Notice of Results

CT Automotive Group PLC

14 May 2026

 

14 May 2026

CT Automotive Group plc

("CT Automotive" or the "Group")

Notice of FY25 Results

FY24 Financial Statements

CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, expects to release its results for the year ended 31 December 2025 ("FY25") on 20 May 2026.

The Group expects to report revenues for FY25 of $114.8 million and net debt as at 31 December 2025 of $7.7 million, in line with our previous announcement on 5 February 2026.  Adjusted profit before tax is now expected to be $9.5 million (rising to $10.0 million including non-cash foreign exchange gains), below previous guidance of $10.0 million and largely due to a pricing overstatement in a contract with a UK customer and the re-working of certain lease accounting calculations in China.  

Financial Statements for the Year Ended 31 December 2024 ("FY24")

During the preparation of the FY25 Financial Statements, certain prior period accounting misstatements have been identified, the most significant of which relate to an incorrect posting in the consolidation when converting from local GAAP to IFRS and the misclassification of a customer prepayment in 2021.  None of these prior period accounting adjustments affect working capital or cash, nor do they impact the underlying operational performance of the business in FY25 or the Group's expected future financial performance.

In aggregate, the restatements are expected to have a non-cash impact on the Consolidated Statement of Profit and Loss for FY24 by increasing administrative expenses by $0.8 million and reducing total net assets as at 31 December 2024 by $5.0 million, to $21.2 million.  FY24 Adjusted Profit Before Tax will therefore be restated to $7.9 million (from $8.7 million).

Following identification of these prior period misstatements, the Directors appointed an external expert, who specialises in technical accounting, to review the errors  relating to lease accounting in China and confirm the impact of those errors on the FY24 Financial Statements.  This review concluded yesterday and concurred with Management's determination.

The Board has been concerned by the discovery of these prior period accounting misstatements and has conducted a comprehensive review of the Group's balance sheet and historical accounting treatments. This has been well supported by MHA Audit Services LLP, the Group's new Auditor selected in September 2025. Additional controls have been implemented to ensure there is no recurrence of these errors.

The comparative figures for the Financial Statements of FY24 will be restated in the forthcoming Financial Statements for FY25.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

CT Automotive Raymond Bench, Non-Executive Chairman Simon Phillips, Chief Executive Officer
Singer Capital Markets Advisory LLP (Nominated Adviser and Broker) Alex Bond, Dan Ingram, Samed Ethemi	Tel: [phone]

Notes to editors

CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example, dashboard panels and fascia finishes) and kinematic assemblies (for example, air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment manufacturers ("OEMs") and global Tier One manufacturers.

The Group is headquartered in the UK with a low-cost manufacturing footprint. Key production facilities are located in China with additional manufacturing facilities in Mexico and Türkiye and distribution facilities and assembly lines in Europe, Asia and the US.  The Company has a low-cost design and administrative centre in India.

CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality portfolio of OEM customers, both directly and via Tier One suppliers including Forvia and Marelli.  End customers include volume manufacturers, such as Nissan, Ford, GM and Volkswagen Audi Group, and premium luxury car brands such as Bentley and Lamborghini.  In addition, the Group supplies all our customer base with a range of products for PHEV and BEV platforms and supplies electric car manufacturers, including Rivian and a US based major EV OEM.

The Group currently supplies component part types to over 64 different models for 21 OEMs. Since its formation, the Group has been one of the very few new entrants to the market, which is characterised by high barriers to entry.

 

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