Strip Tinning Holdings PLC on Friday predicted that 2025 will be a ‘year of delivery’ after reporting losses widened and sales fell last year.
Its pretax loss stretched to £4.9 million in 2024 from £1.7 million in 2023 as revenue fell 17% to £9.0 million from £10.8 million.
Also hurting the bottom line a £905,000 fair value loss compared to zero the year before, while finance expenses nearly doubled to £655,000 from £331,000.
The basic and diluted loss per share totalled 25.9 pence, widened from 5.0p a year before.
For the Battery Technologies division, product sales fell 9.1% to £1.0 million from £1.1 million. The Glazing division’s product sales dropped 18% to £8.0 million from £9.7 million.
In response, shares in Strip Tinning fell 4.0% to 18.25p each in London on Friday.
Strip Tinning outlined bullish hopes for the Battery Technologies division, which it said is ‘well-positioned for growth acceleration, with an increasing order book and strong pipeline, with divisional revenue for FY25 expected to be more than 2.5 times FY24.’
Looking ahead, the company said it has continued to focus on operational actions to further reduce costs and ongoing working capital requirements.
To support working capital requirements as new projects ramp up towards the end of 2026, the group said it will continue to seek new funding from additional debt sources, grants and potentially from investors and/or strategic partners.
It remains confident of meeting market expectations for adjusted earnings before interest, tax, depreciation and amortisation in 2025, to be Ebitda positive from 2026 onwards and cash generative from 2027.
In 2024, adjusted Ebitda was negative £1.9 million compared to a £0.1 million profit in 2023.
‘We believe that 2025 will be a year of delivery for Strip Tinning, as the business works to deliver the new nominations over 2025 and 2026,’ said Executive Chair Adam Robson.
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