(Alliance News) - Autins Group PLC on Friday remained optimistic about its prospects for the year ahead, as it posted a sales increase in its latest trading update.
Autins is a Rugby, Warwickshire-based industrial materials' technology business that specialises in the design, manufacture, and supply of acoustic and thermal products.
For the year ended September 30, Autins posted unaudited sales of GBP22.5 million, up 20% from GBP18.8 million a year prior. This uplift came as sales in the second half of the year continued to gain momentum, rising 7.5% to GBP11.7 million from GBP10.8 million in the first half.
Gross profit was around GBP6.5 million, up 55% from GBP4.2 million, driven by revenue increase and a strong recovery in gross margins to 29% from 22%.
Autins also said it had successfully controlled overheads over the year. As a result, earnings before interest, tax, depreciation and amortisation are expected to improve to GBP1.0 million, swung from a loss of GBP1.1 million year-on-year.
The firm ended the year with net debt of around GBP1.8 million, from GBP2.0 million the previous year.
Based on these results, Autins said the board believes that the improvement in its trading performance, as well as the stability of its net debt and headroom level will put it in a positive position when engaging with its lending partners regarding covenants for March 2024 onwards.
Looking ahead, it expects a "continued recovery" in the automotive market, and therefore further sales growth and Ebitda in financial 2024.
Autins Group shares were trading 4.4% lower at 11.00 pence each in London on Friday morning.
By Holly Beveridge, Alliance News reporter
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Autins Group (AUTG)