Shares in SStrip Tinning Holdings PLC (AIM:STG) soared 78% in early trading on Tuesday after the automotive components supplier said it was trading well ahead of expectations, thanks to booming demand in its battery technology business.
The company, which makes specialist connection systems, now expects revenue from its Battery Technologies division to more than double this year.
That performance is more than enough to offset weakness in its glazing unit, which has been hit by wider industry softness.
Strip Tinning said its full-year adjusted EBITDA loss is now expected to come in at £0.9 million—half the level recorded last year.
The company also highlighted strong progress on a major US contract supplying components for an autonomous vehicle programme, with production ramping up and passenger services expected to launch this year.
Strip Tinning is applying for a £5.2 million government grant to support future expansion and has £770,000 in R&D tax credits due in 2025.
The stock was changing hands for 33p, up 14.5p.