Autins Group Regulatory News (AUTG)

20 October 2023

Autins Group plc

("Autins" the "Company" or the "Group")

Full-Year Trading Update

Autins Group plc (AIM: AUTG), the UK and European based manufacturer of the patented Neptune melt-blown material and specialist in the design, manufacture, and supply of acoustic and thermal insulation solutions, provides a trading update for the year ended 30 September 2023.

The unaudited results for FY23 show Group sales increased by 20% to £22.5m (FY22: £18.8m). Sales in H2 23 continued to gain momentum, increasing by 7.5% to £11.7m (H1 23: £10.8m). Gross Profit in the year improved by c.55% to c.£6.5m (FY22: £4.2m) driven by the increase in revenue and a strong recovery in Gross Margins of 6.5 ppts to 28.9% (FY22 22.4%). The Group also continued to successfully control overheads and EBITDA (stated on an IFRS 16 Basis) is expected to improve by £2.1m to £1.0m (FY22: loss of £1.1m).

The Group ended the period with net debt (being the net of cash and cash equivalents and the Group's loans and borrowings, excluding right of use lease liabilities) of c.£1.8m (FY22 £2.0m).  Cash and cash equivalents available to the Group were £2.1m (FY22 £1.8m). The Board believes that the improvement in its trading performance and the stability of its net debt and headroom level will put the Group in a positive position when engaging with its lending partners regarding covenants for March 2024 onwards. 

The Group has continued to win new business in the latter part of the year including thermal applications in electric vehicles. Our Neptune technology provides a significant performance advantage in reducing the thermal losses in electric vehicles and thereby reducing the draw down of energy from electric batteries which helps to extend vehicle range. The Company has also launched a 100% fully recyclable version of Neptune which has received very good interest from OEMs as they strive to have more recyclable content in future vehicles.

The Board expects a continued recovery in the Automotive market and therefore anticipates further growth in sales and EBITDA in FY24.

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About Autins

Autins is a UK and continental Europe based industrial materials technology business that specialises in the design, manufacture, and supply of acoustic and thermal products. Its key markets are automotive, flooring, office furniture and commercial vehicles where it supplies products and services to more than 160 customer locations across Europe.

Autins is the UK and European manufacturer of the patented Neptune melt-blown material and specialises in the design, manufacture, and supply of acoustic and thermal insulation solutions.