Strip Tinning Holdings (LON: STG), the Birmingham-based maker of electrical connection systems for automotive glazing and electric-vehicle battery packs, said revenue rose 18% to £5.4 million in the six months to the 30th of June, from £4.5 million a year earlier. The Adjusted EBITDA loss, a measure of underlying operating performance before non-cash charges, nearly halved to £0.15 million from £0.28 million.
Shares closed at 26p yesterday, in the lower half of a 52-week range spanning 17p to 43p. In early trade today the stock ticked down to 25p on very light volume, an early print rather than a settled market verdict.
The company’s three contracted automotive programmes — a battery-pack connection system and two smart-glass nominations — have now reached that stage. All three entered serial production during the second quarter, with one smart-glass programme ahead of its original schedule, and Battery Technologies revenue jumped 62% to £1.9 million.
That ramp-up came at a cost. Gross margin fell to 38.3% from 44.1% on higher outsourcing costs and a less favourable sales mix, while operating cash flow swung negative by £0.3 million and net debt rose to £2.6 million from £1.1 million at the end of last year. Period-end cash was just £0.2 million, leaving the group reliant on a £3 million DRIVE35 government grant, a £250,000 short-term loan and an expanding invoice-discounting facility, which lets it borrow against unpaid customer invoices, to bridge the gap.
Chief executive Mark Perrins said the group now has a clearer route to profitability.
During H1 2026 we delivered three major programme launches while continuing to strengthen capacity, processes and operational discipline. With these nominations now in serial production and DRIVE35 funding supporting the next stage of scale-up, we enter H2 2026 with a clearer path to deliver sustainable profitable growth and capitalise on an expanding pipeline of opportunities.
Mark Perrins, Strip Tinning Holdings
Management, citing FactSet-sourced consensus, the average analyst forecast, said it remains confident of meeting full-year expectations of £13.2 million revenue and £0.6 million Adjusted EBITDA, but the board flagged that net debt will stay under modest upward pressure until the second quarter of next year before easing as the group moves toward generating cash.