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Strip Tinning Holdings PLC - Birmingham-based electrical connectors for automotive sector - Says subsidiary Strip Tinning Ltd has received a notice to end its contract with a Croatian electric vehicle technology innovator for the supply of cell management systems to a German OEM, with effect from October 1. Says the contract was signed in December last year after an extended period of design and development work with the customer.
‘Whilst the loss of the contract would have no material impact on market expectations for the current financial year, the customer had recently indicated that volumes were likely to be increased by 33% over the life of the project and STL had adjusted plans with capital equipment suppliers to accommodate this,’ the company notes.
Says the supply deal is worth €2 million per annum ‘at peak volumes’ and was for a five-year term. ‘STL preference would be to continue working with the customer and is in early discussions about the possibility of working together in the future whilst fully reserving its legal position,’ it says.
Current stock price: 71.88 pence, down 26% in London on Friday
12-month change: down 61% from February IPO price of 185p
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