REG - Autins Group PLC - Full-Year Trading Update

AutinsAnnouncement

20/10/2023 07:00

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RNS Number : 7275Q  Autins Group PLC  20 October 2023

 

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.

 

For further information please contact:

 Autins Group plc

 Gareth Kaminski-Cook, Chief Executive   Via SEC Newgate

 Kamran Munir, CFO

 Singer Capital Markets                  Tel: 020 7496 3000

 (Nominated Adviser and Broker)

 James Moat / Asha Chotai

 SEC Newgate                             Tel: 020 7653 9850

 (Financial PR)

 Bob Huxford / Molly Richardson

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.

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