Macro & Overnight
The value of the £ appears to have broken through to a new trading range overnight. At $1.28, this is the highest level since April 2022 and above its median level versus the $ since 2016.
UK Company News
CT Automotive, the designer, developer and supplier of interior components to the automotive industry, reported revenue from continuing operations broadly maintained. However, increased production and distribution costs adversely impacted profitability. Its Balance sheet strengthened following post-period-end fundraising with gross proceeds of $9.6m predominately to support working capital. It said that the chip shortage is subsiding, and it was experiencing a rapid recovery in manufacturing at the Group’s facilities in China. It is confident of achieving its expectations for FY23.
CT Automotive plc (LON:CTA) designs, develops and manufactures automotive interior finishes and complex kinematic assemblies for the most well-known automotive brands on the planet. These critical components are managed through an intricate global network of reactive supply chains to arrive JIT (Just in Time) at their respective OEM manufacturing plants.