CT Automotive Group PLC (AIM:CTA) shares dropped almost 9% in morning trade on Thursday after the company warned that its underlying loss before tax for the year ended 31 December 2022 could be around US$15mln.
The group, which designs, develops and manufactures bespoke automotive interior finishes, said the loss reflects potential adjustments identified as a result of its ongoing statutory audit.
The company said its net debt as of 31 December 2022 of US$12.6mln is unchanged by the adjustments and the £7.7mln (circa US$9.6mln) fundraising announced on 27 April 2023, subject to shareholder approval, will predominantly be used to strengthen the balance sheet.
In its brief statement, CT Automotive noted: "As previously stated, trading in the first three months of the year has been encouraging with strong customer demand and order books building into the new financial year. As a result, the board remains confident of achieving market expectations for FY23."
Around 9.25am, CT Automotive shares were 8.75% lower at 36.50