AI avatar of CEO delivers annual results in first for London Stock Exchange
The AI avatar of an AIM-listed firm’s chief executive has delivered the company’s full-year results in a first for the London Stock Exchange.
CT Automotive boss Simon Philips outlined the car interior firm’s higher profit, alongside the impact of recent US tariffs, in a short interview on RNS on Wednesday.
But the video of Philips was actually an avatar created by AI, which CT claim is a first for RNS, the UK’s service for regulatory announcements.
The company, which supplies interior parts to the likes of Lamborghini, Bentley and Lotus, said AI had proven a key profit driver last year.
Shares soared nearly 20 per cent in early trading despite revenue falling 16 per cent and net debt increasing by 63 per cent to $6.2m (£4.6m).
Gross profit rose seven per cent to $33.1m. On an adjusted basis, pre-tax earnings (EBITDA) rose one per cent to $16.3m.
The global auto industry is grappling with a litany of problems including uncertainty created by Donald Trump’s erratic trade policy and the transition to electric vehicles (EVs).
“Our response to the headwinds facing the auto industry in 2024 was to focus on what was within our control, namely strengthening our business and streamlining our operations,” Philips said.
“Foremost amongst our achievements was the 600 basis points improvement in our gross margin from 22 per cent to 28 per cent driven by our successful adoption of key digitisation and automation strategies.
He added: “This enabled us to achieve a five per cent increase in adjusted profits before tax to $8.7m despite revenues reducing as anticipated by 16 per cent as the pent-up consumer demand post-Covid that had driven sales in 2023 began to subside, leading OEMs to reduce inventories.”