, again for use across its electric vehicle range.
"Both these nominations highlight the continuing focus of vehicle manufacturers on electric ranges, which generate higher margins for Strip Tinning due to the added complexity and high technical specification of the connectors required in electric vehicles", Strip Tinning said.
By Sophie Rose; [email protected]
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