CT Automotive Group Plc (GB:CTA) has released an update.
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CT Automotive Group PLC reported a robust financial recovery for the year ended 31 December 2023, with a 15% increase in revenue to $143.0 million and a significant improvement in gross profit margin from 12% to 22%. A successful fundraise of $9.6 million and strategic cost-saving measures contributed to an underlying profit before tax of $8.3 million, marking a strong turnaround from the previous year’s loss. The company also reduced its net debt to $3.8 million, laying a solid foundation for sustained growth and profitability.
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