(Alliance News) - Autins Group PLC on Monday reported a jump in its annual revenue and announced the appointment of Andy Bloomer, of Morgan Advanced Materials PLC, as its new chief executive officer.
Autins is a Rugby, Warwickshire-based industrial materials and technology business that specialises in the design, manufacture, and supply of acoustic and thermal products.
Revenue rose 20% to GBP22.7 million in the financial year ended September 30, from GBP18.9 million the year before. This was driven by "price increases, cost savings and better volumes," Autins explained.
Meanwhile, its pretax loss narrowed to GBP1.0 million from GBP3.6 million the previous year.
Looking ahead, Autins said that the automotive market appears to be stabilising after "a number of years of turbulence and uncertainty."
"This should support the group in delivering further growth in sales and profitability, a trend that has continued into [the first quarter of financial 2024]", the company said.
Nevertheless, Autins indicated that it expects profitability in the second half of its financial year to be affected by its plans to invest in sales, marketing and research & development.
CEO Gareth Kaminski-Cook commented: "The group has navigated its way through a turbulent few years and is now on an upward trajectory, delivering a stronger financial performance during 2023. With an overall improvement in the automotive market, we will continue to focus on developing our commercial capability to deliver sales growth and maximise the opportunity we have with our Neptune-R material, especially in electric vehicles."
Autins also announced the appointment of Andy Bloomer as CEO from April 12. He replaces Kaminski-Cook who will be stepping down from the role after five years, although reasons for his departure have not been disclosed.
According to Autins, Bloomer "brings extensive experience of the European automotive manufacturing industry, particularly with electric vehicles and specialist fibre applications," after his most recent stint as Sales & Marketing Director EMEA - Thermal Ceramics at Morgan Advanced Materials.
Chair Adam Attwood commented: "I am delighted to announce that Andy will be joining us as CEO. His very relevant industry experience and commercial focus will enable us to maximise the increasing opportunities that we are currently seeing in the automotive market and accelerate our growth.
"I would also like to thank Gareth personally and on behalf of the board for his dedicated service over the past five years, resulting in the start of the recovery of the business over the past 12 months. We all wish Gareth well in the future."
Shares in Autins were flat at 8.00 pence each in London on Monday afternoon.
By Sabrina Penty, Alliance News reporter
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Autins Group (AUTG)