REG - Autins Group PLC - Final Results
24/06/2025 07:00
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RNS Number : 0650O Autins Group PLC 24 June 2025
24 June 2025
Autins Group plc
(the "Company" or the "Group")
Final Results
Autins Group plc (AIM: AUTG), the UK and European based manufacturer of our
proprietary Neptune melt-blown material and specialist in the design,
manufacture, and supply of acoustic and thermal insulation solutions,
announces its results for the 18 month period ended 31 March 2025 (following
the change of its accounting reference date, announced on 27 June 2024).
Financial Summary
Financial performance in the 18 month period to 31 March 2025, compared to the
12 month period ended 30 September 2023 (FY23):
· Revenue was £31.1m (FY23: £22.7m)
· Gross profit was £9.9m (FY23: £6.7m)
· Gross margin was 31.9% (FY23: 29.5%)
· EBITDA(1) before exceptional costs was £2.2m to (FY23: £1.2m)
· Loss before tax was £1.7m (FY23: £1.0m)
· Loss per share was 3.05p (FY23: 1.67p)
· Net cashflow from operating activities was £3.6m (FY23: £2.1m)
· Operating working capital improved by £1.6m (FY23: £0.8m)
· Cash and cash equivalents were £1.4m (FY23: £2.1m)
· Net debt(2) excluding IFRS16 lease liabilities was £1.1m (FY23:
£1.6m)
1. EBITDA is adjusted for exceptional costs.
2. Net debt is cash less bank overdrafts, loans, invoice financing, hire
purchase finance and excludes right of use lease liabilities.
Operational Highlights
· New Executive team in place (Andy Bloomer - CEO from April 2024 and
Des Dimitrov - CFO from March 2025).
· "Survive and Thrive" strategy embedded within the business with
positive results.
· Cost control and efficiency improvements have allowed us to reduce
losses resulting in a small net profit in the final quarter of the financial
period.
· We have commenced repayment of our existing loans, ensuring
covenant compliance and are forecasting to be long term debt free by July
2026.
· We have won new business both in UK and in Germany winning £4.7m
per annum in recurring revenue, with more expected in the current financial
year. Our won new business includes first awards for our new AuDuct and AuTrim
products.
· Our continued commitment to ESG has led to an 58% reduction in the
material sent to landfill over the last year.
Outlook
· Like most UK/EU automotive component manufacturers, we are facing a
level of short-term revenue uncertainty due to US tariff introduction. We are
encouraged by the UK/US deal and are hopeful of something similar to follow
for the EU.
· Despite this, due to our recent new business wins, coupled with
our cost and efficiency improvements, we expect to deliver a net profit in
FY26 which would be our first since 2017, and improved profitability
thereafter.
Andy Bloomer, Chief Executive of Autins, said:
"We are very proud of the results we present today, they act as a
demonstration of the hard work from all the Autins team to transform this
business and show we are moving in the right direction. Our "Survive and
Thrive" strategy has been embedded across the business bringing efficiency and
other tangible benefits. We expect to continue to see the positive results of
this over the coming years.
Our core business is performing well with new business awards setting us on a
growth trajectory. Our first wins with our new AuDuct and AuTrim products
provide even greater excitement for our future."
Chair's statement
Overview
The 18 month period to 31 March 2025 ("FY25") was a period of reset and
increased stability for the Group.
The automotive market as a whole remains cautious. Manufacturers are
increasingly moving to electric platforms but are still waiting for consumer
demand to readjust. More recently, the imposition of tariffs from the USA
has further caused OEMs to re-evaluate their global supply chains. While any
negative impact for the UK has been significantly reduced through the recent
UK/US trade deal, European OEMs are still working through the implications for
their European production that would normally be sold into the USA.
Since April 2025, companies in the UK have also had to absorb significant
increased employment costs through increases to the minimum wage and changes
to national insurance. This has put additional pressure on UK supply chains.
Although this seem to be a rather challenged backdrop, we believe that the
current market provides exciting opportunities for growth for Autins. We
have made many changes in FY25 to refocus and re-energise the Group and look
forward to FY26 with renewed confidence.
A new executive team
We have refreshed our executive Board team. In April 2024, we welcomed Andy
Bloomer as CEO of the Group and in March 2025, Des Dimitrov was formally
promoted to CFO, having supported Andy as the most senior financial executive
in the Group since November 2024. These changes have brought a very positive
energy to the Group and a sharp focus on the implementation of our "Survive
and Thrive" strategy.
A new strategic focus
The first part of our "Survive and Thrive" strategy is to re-establish
earnings per share to the Group after a period of losses. As such, we have
focussed on reducing costs and improving operational efficiency in the
business. These measures are detailed in the CEO Statement that follows and
have resulted in a small net profit in the final quarter of FY25. This was
an improved performance compared to our initial internal expectations which
resulted in the Group ending the period with strong cash balances and reduced
net debt. The Group has met all of its banking covenants in FY25 and
continues to make all scheduled repayments of our bank loans. Our UK fixed
term loans are all due to be repaid by July 2026. Our financial performance
for FY25 is set out in detail in the CFO Report that follows.
The second part of our strategy is to thrive. We will do this primarily
through organic growth and also consider acquisition opportunities.
Our organic growth is driven by a combination of increasing our sales share
with existing customers and winning new customer business supported by
bringing innovative products to the marketplace. In FY25, we launched our
Auduct and Autrim products that enable us to sell higher value products to new
and existing customers and allow us to offer solutions to new areas of the
cabin. In addition, we have invested in research and development for our
proprietary Neptune material, resulting in improved operational delivery of
our core Neptune product. These innovations provide a more commercial platform
for future growth. In addition, by introducing these new products and
materials, we establish ourselves as an innovation partner for our customers
which will lead to more in-depth, significant relationships with them.
We experienced growing levels of enquiries in FY25 across all regions. In
the UK, we won contracts for anticipated annualised sales of £1.3m, the
majority of which are expected to start in FY26. In Germany, we won
contracts for anticipated annualised sales of €4.0m, the majority of which
are expected to start in FY27. The automotive industry is a long-term
business, with contracts for new platforms typically lasting six to eight
years, so the sales success in FY25 will provide a solid foundation for the
business for many years to come.
We have also begun to explore growth through acquisition. We believe that
there are a number of businesses with attractive core products and existing
platform sales that have struggled to adapt to the changing demands of the
automotive industry over the past few years. These require restructuring but
could prove attractive additions to our core business in the right
circumstances. We have demonstrated our ability to "right size" a business
through our own recent restructuring and believe that these skills can be used
to consolidate other businesses into our Group. A key part of our "thrive"
strategy is to establish Autins as a market consolidator over the coming
years.
A new engagement with our shareholders
We understand that an important part of our strategy will be to re-invigorate
interest in the Group with existing and potential investors which is a key
part of our strategy, working with our broker to do so. We are also committed
to engaging with retail investors, alongside our institutional investor base,
which we intend to do throughout the year, via our website and other investor
communications.
Outlook
The Board expects the business to deliver a net profit for FY26, which we
expect to continue in FY27.
The net profit for FY26 is not expected to be delivered evenly over the year.
The first half of the year is being impacted by higher costs of employment and
uncertainty regarding US tariffs. Short term sales will also be impacted by
planned shutdowns to prepare for new electric platforms in our customer
base. However, our sales are forecast to increase in the second half of the
year, when new contracts ramp up to full production, which we expect to
continue into FY27.
The Board is very encouraged by the progress of its "Survive and Thrive"
strategy and believes it has established a stable foundation from which to
develop net profit growth in the future.
Adam Attwood
Chair
CHIEF EXECUTIVE OFFICER'S REVIEW
I am pleased to present my first CEO report since joining in April 2024 and
have therefore been CEO for 12 of the 18 month FY25 period. When I joined
Autins, I discovered a Group with good people, products and processes, but one
which had lost its confidence over the preceding years, it had spent such a
long time trying to ensure it remained in existence that it was struggling to
transition to prepare for growth.
I have spent the last 12 months getting to know the teams, learning the
business, creating and then enacting our strategy. I am proud of what we have
achieved over the last 12 months and am excited for what the future will
bring.
Strategic Delivery: "Survive and Thrive"
FY25 has been a transitional period for Autins. Over the past 12 months, we
have focused on creating a sustainable platform for future growth through the
implementation of our "Survive and Thrive" strategy. The Board, the leadership
team, and I have remained singularly focused on delivering against this plan.
Survive: Stabilising the Business
The first phase of our strategy has centred on operational and financial
stabilisation. Key achievements include:
· Workforce optimisation, we have changed shift patterns to improve
efficiency as well as ensuring indirect staffing levels are appropriate for a
business of our size.
· Better integration of our Swedish and German operations, enabling
better capability and capacity sharing. For example, sharing manufacturing
best practices contributed to the German efficiency improvements.
· Significant reduction in PLC costs, aligning our overheads with the
scale of our business we have delivered savings of £0.25m per annum through
reduction in executive salaries and other PLC related costs.
· Operational improvements in our German facility, halving our scrap
rate, increasing our material yield and tighter inventory control has helped
transform our German business from being loss making at the start of the
period to break even by the end with an expectation to move to net profit in
FY26.
· Enhanced production efficiency of Neptune, increasing our knowledge and
understanding of raw materials, the production process and finished product
has allowed us to improve quality and available capacity for future planned
volume increases
· Continued inventory management improvements, unlocking working capital
while minimising supply chain risk. Our improvements freed up £1.6m in
operating working capital in FY25.
· Restructuring and repayment of existing loans, Over the period we have
repaid £1.4m on our outstanding loans, ensured on-going covenant compliance
and improved financial stability with a forecast to be long-term debt free by
July 2026.
Thrive: Building for Growth
Having laid the groundwork, we transitioned our focus to future growth, with
important progress made across the following areas:
· Diversification of our customer base, with new relationships
developed in the automotive, commercial vehicle and off highway space reducing
our overall reliance on UK automotive OEM's. Increasingly, European customers
are specifying our material as their preference, giving us confidence that our
German business, in particular, will grow significantly faster than the
overall automotive industry in the coming years.
· Product innovation and investment, primarily the development of AuDuct
and AuTrim, both of which secured initial project wins during the period
(£0.8m per annum starting in FY26). AuDuct is our proprietary fibre-based
duct solution offering significant performance improvements over conventional
blow moulded ducts, whilst AuTrim is our fibre-based A-surface material
offering a cost-effective aesthetic alternative to hard moulded plastic
components.
· Expansion of commercial capacity, including the recruitment of sales
staff to work in adjacent markets as well as key industry experts to assist
with new business acquisition. Adding capacity and capability has allowed us
to significantly increase our pipeline of potential sales in the last 12
months.
· Improving revenues per vehicle, introduction of new higher valued
product lines including AuDuct and AuTrim, as well as better penetration of
our existing product lines allows us to have more content on upcoming vehicle
platforms.
· Strengthening of internal processes, including enhanced
forecasting, reporting, and communication has enabled faster, more informed
decision-making, better communication across the business and improved buy in
of our strategic priorities.
· Capital investment in Germany, with new machinery installed to
support recently awarded contracts and our continued European growth
trajectory. The new machinery increases our capacity for additional
business, such as a new £2m per annum contract which started at low volume in
Q1 FY26 and is expected to ramp up to full production by Q3 FY26.
Business performance
Overall, Autins has continued to demonstrate resilience and strategic focus
amidst on-going industry headwinds. While our revenue performance remains
closely tied to automotive production volumes, we are increasingly decoupling
from the fluctuations of UK vehicle manufacturing. Our expanding presence in
European markets is beginning to diversify and strengthen our revenue base,
reducing reliance on domestic automotive production and supporting more
balanced, sustainable growth.
In the most recent six-month period to 31 March 2025, we recorded a 2%
reduction in revenue, while simultaneously delivering a 2.6 percentage point
improvement in gross margin and a 2.1% uplift in adjusted EBITDA, compared to
the prior six months. These improvements underscore that we are moving firmly
in the right direction in terms of efficiency.
ESG Commitment
Environmental, Social and Governance (ESG) considerations remain embedded in
our strategy and culture. We are acutely aware of the impact our operations
have on employees, communities, customers, and the environment. We take this
responsibility seriously and are committed to continuous improvement in all
areas.
One area where we have made exceptional progress is waste reduction. Over the
past year, we have achieved a 58% reduction in material sent to landfill, a
testament to our commitment to environmental stewardship and operational
efficiency.
Looking Ahead
This review marks a turning point in Autins' journey. While we remain mindful
of the challenges that persist in our industry, the decisive actions taken
throughout FY25 have laid a strong and stable foundation for future success.
As we look ahead to FY26, we do so with renewed confidence and ambition. Our
plans are underpinned by a clear growth strategy, and we are forecasting a
return to net profitability in the coming year.
My ambition for Autins is clear: to position Autins as the market leader in
acoustic and thermal management solutions for both the automotive sector and
adjacent industries. By deepening relationships with our existing customers
and expanding into new markets, we are confident in our ability to drive
sustained and profitable growth.
We also believe there is the opportunity to position Autins as the
consolidator of choice for UK and, in time, European OEMs. By selectively
pursuing acquisition opportunities that align with our strategic objectives,
we will enhance our capabilities, broaden our product range, extend our market
reach, and accelerate our growth trajectory.
This strategy of organic growth combined with targeted consolidation will
enable us to increase both revenue and earnings per share, creating long-term
value for our shareholders, whilst also positioning Autins as a market leader
in acoustic and thermal management solutions.
None of the achievements listed above would be possible without our people. I
would like to extend my sincere thanks to every member of the Autins team for
their hard work, commitment, and contribution over the past year. I would
also like to thank the Board for their support since I joined Autins. We have
a great team, and I am looking forward to going on this journey together.
Andrew Bloomer
Chief Executive Officer
CHIEF FINANCIAL OFFICER'S REVIEW
Financial performance in the 18 month period to 31 March 2025, compared to the
12 month period ended 30 September 2023 (FY23):
· Revenue was £31.1m (FY23: £22.7m)
· Gross profit was £9.9m (FY23: £6.7m)
· Gross margin was 31.9% (FY23: 29.5%)
· EBITDA before exceptional costs was £2.2m to (FY23: £1.2m)
· Loss before tax was £1.7m (FY23: (£1.0m)
· Cashflow from operating activities was £3.6m (FY23: £2.1m)
· Operating working capital improved by £1.6m (FY23: £0.8m)
· Cash and equivalents were £1.4m (FY23: £2.1m)
· Net debt, excluding IFRS16 lease liabilities was £1.1m (FY23:
£1.6m)
· CBILS loan repayments continued, MEIF repayment recommenced in
July 2024
Key actions during the period:
· Focus on margin improvements achieved through labour efficiency
and materials projects
· Property rental increases have been absorbed through on-going
costs optimisation initiatives
· Continued investment in new equipment for improved production
efficiency.
· Loan repayments are in line with loan agreements; we expect full
repayment of our UK long term loans by July 2026.
FY25 18 month performance overview
The period under review was a time of changes and challenges. Towards the end
of the period, I assumed the role of Chief Financial Officer, so this is the
first financial review I present to our stakeholders. In my new role I have
continued to increase the financial transparency across the Group,
reemphasising the importance of allocating capital in the most productive way
so that we remain competitive in our markets and position ourselves for
growth. Debt servicing is continuing in line with the loan agreements with
expected full repayment of UK long term loans by July 2026.
Revenues and margins
The challenging automotive market affected our revenues across all Group
companies in this 18 month period, after the recovery in the previous
financial year. We have won significant new contracts, most of which commence
after the period end and we expect to see their benefit in the new financial
year and beyond. In the face of challenging revenue performance, we continued
optimising our costs structures which led to further improvements of our gross
margins. The improvement in our margins primarily derived from materials
projects, labour efficiency, utilities reductions and strengthening of
Sterling against the US dollar, which certain of our materials are purchased
in. Transport costs across the Group improved, driven by rate negotiations
with suppliers and improved planning and logistics. Additionally, there were
cost savings in many other cost categories in comparison to the prior year,
the most notable being energy.
Other operating costs and EBITDA before exceptional costs
Combined distribution and administrative expenses, before exceptional costs,
for the 18 months were £10.6m, compared with £7.4m in the prior 12 month
financial year, a meaningful reduction towards right-sizing the business.
EBITDA before exceptional costs in the last six months of the 18-month period
improved significantly as most of the actions taken started to deliver.
Loss before tax
The net finance expense for the 18 month period was £0.7m (FY23: £0.5m),
which is a continuing decreasing trajectory as repayments are made on fixed
rate borrowings. In FY23 there was a £0.2m profit on disposal from our JV
share to our JV partner, Indica Industries UK Limited.
Currency
The Group's overseas operations and certain key raw material suppliers require
the Group to trade in currencies other than Sterling, our base currency.
During the period, operational transactions were conducted in US Dollar,
Swedish Krona and Euro. Certain purchases of key raw materials for production
are transacted in US Dollars and we implemented a hedging structure. As Euro
revenues continue growing, the Group continues to benefit from natural
hedging, arising from its structure and trading balances.
Borrowing and net finance expense
Total borrowings for the Group, excluding IFRS16 lease liabilities, reduced
significantly to £2.5m (FY23 £3.7m), as repayments have been made on the
CBILS and the MEIF term loans, whilst hire purchase liabilities marginally
increased following further investments in plant and equipment in Germany and
in the UK. All term loans have fixed interest rates, and the slight reduction
in the finance expense is a consequence of borrowing reduction following
repayments made. As a result, cash and cash equivalents decreased year on
year, however overall cash headroom remains strong. Our Group working capital
facilities remained entirely undrawn at the year end. As noted, the Group has
commenced repayment of the MEIF term loan, which requires full settlement by
31 January 2026. The lender has also waived covenants indefinitely.
The Board continues to review the Group's banking and funding arrangements
with a view to ensuring that they remain appropriate for its planned growth.
Cash, working capital and net debt
The Group ended the period with a net debt position of £1.1m excluding IFRS16
lease liabilities (FY23: £1.6m). The Group has continued to optimise
operating working capital during the period, improving it by £1.6m across the
Group.
Taxation
The effective tax rate in the period was below that expected based on current
UK corporation tax levels. Given the quantum of available tax losses compared
to expected profitability in the next two years, the Group has not recognised
the majority of current period losses as a deferred tax asset. The Group has
total tax losses of £11.5 million, the majority of which are in the UK, to
offset against future taxable profits.
Loss per share and dividends
Loss per share for the 18 month period was 3.05 pence (FY23: loss per share
1.67 pence) reflecting the net loss in the period. The weighted average number
of shares was 54,600,984 in the period (FY23: 54,600,984). The Board are not
proposing a final dividend for the current period (FY23: £nil) and no interim
dividend was paid (FY23: £nil).
Going concern
The financial statements, based on current and forecast trading, the annual
cash flow forecasts and the available sources of finance, have been prepared
on the going concern basis, further details of which are provided in the basis
of preparation of financial statements.
Desislav Dimitrov
Chief Financial Officer
Consolidated income statement
For the 18 months ended 31 March 2025
Note 18 months ended Year ended
31 March 2025
30 September
£000 2023
£000
Revenue 2 31,106 22,679
Cost of sales (21,198) (15,997)
Gross profit 9,908 6,682
Other operating income 9 6
Selling and distribution expenses (564) (562)
Administrative expenses excluding exceptional costs (10,082) (6,872)
Exceptional administrative costs (280) -
Administrative expenses (10,362) (6,872)
Operating loss before exceptional costs (729) (746)
Exceptional costs 3 (280) -
Operating loss 3 (1,009) (746)
Finance income 4 20 -
Finance expense 4 (724) (501)
Share of post-tax profit of equity accounted joint ventures - 5
Profit on disposal of interest in joint venture 201
Loss before tax (1,713) (1,041)
Tax credit 49 128
Loss after tax for the period (1,664) (913)
Loss per share for loss attributable to the owners of the parent during the
period
Basic (pence) 5 (3.05)p (1.67)p
Diluted (pence) 5 (3.05)p (1.67)p
All amounts relate to continuing operations.
Consolidated statement of comprehensive income
For the 18 months ended 31 March 2025
18 months Year ended 30 September
ended
31 March 2025 2023
£000 £000
Loss after tax for the period (1,664) (913)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Currency translation differences 22 (7)
Total comprehensive expense for the period (1,642) (920)
Consolidated statement of financial position
As at 31 March 2025
31 March 2025 30 September 2023
£000 £000
Non-current assets
Property, plant and equipment 7,873 8,407
Right-of-use assets 4,658 4,302
Intangible assets 2,814 2,839
Total non-current assets 15,345 15,548
Current assets
Inventories 1,449 2,343
Trade and other receivables 4,063 4,275
Cash and cash equivalents 1,384 2,090
Total current assets 6,896 8,708
Total assets 22,241 24,256
Current liabilities
Trade and other payables 4,927 4,468
Loans and borrowings 1,712 1,306
Lease liabilities 1,158 889
Total current liabilities 7,797 6,663
Non-current liabilities
Trade and other payables 98 99
Loans and borrowings 751 2,387
Lease liabilities 4,422 4,280
Deferred tax liability - 12
Total non-current liabilities 5,271 6,778
Total liabilities 13,068 13,441
Net assets 9,173 10,815
Equity attributable to equity
holders of the company
Share capital 1,092 1,092
Share premium account 18,366 18,366
Other reserves 1,886 1,886
Currency differences reserve (125) (147)
Profit and loss account (12,046) (10,382)
Total equity 9,173 10,815
Consolidated statement of changes in equity
For the 18 months ended 31 March 2025
Share capital Share premium Other reserves Currency differences Profit and Total
£000
£000
account reserve loss account Equity
£000
£000 £000 £000
At 30 September 2023 1,092 18,366 1,886 (147) (10,382) 10,815
Comprehensive income for the period
Loss for the period - - - - (1,664) (1,664)
Other comprehensive income - - - 22 - 22
Total comprehensive expense for the period - - - 22 (1,664) (1,642)
At 31 March 2025 1,092 18,366 1,886 (125) (12,046) 9,173
Share capital Share premium Other reserves Currency differences Profit and Total
£000
£000
account reserve loss account Equity
£000
£000 £000 £000
At 30 September 2022 1,092 18,366 1,886 (140) (9,469) 11,735
Comprehensive income for the year
Loss for the year
- - - - (913) (913)
Other comprehensive income
- - - (7) - (7)
Total comprehensive expense for the year - - - (7) (913) (920)
At 30 September 2023 1,092 18,366 1,886 (147) (10,382) 10,815
Consolidated statement of cash flows
For the 18 months ended 31 March 2025
18 months ended 31 March 2025 Year ended
£000 30 September 2023
£000
Operating activities
Loss after tax (1,664) (913)
Adjustments for:
Income tax (49) (128)
Net finance expense 704 501
Foreign exchange losses 57 -
Depreciation of property, plant and equipment 1,125 895
Depreciation of right-of-use assets 1,579 817
Amortisation of intangible assets 228 199
Profit on disposal of interest in joint venture - (201)
Share of post-tax profit of equity accounted joint ventures - (5)
1,980 1,165
Change in trade and other receivables 127 (723)
Change in inventories 871 291
Change in trade and other payables 388 1,274
1,386 842
Cash generated from operations 3,366 2,007
Income taxes received 192 67
Net cash flows from operating activities 3,558 2,074
Investing activities
Interest received 20 -
Purchase of property, plant and equipment (539) (531)
Purchase of intangible assets (198) (82)
Proceeds from disposal of tangible fixed assets - 118
Proceeds from disposal of interest in joint venture - 180
Net cash used in investing activities (717) (315)
Financing activities
Interest paid (724) (501)
Bank loans repaid (1,424) (179)
Principal paid on lease liabilities (1,524) (851)
Hire purchase finance advanced 267 205
Hire purchase agreements repaid (136) (110)
Net cash used in financing activities (3,541) (1,436)
Net (decrease)/increase in cash and cash equivalents (700) 323
Cash and cash equivalents at beginning of period 2,090 1,786
Foreign exchange movements (6) (19)
Cash and cash equivalents at end of period 1,384 2,090
31 March 30 September 2023
2025 £000
£000
Cash and cash equivalents comprise:
Cash balances 1,384 2,090
Reconciliation of movements in net cash/financing liabilities
18 months ended 31 March 2025 Opening Cash flows Non-cash movements Closing
£000 £000 £000 £000
Cash and cash equivalents
Cash balances 2,090 (700) (6) 1,384
Financing liabilities
Bank loans (3,456) 1,424 (6) (2,038)
Hire purchase liabilities (237) (131) (57) (425)
Lease liabilities (5,169) 1,970 (2,381) (5,580)
(8,862) 3,263 (2,444) (8,043)
(6,772) 2,563 (2,450) (6,659)
Year ended 30 September 2023 Opening Cash flows Non-cash movements Closing
£000 £000 £000 £000
Cash and cash equivalents
Cash balances 1,786 323 (19) 2,090
Financing liabilities
Bank loans (3,625) 179 (10) (3,456)
Hire purchase liabilities (142) (95) - (237)
Lease liabilities (5,452) 1,116 (833) (5,169)
(9,219) 1,200 (843) (8,862)
(7,433) 1,523 (862) (6,772)
Material non cash transactions
Financing liabilities include lease liabilities, primarily in respect of
property leases, following the adoption of IFRS16 from 1 October 2019.
Additions of £1,925,000 and foreign exchange movements of £10,000 are shown
in non-cash movements together with financing charges of £446,000 (FY23:
£610,000 of additions net of foreign exchange movements of £42,000 together
with financing charges of £265,000).
Notes to the Final Results
1. Basis of preparation of financial statements
While the financial information included in this annual financial results
announcement has been prepared in accordance with the recognition and
measurement principles of International Accounting Standards in conformity
with the requirements of the Companies Act 2006 and UK-adopted IFRS, this
announcement does not contain sufficient information to comply therewith.
The financial information set out above does not constitute the Company's
statutory accounts for the 18 months ended 31 March 2025 and the year ended 30
September 2023 but is derived from those accounts. Statutory accounts for the
year ended 30 September 2023 have been delivered to the Registrar of Companies
and those for the 18 months ended 31 March 2025 will be delivered following
the Company's annual general meeting.
The auditors have reported on those accounts; their reports were unqualified
and did not include references to any matters to which the auditors drew
attention by way of emphasis without qualifying their reports.
Their reports for the 18 month period ended 31 March 2025 and for the year
ended 30 September 2023 did not contain statements under s498 (2) or (3) of
the Companies Act 2006.
The consolidated financial statements
are drawn up in sterling, the functional currency of Autins Group
plc. The level of rounding for the financial statements is the nearest thousand
pounds.
Changes in accounting policies
These financial statements have been prepared in accordance with UK-adopted
international accounting standards in conformity with the requirements of the
Companies Act 2006 for periods beginning on or after 1 October 2023 with no
new standards adopted in these financial statements.
New accounting standards applicable to future periods
There are no new standards, interpretations and amendments which are not yet
effective in these financial statements, expected to have a material effect on
the Group's future financial statements.
Going Concern
The Directors have concluded that, based on current and forecast trading, the
annual cash flow forecasts, and the available sources of finance, that it is
appropriate to prepare these financial statements on the going concern basis.
The Directors have prepared trading and cash flow forecasts through to 31
March 2027.
The trading forecasts take into consideration:
· the current and expected demand schedules from the Group's key
automotive customers, changes in expected demand for flooring products in
Germany and the levels of enquiries for new business;
· the impact of current and future expected demand levels for new
vehicles, the migration to EVs and publicly available forward looking market
information on market sizes and dynamics; and
· the current cost structure of the Group and an allowance for known
increases and reductions including various projects to improve efficiency in
the production and procurement processes.
The key sensitivities in the trading forecasts are automotive revenue levels,
end market vehicle sales mix and the timing of orders placed by customers.
These sensitivities have been factored into the forecasts.
The cash flow forecasts are derived from the trading forecasts and include the
repayment of loans in accordance with the agreements with the lenders, further
details of which are provided below. The cash flow forecasts also assume that
working capital is managed in line with the commercial agreements and provide
a contingency.
The facilities available to the Group comprise a UK invoice finance facility
of up to £3.5 million and combined overdraft facilities in Germany and Sweden
of £0.2 million, none of which are currently drawn. As at 31 May 2025,
shortly before the reporting date, the cash headroom, including the undrawn
facilities was £2.8 million. The minimum cash headroom, comprising cash at
bank and available facilities, in the forecasts for a period of 12 months from
the date of signing these financial statements is £1.4 million in January
2026, following the full repayment of the MEIF term loan.
As at 31 March 2025, the Group had:
· a UK CBILS loan of £0.9 million;
· a MEIF loan of £1.0 million; and
· a German Government loan of £0.2 million.
The UK CBILS loan is repayable in quarterly instalments of £146,154 through
to July 2026. A revised facility agreement was signed in relation to this loan
in July 2024 which included covenants in relation to minimum EBITDA levels,
minimum levels of cash at bank plus available facilities (liquidity) and
maximum net leverage (total debt, excluding IFRS 16 liabilities, as a multiple
of EBITDA), which are measured quarterly. The forecasts demonstrate that in
the period of at least 12 months from signing these financial statements the
covenants are fully complied with.
A revised facility agreement was also signed in July 2024 in relation to the
MEIF loan, which schedules full repayment of the loan by 31 January 2026. This
facility does not include any covenants.
The German Government loan is repayable in quarterly instalments of £8,000
through to 2030.
2. Revenue and segmental information
Revenue analysis
18 months ended Year ended
31 March 2025 30 September 2023
£000 £000
Revenue arises from:
Sales of components 30,891 22,513
Sales of tooling 215 166
31,106 22,679
Segmental information
The Group currently has one main reportable segment in each year, namely
Automotive NVH which involves provision of insulation materials to reduce
noise, vibration and harshness to automotive manufacturing. Turnover and
operating profit are disclosed for other segments in aggregate as they
individually do not have a significant impact on the Group result. These
segments have no material identifiable assets or liabilities.
Factors that management used to identify the Group's reportable segments
The Group's reportable segments are strategic business units that offer
different products and services.
Measurement of operating segment profit or loss
The accounting policies of the operating segments are the same as those
described in the summary of significant accounting policies.
The Group evaluates performance on the basis of operating profit/(loss) before
exceptional items. Automotive remained the only significant segment in the
period.
The Group's non-automotive revenues are included within the others segment.
Segmental analysis for the 18 months ended 31 March 2025
Automotive Others 2025
NVH Total
£000 £000 £000
Group's revenue per consolidated statement of comprehensive income 29,424 1,682 31,106
Depreciation 2,704
Amortisation 228
Segment operating loss before exceptional items (670) (59) (729)
Exceptional costs (280)
Finance income 20
Finance expense (724)
Group loss before tax (1,713)
Additions to non-current assets 2,724 - 2,724
Reportable segment assets/total Group assets 22,241 - 22,241
Reportable segment liabilities/total Group liabilities 13,068 - 13,068
Segmental analysis for the year ended 30 September 2023
Automotive Others 2023
NVH £000 Total
£000 £000
Group's revenue per consolidated statement of comprehensive income 20,074 2,605 22,679
Depreciation 1,712
Amortisation 199
Segment operating loss (687) (59) (746)
Finance expense (501)
Profit on disposal of joint venture interest 201
Share of post-tax loss of equity accounted joint ventures 5
Group loss before tax (1,041)
Additions to non-current assets 1,225 - 1,225
Reportable segment assets/total Group assets 24,256 24,256
Reportable segment liabilities/total Group liabilities 13,441 13,441
Revenues from one UK customer in the period ended 31 March 2025 total
£10,890,000 and £5,190,000 of revenue arose from two other European
customers (FY23: one customer £7,658,000 and £3,800,000 of revenue arose
from two other European customer). This largest customer purchases goods from
Autins Limited in the United Kingdom and there are no other customers which
account for more than 10% of total revenue.
External revenues by location of customers
18 months ended 31 March Year ended
2025 30 September 2023
£000 £000
United Kingdom 17,757 12,832
Sweden 1,111 709
Germany 6,737 6,434
Other European 5,332 2,595
Rest of the World 169 109
31,106 22,679
The material non-current assets outside of the United Kingdom at 31 March 2025
are £1,108,000 (30 September 2023: £892,000) of fixed assets including
right-of-use assets and £493,000 (30 September 2023: £488,000) of goodwill
in respect of the Swedish subsidiary, together with £1,218,000 of fixed
assets including right-of-use assets (30 September 2023: £564,000) in
Germany. £270,000 (30 September 2023: £268,000) of cash balances are held in
Germany and £211,000 in Sweden (2023: £107,000) with the cash partly
utilised to repay intercompany debt owed to a UK group company.
3. Operating loss
The operating loss is stated after charging/(crediting):
18 months ended 31 March 2025 Year ended 30 September 2023
£000 £000
Foreign exchange losses 4 43
Depreciation of property, plant and equipment 1,125 889
Depreciation of right-of-use assets 1,579 817
Amortisation of intangible assets 228 199
Cost of inventory sold 19,973 14,910
Impairment of trade receivables 42 72
Research and development expenditure 102 11
Other government assistance and grants (9) (6)
Employee benefit expenses 9,238 6,210
Lease payments (short term leases only) 92 164
Auditors' remuneration:
Fees for audit of the Group 85 70
Exceptional costs in the 18 months ended 31 March 2025 relate to the payments
of salaries to the former CEO and CFO during their notice periods and
recruitment costs for the new CEO.
4. Finance income and expense
18 months ended 31 March 2025 Year ended 30 September
£000 2023
£000
Finance income
Bank interest receivable 20 -
Finance expense
Bank interest payable 242 200
Amortisation of loan issue costs 13 16
Right-of-use asset financing charges 446 265
Interest element of hire purchase agreements 23 20
724 501
5. Loss per share
18 months ended 31 March 2025 Year ended
£000 30 September
2023
£000
Loss used in calculating basic and diluted EPS (1,664) (913)
Number of shares
Weighted average number of £0.02 shares for the purpose of basic earnings per 54,601 54,601
share ('000s)
Weighted average number of £0.02 shares for the purpose of diluted earnings 54,601 54,601
per share ('000s)
Loss per share (pence) (3.05)p (1.67)p
Diluted loss per share (pence) (3.05)p (1.67)p
Loss per share has been calculated based on the share capital of Autins Group
plc and the loss of the Group for both periods.
6. Annual report and accounts
The annual report and accounts will be available to members of the public at
the Company's registered office at Central Point One, Central Park Drive,
Rugby, CV23 0WE and on the Company's website www.autins.co.uk/investors
(http://www.autins.co.uk/investors) .
7. Annual General Meeting
The Annual General Meeting of Autins Group plc will be held at the Company's
main offices at Central Point One, Central Park Drive, Rugby, Warwickshire,
CV23 0WE on 17 September 2025 commencing at 10:30am.
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