Notice of Results
CT Automotive Group PLC will release its FY25 results on May 20, 2026, expecting revenues of $114.8 million and net debt of $7.7 million. Adjusted profit before tax is now projected at $9.5 million, below previous guidance, due to a pricing overstatement and lease accounting adjustments in China. The company also identified prior period accounting misstatements affecting FY24, which will result in a restatement of FY24 adjusted profit before tax to $7.9 million from $8.7 million, increasing administrative expenses by $0.8 million and reducing net assets by $5.0 million to $21.2 million. Additional controls have been implemented to prevent future errors.
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CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, expects to release its results for the year ended 31 December 2025 ("FY25") on 20 May 2026.
The Group expects to report revenues for FY25 of $114.8 million and net debt as at 31 December 2025 of $7.7 million, in line with our previous announcement on 5 February 2026. Adjusted profit before tax is now expected to be $9.5 million (rising to $10.0 million including non-cash foreign exchange gains), below previous guidance of $10.0 million and largely due to a pricing overstatement in a contract with a UK customer and the re-working of certain lease accounting calculations in China.
Financial Statements for the Year Ended 31 December 2024 ("FY24")
During the preparation of the FY25 Financial Statements, certain prior period accounting misstatements have been identified, the most significant of which relate to an incorrect posting in the consolidation when converting from local GAAP to IFRS and the misclassification of a customer prepayment in 2021. None of these prior period accounting adjustments affect working capital or cash, nor do they impact the underlying operational performance of the business in FY25 or the Group's expected future financial performance.
In aggregate, the restatements are expected to have a non-cash impact on the Consolidated Statement of Profit and Loss for FY24 by increasing administrative expenses by $0.8 million and reducing total net assets as at 31 December 2024 by $5.0 million, to $21.2 million. FY24 Adjusted Profit Before Tax will therefore be restated to $7.9 million (from $8.7 million).
Following identification of these prior period misstatements, the Directors appointed an external expert, who specialises in technical accounting, to review the errors relating to lease accounting in China and confirm the impact of those errors on the FY24 Financial Statements. This review concluded yesterday and concurred with Management's determination.
The Board has been concerned by the discovery of these prior period accounting misstatements and has conducted a comprehensive review of the Group's balance sheet and historical accounting treatments. This has been well supported by MHA Audit Services LLP, the Group's new Auditor selected in September 2025. Additional controls have been implemented to ensure there is no recurrence of these errors.
The comparative figures for the Financial Statements of FY24 will be restated in the forthcoming Financial Statements for FY25.
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