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CT Automotive – following IPO in just 2021 and recent bailout equity raise, now identifies a “number of years” accounting error!

CT Automotive Group (CTA) has announced that it “has identified an error with regards to the calculation of the year end inventory on consolidation”, though also that “the reduction to inventory is a non-cash adjustment. There is no adverse impact to profitability in the current financial year ending 31 December 2023”. So what’s the detail and what of a share price currently slightly further down at 36p?

NEWSFLOW

CT Automotive (#CTA) – multi-year inventory consolidation error, expected c.$8.4m reduction at end-2022

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CT Automotive – after discounted bailout equity raise announced last week, now increased loss potential audit adjustments!

Last week I noted on automotive interior components group CT Automotive (CTA) a vastly discounted bailout equity raise following prior profit warning and despite an AIM IPO at 147p per share as recently as December 2021. The shares had since nudged up to 40p, but are currently approaching 9% lower today, at 36.5p, on the back of an “Update on FY22 preliminary results” announcement.

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CT Automotive – December 2021 AIM IPO at 147p per share, previously closed at 49p and now already a bailout equity raise and at…

Automotive interior components group CT Automotive (CTA) has announced a conditional £7.7 million equity raise, stated to be to “predominately be used to strengthen the balance sheet and to provide the group with flexibility to take advantage of growth opportunities. Additionally, a small portion of the net proceeds are expected to be deployed to realise further efficiency savings including through investment in injection moulding production processes and robotics”. So what of a current share price slide from 49p to 39p?

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CT Automotive – having listed on AIM less than a year ago, the attempted ‘no-one watching o’clock’ release trick already?!

Describing itself as “a leading designer, developer and supplier of interior components to the global automotive industry”, CT Automotive (CTA) listed on AIM less than a year ago at 147p per share and has now provided “an update on its performance for the year ending 31 December 2022”… yesterday at 4:05pm. Is it trying the attempted ‘no-one watching o’clock’ release trick already?!

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CT Automotive Group – from “excited by the opportunities ahead” to profit warning in less than 8 months. ANOTHER AIM IPO Roll-Call of Shame

Describing itself as “a leading designer, developer and supplier of interior components to the global automotive industry”, CT Automotive Group (CTA) has issued a trading update headlined “Revenues ahead in H1, production recovery gaining momentum”...and the shares have responded to currently 115p, more than 22% lower! So what’s going on?