Strip Tinning Holdings PLC - Birmingham-based electrical connectors provider for automotive sector - Posts revenue of £10.2 million for 2022, down 8.9% from £11.2 million in 2021. Pretax loss widens to £5.7 million from £1.1 million, as gross profit reduces to £499,000 from £3.3 million a year earlier. Administrative expenses rise to £5.9 million from £4.2 million. Looking ahead, says it continues to remain vigilant of the wider market environment but increases its confidence of a year of progress in financial 2023.

Chief Executive Officer Richard Barton says: ‘We are pleased that trading in each of the first five months of FY23 has been Ebitda positive, representing a significant turn-around from the losses of 2022, deriving primarily from action taken during the prior period. We are highly exposed to the fast-growing EV sector and we are benefitting from our glazing order book showing greater resilience for 2023 than expected.’

Current stock price: 39.00 pence each, up 4.0% on Wednesday morning in London

12-month change: down 60%

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