RNS Number : 8839X
CT Automotive Group PLC
28 April 2023
 

28 April 2023

CT AUTOMOTIVE GROUP PLC

("CT Automotive" or the "Company")

Chief Financial Officer appointment confirmation

Further to the Company's announcement on 1 February 2023, CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, is pleased to announce that Anna Brown has been appointed to the Board as Chief Financial Officer with immediate effect. This follows the satisfactory conclusion of due diligence by the Company's Nominated Adviser, Liberum Capital Limited. As previously announced, David Wilkinson has today stepped down from the Board with immediate effect.

The following information is disclosed pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies.

The names of all companies and partnerships of which Anna Brown, aged 50, is, or has been a director or partner at any time in the previous five years are set out below:

Current directorships or partnerships

Previous directorships or partnerships (in the last five years)

None

McCarthy & Stone (Extra Care Living) Limited


McCarthy & Stone (Shared Ownership) Limited


McCarthy & Stone Resales Limited


McCarthy & Stone Management Services Limited


Waverstone Investments Holdings Limited


Waverstone Investments Limited

 

Anna Brown has no personal interest in the ordinary shares of CT Automotive Group plc. Save as set out in this announcement, there are no further details to be disclosed under Rule 17 or Schedule 2(g) of the AIM Rules for Companies.

 

For further information please contact:

CT Automotive                                                                                           via MHP

Simon Phillips, Executive Chairman                                                         

Scott McKenzie, Chief Executive Officer                                                               

 

MHP (Financial PR)                                                                                   Tel: +44 (0)20 3100 8540

Tim Rowntree

Charlie Barker

CTAutomotive@mhpgroup.com

 

Liberum (Nominated Adviser and Broker)                                           Tel: +44 (0)20 3100 2000

Richard Lindley

Benjamin Cryer

 

Notes to editors

 

CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example dashboard panels and fascia finishes) and kinematic assemblies (for example air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment suppliers ("OEMs") and global Tier One manufacturers.

 

The Group is headquartered in the UK with a low-cost manufacturing footprint. Key production facilities are located in Shenzhen and Ganzhou, China complemented by additional manufacturing facilities in Mexico, Turkey and the Czech Republic.

 

CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality roster of OEM end customers, both directly and via Tier One suppliers including Faurecia and Marelli. End customers include volume manufacturers, such as Nissan, and luxury car brands such as Bentley and Lamborghini. In addition, the Group supplies electric car manufacturers, including Lucid. It has also recently started working with e.Go Mobile, a German manufacturer which plans to launch a series of small electric vehicles for the budget end of the market.

 

The Group currently supplies component part types to over 47 different models for 19 OEMs. Since its formation, the Group has been the only significant new entrant into the market, which is characterised by high barriers to entry.

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