CT Automotive Group PLC (AIM:CTA) jumped 20% as the components group swung into profit following a bounce back in its markets after a major disruption during the pandemic.
Revenues rose 15% to US$143 million, driven by production revenue up by 13% and US$10.9m of tooling projects
Profit margins jumped to 22% from 12% benefitting from a return of direct labour and materials spend to pre-Covid levels to a “significantly” stronger second-half performance with 70% of underlying profits generated in the period.
Underlying profits grew to US$8.3mln (FY22: US $14.5m loss).
Simon Phillips, chief executive, said: "Our markets re-opened in 2023 after a prolonged hiatus relating to the Covid pandemic.
“As a result, our business bounced back strongly and quickly into profitability. We grew the business, raised new capital and reset our financial position.”
Shares rose 11.5p to 60.5p.