Overview

Founded in 2000, CT Automotive’s success is built on its  low-cost manufacturing offer combined with the strength of its strategically placed distribution and logistics centres.

The Group boasts a global manufacturing footprint and wholly owned production infrastructure, with facilities in China (three), Turkiye, Czechia, and Mexico. The Company also has sales and distribution capabilities in the US and Japan. In India, the Group has an engineering design office and in the process of creating a new global supply chain centre and corporate centre.

A specialist supplier of interior automotive components for the world’s leading OEMs and Tier-1 manufacturers, the CT Automotive supplies components and interior trims across 57 different models for 22 of the 23 global OEMs that account for 85% of total annual vehicle production. The Group’s range encompasses products such as decorative finishes, air vents, arm rests and wrapped assemblies, mechanical assemblies and light guides. The Company works collaboratively, aligning its proposition to its customers’ needs. The Group is focused on  delivering innovative design and engineering solutions to help shape the future of the automotive industry.

CT Automotive has strong and long-standing relationships with a number of Tier One suppliers and OEMs including Marelli, Faurecia, Skoda, Ford and Tesla. The Group maintains strategic relationships with all of its key customers and will typically supply multiple platforms for each customer.

Through the combination of long-standing customer relationships and the integration of the Group’s products to the vehicle design, the Group aims to become embedded within customer supply chains and product development to progressively expand the range of products supplied. The Group is set to benefit from the increase in interior automotive content as the vehicle interior environment is rapidly becoming a key product differentiator.

Investment Case

Experienced Management Team

Simon Philips co-founded CT Automotive in 2000 having identified an opportunity to disrupt the automotive tooling market. The Group boasts an experienced executive management team with a track record of delivering long-term organic revenue growth.

A niche market and high barriers to entry

The automotive interior components market is valued at $6.5 billion annually and characterised by high barriers to entry. Customers’ stringent on-boarding requirements and risk aversion around supply chain and product quality means that they are generally locked in over long product cycles.

Low-cost operating model delivering globally

CT Automotive’s consistent focus on delivering a low-cost operating model delivers a significant competitive advantage. Its core manufacturing and design operations are based in China, enabling the Group to benefit from relatively lower cost production processes, labour and plant hardware whilst having over 50 senior, western trained, specialist engineers. An integrated supply chain keeps costs low, improves development lead times and increases flexibility.

Embedded relationships deliver visibility of long-term earnings

The Group has a strong track record of customer retention, and long-standing embedded relationships. The components produced by CT Automotive are designed with bespoke tooling for each part and the Group is typically the sole supplier over a ten-year vehicle production cycle. This gives the Group good visibility over future production revenue.

Low market penetration and opportunity to gain market share

New customer wins and the supply of increasing content to existing customers across a growing range of models and geographies drive long-term revenue growth. The Group is currently supplying components across 57 models to 22 of the top 23 global OEMS accounting for 85% of global vehicle production.  The Group has a track record of winning new clients and increasing its supply of components per car, with scope to increase interior content per car significantly.

Strong Track Record

The Group has a strong track record of winning new business, both with existing customers and new platforms as well as with new customers. This revenue growth has been accompanied by operational improvements, with continued focus on operational efficiencies,  as well as by  positive  cash flow generation.

Regulatory News

Financial Calendar

The provisional financial calendar is shown below:

January 2025: Trading update

April 2025 – 2024 Results announcement

June 2025 – AGM

Documents

Download Admission Document

Download Articles of Association Document

Download Term of reference for audit and risk committee

Download Terms of reference for remuneration committee

Download Notice of AGM 2022

Download CT Automotive Group Plc Circular 28 April 2023

Download Notice of AGM 2023 

Download AGM Proxy Form 2024

Download Notice of AGM 2024

Download Notice of AGM 2025

Reports

Download CT Automotive Annual Report 2021

Download CT Automotive Annual Report 2022

Download CT Automotive Annual Report 2023

Download CT Automotive Annual Report 2024

Presentations

AGM 2025

2025

2024

Download CT Automotive (CTA) interim results presentation – September 2024 PDF

2023

Download CT Automotive FY 2023 Results Presentation

Download CT Automotive H1 2023 Interim Results Presentation

2022

Download CT Automotive FY 2022 Results Presentation

Download CT Automotive H1 2022 Results Presentation

2021

Download CT Automotive 2021 Results Presentation

Board of Directors

Raymond Bench – Non-Executive Chairman

Ray has worked in the global automotive industry for the past 30 years; 12 of which were spent working for a Chinese OEM. He is an experienced automotive design engineer with extensive knowledge of automotive design processes.

Ray has significant experience of business and departmental management, including having been part of Shanghai Motor UK Technical Centre’s UK senior leadership team. Ray’s experience also includes leadership roles at Ricardo, Rover Group, and Land Rover.

Nick Timberlake – Non-Executive Director, Shareholder Representative

Nick is a director of India Capital Growth Fund and abrdn Equity Income Trust plc.  He has over thirty years’ experience in the asset management industry, including as a portfolio manager with HSBC Global Asset Management between 2005 and 2020, initially as Global Head of Emerging Markets Equities and then Head of Equities. Previously, he was a Director of F&C Emerging Markets Limited and has spent over 20 years investing in global emerging markets equities. Nick is a member of the CFA Institute and CFA Society of the UK.

Geraint Davies – Senior Independent Non-Executive Director, Chair of Audit and Risk Committee

Geraint is a Chartered Accountant with over 30 years’ experience as a Partner in the “Big Four” accounting firms, working principally with global businesses in manufacturing, real estate, mining, distribution and financial services. Prior to his appointment, Geraint held senior leadership roles in EY’s practices in the Channel Islands, the UK, and most recently in Malta. He has also previously held roles with PwC and Deloitte. Throughout his career, Geraint has had specific responsibility for risk, both at regional and national level, as well as leading on talent development and senior recruitment.

Simon Phillips – Founder, Chief Executive Officer

Simon co-founded CT Automotive in 2000 in the UK having identified an opportunity to disrupt the automotive tooling market which at that time was primarily centred in Europe. He soon led a move to relocate the business to China where the Company could manufacture in a lower cost environment but to high standards. A successful combination which supported the growth of the business helping to transform CT Automotive from its tool-making roots into the global serial production operation it is today serving many of the world’s largest automotive OEMs.

Simon has an engineering background having studied Mechanical Engineering at Portsmouth University, with a specific emphasis on sub-sonic to super-sonic flight.

Salman Mohammed – Chief Financial Officer

Salman is a Chartered Certified Accountant and has diverse international experience across a range of manufacturing businesses. He has a track record of building world-class finance teams and delivering commercial finance support and effective control environments to achieve board strategies.

He began his career at EY in 2004, before moving to industry where he spent several years in various positions including financial controller and business partner at Zotefoams plc and has worked across public, private and private equity environments for international companies.

He has a bachelors degree in Information management and business from Loughborough University and has completed an executive MBA from University of Warwick

Governance

CT Automotive manages its operations with the future in mind and adheres to the highest levels of corporate governance and responsible conduct practices. The board leads the company and ensures it is on the correct track to grow sustainably and benefit all its stakeholders as well as the communities it operates in. The Directors support high standards of corporate governance and have decided to comply with the QCA Code. Details of how the Company will comply with the QCA Code are detailed in the Principles page.

Audit and Risk Committee

The audit and risk committee will, among other things, determine and examine matters relating to the financial affairs of the Company including the terms of engagement of the Company’s auditors and, in consultation with the auditors, the scope of the audit. It will receive and review reports from management and the Company’s auditors relating to the half yearly and annual accounts and the accounting and the internal control systems in use throughout the Company. The audit and risk committee will also advise the Board on the Group’s overall risk appetite and strategy including, inter alia, regularly reviewing and updating (if appropriate) the risk assessment processes in place, including in relation to remuneration and compliance functions, and assisting in overseeing implementation of the adopted strategy.

Members: Geraint Davies (Chair), Raymond Bench and Nick Timberlake

Remuneration Committee

The remuneration committee will review and make recommendations in respect of the Executive Directors’ remuneration and benefits packages, including share options and the terms of their appointment. The remuneration committee will also make recommendations to the board concerning the allocation of share options to employees under the intended share option schemes.

Members: Raymond Bench (Chair), Nick Timberlake and Geraint Davies

The board consists of two executive and three non-executive directors. This diverse Board of Directors provide various perspectives through their different skills and experiences.

Principle 1: Establish a strategy and business model which promote long-term value for shareholders

The Group’s business model and strategy is set out in Part I of the Admission Document. The Board will hold  at least one session each year dedicated to strategy, which will include input from senior members of the CT Automotive team and any necessary external advisers. A strategic report reflecting the outcome of such sessions will be included in the Company’s annual report and accounts.
The principal risks facing the Group are set out in Part II of the Admission Document. The Board will identify and deploy mitigation steps to manage these risks and confront day-to-day challenges of the business post-Admission. See in addition Principle 4 below.

Principle 2: Seek to understand and meet Shareholder needs and expectations

The Board is committed to open and ongoing engagement with the Shareholders. The Board will communicate with Shareholders through:

• the annual report and accounts;
• the interim and full-year results announcements;
• trading updates (where required or appropriate);
• the annual general meetings; and
• the Company’s investor relations website (in particular, the “RNSNews” and “AIM Rule 26” pages).

Going forward, Salman Mohammed will be the primary contact for Shareholders and there will be a dedicated e-mail address for shareholder questions and comments.
Regular meetings will be held between the Chief Executive Officer, and Chief Financial Officer, and institutional investors and analysts to ensure that the Company’s strategy, financials and business developments are communicated effectively.
The Board intends to engage with Shareholders who do not vote in favour of resolutions at annual general meetings to understand their motivation.

Principle 3: Take into account wider stakeholder and social responsibilities and their implications for long-term success

The Group takes its corporate social responsibilities very seriously and is focused on maintaining effective working relationships across a wide range of stakeholders including employees, existing and new customers and supplies, in order to achieve long-term success.
The Executive Directors will maintain an ongoing dialogue with stakeholders to inform strategy and the day-to-day running of the business.

Principle 4: Embed effective risk management, considering
both opportunities and threats, throughout the organisation

The principal risks facing the Group and the industry in which it operates are set out in Part II of the Admission Document. These risks will be reviewed at least once a year and included in the annual report and accounts.

Principle 5: Maintain the board as a well-functioning, balanced team led by the chair

As of 1 January 2025, the Board comprises of five directors:

• Raymond Bench, Nick Timberlake and Geraint Davies as Non Executive Directors; and
• Simon Phillips and Salman Mohammed as Executive Directors.

The biographies of the Directors can be found on the ‘Board of Directors’ page on this website.

Raymond Bench and Geraint Davies are considered by the Board to be independent Non-Executive Directors and were selected with the objective of bringing experience and independent judgement to the Board. The Board has been constructed to ensure that it has the right balance of skills, experience, independence and knowledge of the business.
The Board is also supported by the Audit and Risk Committee and Remuneration Committee. Details of these committees are set out on our website.
The Board will meet regularly and at least eight times a year. Processes are in place to ensure that each member of the Board is, at all times, provided with such information as is necessary for him/her to discharge his/her duties.
The Group is satisfied that the current Board is sufficiently resourced to discharge its governance obligations on behalf of all stakeholders.

Principle 6: Ensure that between them the directors have the necessary up-to-date experience, skills and capabilities

The skills and experience of the Directors are summarised in their biographies set out in Part I of the Admission Document.
The Directors believe that the Board has the appropriate balance of diverse skills and experience in order to deliver on its core objectives. The Board is not dominated by one individual and all Directors have the ability to challenge proposals put forward to the meeting, democratically. The Directors have also received a briefing from the Company’s Nominated Adviser in respect of continued compliance with, inter alia, the AIM Rules and the Company’s Solicitors in respect of continued compliance with, inter alia, UK MAR.

Principle 7: Evaluate board performance based on clear and relevant objectives, seeking continuous improvement

The Chair is responsible for ensuring an effective Board. Post-Admission, the Company intends to establish a formal process for evaluating the performance of the Board, the committees, and the individual Directors against its objectives to ensure that members of the Board provide relevant and effective contribution.

Principle 8: Promote a corporate culture that is based on ethical values and behaviours

The Group promotes a culture of integrity, honesty, trust and respect and all employees of the Group are expected to operate in an ethical manner in all of their internal and external dealings. The staff handbook and policies promote this culture and include such matters as whistleblowing, social media, anti-bribery and corruption, communication and general conduct of employees.
The Board takes responsibility for the promotion of ethical values and behaviours throughout the Group, and for ensuring that such values and behaviours guide the objectives and strategy of the Company.

Principle 9: Maintain governance structures and processes that are fit for purpose and support good decision-making by the board

The Chair leads the Board and is responsible for its governance structures, performance and effectiveness. The Non-Executive Directors are responsible for bringing independent and objective judgement to Board decisions. The Chairman is the primary contact for the Company’s Shareholders and is responsible for ensuring that the link between the Board and the shareholders is strong and efficient. The Executive Directors are responsible for the operation of the business and delivering the strategic goals agreed by the Board.
The Board is supported by the Audit and Risk Committee and Remuneration Committee. Details of these committees and their responsibilities are set out on our website. From time to time, separate committees may be set up by the Board in order to consider and address specific issues, as and when they arise.
The Board intends to review the governance framework on an annual basis to ensure it remains effective and appropriate for the business going forward.

Principle 10: Communicate how the Company is governed and is performing by maintaining a dialogue with Shareholders and other relevant stakeholders

The Company intends to use the following principal methods of communication with its Shareholders:

• the annual report and accounts;
• the interim and full-year results announcements;
• trading updates (where required or appropriate);
• the annual general meetings; and
• the Company’s investor relations website (in particular, the “RNS News”and “AIM Rule 26” pages which will go live on Admission).

The Company’s website is updated on a regular basis with information regarding the Group’s activities and performance. The Company’s reports, presentations, notices of annual general meetings, and results of voting at shareholder meetings will also be made available on the website.

Last Reviewed – 1 January 2025

Shareholder Information

There are 73,597,548 shares in issue. 60.52% per cent of shares are not in public hands.

Last reviewed – 3 February 2025

Advisors and Contact

Media Enquiries
ctautomotive@novella-comms.com
Novella Communications
+44 (0)20 3151 7008

ESG

Creating a sustainable business that allows all of our stakeholders to prosper

The Directors recognise the importance of Environmental, Social and Governance (ESG) and the Group is committed to adopting best practice actions and reporting. CT Automotive’s focus on a leadership strategy co-exists with a strong commitment to the safety and welfare of staff, a sustainable approach to environmental practices, and a strong governance framework.

The following key areas comprise CT Automotive’s strategy on sustainability:

• Taking care of the environment and reducing our carbon footprint
• Looking after of our people and the communities around us
• Forward-thinking management to ensure longevity for the business
• Robust ethical standards and compliance measures to guide our operations and decision-making

We are delighted to be awarded a Silver Medal by EcoVadis, the world’s largest provider of sustainability ratings to assessed businesses. Our score ranks us in the top 15% of all companies rated by EcoVadis.

UN Sustainable Development Goals

Environment:

The Group is committed to managing the environmental impact of its activities, reducing pollution and promoting cleaner production processes. The Group is actively managing its environmental objectives through its recently established Environment Management System ISO 14001 which has been introduced at all of its operational sites, encompassing Group activities and all stakeholders throughout the supply chain.

CT Automotive initiatives include:

• Implementing recycling practices to reduce waste and become a more circular business and investigating additional usage for recycled materials and bio-based material throughout the business.
• Implementing more rigorous waste management processes with a target to reduce waste production by 5% for 2024
• Targeting a reduction in water usage of 5% in 2024
• Improving energy efficiencies through installation of low-energy equipment and assessing feasibility of solar energy sources
• Commitment to increasing investment in carbon offsetting projects by 20% in 2024, with focus on offset projects of renewable energy sources across all manufacturing locations.
• Engaging EcoVadis to undertake a full sustainability report of the Group’s operations

Caring for Our People:

We believe that our people are critical to our success and recognise that success hinges on the attitudes and behaviours of employees. CT Automotive strives to create a working environment and a culture that encourages them to deliver an outstanding performance for customers whilst operating with uncompromising ethics. The Board is committed to supporting their performance, wellbeing and personal development and places great importance on visiting the Group’s operational sites to engage directly with local management and employees. The Group also supports its employees in their ambition to pursue further education to advance their careers. In 2023, CT Automotive supported two employees in this way by sponsoring their postgraduate education programmes.

We are committed to Health and Safety and dedicated to preventing injuries and health issues amongst our employees and visitors to our sites.  We embrace the ‘come safe, work safe and go safe’ principle and we view our responsibility to provide a safe, clean work environment as fundamental. In 2023 we achieved ISO 45001:2018 in Occupational Health and Safety Management System for our manufacturing facilities in Gebze, Türkiye and Ganzhou, China and we are progressing achieving ISO 45001 certification for our manufacturing facilities in Shenzhen, China and Mexico.

We care about what our employees think and are keen to learn how we can improve our organisation. To that end we collaborate with Workday Peakon to conduct workplace surveys across all our operating sites.

CT Automotive supports diversity and equality, employing a workforce that spans various ages, gender, disabilities, ethnicities and religions. The Group is pleased to report that the number of women represented in its workforce continues to increase across its operational sites, with women representing 48.3% of the total workforce. The Board is also proud to say that the overall average gender pay gap for the Group in 2023 was 0.24%, a significant improvement following our review of staff remuneration in 2022.

Governance:

Governance is central to delivering on our strategy and the successful operation of our business and we continue to improve our governance processes and procedures with a focus on the on ESG impact of the Group’s activities.

In recognition of the importance of sound corporate governance the Board has adopted the QCA Code which is considered the most appropriate for the Group’s size and stage of development.  The Board considers that the Group remains compliant with the Principles set out in the QCA Code and further details can be found [here].

The board consists of two Executive and three Non-executive Directors. This diverse Board of Directors provide various perspectives through their different skills and experiences.  The Board recognises that the success and growth achieved to date is underpinned by the wealth of experience within its Senior Leadership Team, a fully cross-functional team spread across the Group’s key locations to provide maximum operational oversight.

The Board has established two Committees; an Audit and Risk Committee and a Remuneration Committee.

Audit and Risk Committee:

The audit and risk committee monitors the integrity of the Financial Statements of the Interim and Annual Reports and formal announcements relating to the Group’s financial performance.  It reviews significant financial reporting issues, key judgements and accounting policies and disclosures and the effectiveness of the Group’s internal control and internal audit procedures and risk management systems.

The Committee oversees the terms of engagement of the Company’s auditors and, in consultation with the auditors, the scope of the audit and the auditors strategy and implementation plan.

The audit and risk committee overseas and advises the Board on the Group’s overall risk appetite and strategy.

Members: Geraint Davies (Chair), Raymond Bench, Nick Timberlake

Remuneration Committee:

The remuneration committee reviews and makes recommendations in respect of the Executive Directors’ remuneration and benefits packages, including share options and the terms of their appointment. The remuneration committee also makes recommendations to the Board concerning the allocation of share options to employees under the Company’s share option schemes.

Members: Raymond Bench (Chair), Nick Timberlake and Geraint Davies

AIM Rule 26

The information contained within this section of this website is disclosed for the purposes of AIM Rule 26.

• Business description:
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• Board of directors:
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• Responsibilities:
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• Country of incorporation
  • United Kingdom
• Main country of operation
  • China
• Constitutional documents
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• UK City Code on Takeovers and Mergers:
  • The Company is subject to the UK City Code on Takeovers and Mergers
• Securities Information:
  • The securities of the Company are traded on the AIM market operated by the London Stock Exchange plc. Its shares have not been admitted, nor have any applications been made, for any of its shares to be admitted or traded on any other exchanges or trading platform
• Number of shares in issue
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• Percentage of shares not in public hands
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• Details on any restrictions on transfer of shares
  • There are currently no restrictions on the transfer of securities
• Significant shareholders
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• Notifications
  • All notifications the Company has made in the past 12 months can be found here
• Advisers
  • Details of the Company’s advisers can be found here