Automotive interior component designer, developer and supplier CT Automotive said in a trading update on Friday that it returned to profitability during the 2023 financial year.
The AIM-traded firm said the strong performance it saw in the first half continued into the second half, driven by the ongoing recovery in global automotive production volumes.
It anticipated 2023 revenue to top $140m, marking a substantial improvement compared to the $124m it recorded in 2022.
That growth was attributed to increased production revenue and revenue generated from tooling projects that concluded in 2023.
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.