Last checked at 10 Oct 2022 07:00
10 October 2022
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 2022.
Overall, Group sales for H2 FY22 were similar to H1 FY22. However, there was a reduction in the Q4 sales rate, principally as a result of further production line disruption at the Group's major customer due to supply side restrictions on the availability of semi-conductors, which is expected to continue through H1 FY23. Input cost inflation has continued throughout H2 FY22, which has increased pressure on gross margins.
The unaudited EBITDA loss for H2 FY22 is expected to be in the region of £1.0m (H1 FY22: loss £0.3m). The group absorbed £1.3m of cash in H2 FY22 (H1 FY22: £1.3m absorbed, excluding the net proceeds from the December 2021 share placing).
In response to the further delay in the recovery of the automotive market and input costs inflation, the Group is taking actions to reduce operational costs and improve profitability. The Group has commenced significant restructuring actions in the UK and concluded a number of key commercial discussions that help to restore gross margins. These initiatives will improve profitability immediately and, as a result, losses are expected to significantly reduce in the short term and the Group will be better positioned to take advantage of a future recovery of the European automotive market.
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 £2.4m (FY21 £2.7m). Cash and cash equivalents available to the Group were £1.5m (FY21 £1.3m).
For further information please contact:
Autins Group plc Gareth Kaminski-Cook, Chief Executive Kamran Munir, CFO
|
Via SEC Newgate |
Singer Capital Markets (Nominated Adviser and Broker) Mark Taylor / Asha Chotai
| Tel: 020 7496 3000 |
SEC Newgate (Financial PR) Bob Huxford, Molly Gretton, Max Richardson
| Tel: 020 7653 9850
|
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.