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Strip Tinning shares jump on upgraded outlook
(Sharecast News) - Strip Tinning shares were surging on Tuesday, after it said in an update that trading in the first quarter was materially ahead of expectations, driven by strong momentum in its higher-margin battery technologies division. The AIM-traded company said it now expected revenue from the division to more than double year-on-year, and upgraded its guidance for the full year.
It said the improved performance was forecast to deliver a material £0.7m year-on-year improvement in its adjusted EBITDA loss, narrowing the expected 2025 loss to £0.9m - half the level reported for the 2024 financial year.
The board said the growth in battery-related sales was more than offsetting weakness in the glazing division, which was continuing to face headwinds from wider automotive sector softness.
Sales growth was being led by Strip Tinning's Cell Contact System contract for a US autonomous vehicle programme, with the estimated lifetime value of the contract increased from £43m to at least £56.8m.
Delivery of $0.78m in C samples had been completed, with D samples expected this summer ahead of serial production scheduled to begin in April next year.
The customer project was reportedly gaining attention in the US, with commercial rides expected to begin later in the year.
Strip Tinning confirmed that the product's current export classification was not expected to be impacted by the proposed US tariffs on automotive parts.
Meanwhile, the company said it was progressing through the detailed application stage for a UK government Automotive Transformation Fund grant of up to £5.2m to support production expansion.
The group said it also expected to receive a delayed 2022 research and development tax credit of about £0.52m from HMRC by the end of April, with a further £0.25m from the 2023 claim expected in the second half.
Its preliminary results for 2024 were due in early May.
At 1254 GMT, shares in Strip Tinning Holdings were up 92.97% at 35.7p.
Reporting by Josh White for Sharecast.com.
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