REG - Autins Group PLC - Interim Results
27/06/2023 07:15
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RNS Number : 9521D Autins Group PLC 27 June 2023
27 June 2023
Autins Group plc
("Autins" the "Company" or the "Group")
Interim Results
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,
announces its results for the six months ended 31 March 2023.
Financial Summary
· Revenue increased by 15.4% to £10.84m (H1 22: £9.39m)
· Gross profit increased by 30.2% to £3.06m (H1 22: £2.35m)
· Gross margins increased by 3.1%pts to 28.2% (H1 22: 25.1%)
· EBITDA(1) was a profit of £0.34m (H1 22: £0.35m loss)
· Loss after tax of £0.90m (H1 22: loss of £1.38m)
· Loss per share of 1.65p (H1 22: loss of 2.83p)
· Operating cashflow was a £0.36m net inflow (H1 22: £0.36m net
outflow)
· Net debt(2) excluding IFRS16 lease liabilities increased to £2.42m (H1
22: £1.03m)
· Cash and cash equivalents were £1.27m at the period end (H1 22
£2.78m)
· Group cash headroom(3) was £3.50m (H1 22: £5.15m)
1: EBITDA is stated on an IFRS 16 basis.
2. Net debt is cash less bank overdrafts, loans, invoice discounting, hire
purchase finance and excludes right of use lease liabilities.
3. Sum of net cash at bank and residual invoice financing capacity.
Operational Highlights
· Significant financial benefits from price, material and cost
improvements, adjustments to commercial contracts, and restructuring actions.
· The supply chain to the UK automotive market is more stable, although
sales volumes were c.5% lower than the prior year.
· Automotive sales in Germany are up 65% year on year including 2022 EV
platform wins.
· Flooring product sales were down 26% to £1.3m due to a slowdown in
European construction activity.
· Neptune retail sales continue to increase and are up 34% on H1 22 to
£4.4m.
· Gross profit increased primarily as a result of price, material and
improved labour productivity which more than offset input cost pressures,
leading to higher Group gross margins.
· Overheads were largely consistent year on year, despite Germany
adding a stock storage facility to assist growth.
· EBITDA improved by £0.7m, which was mirrored by an equivalent
improvement in operating cashflow year on year.
Gareth Kaminski-Cook, Chief Executive, said:
"I am pleased to report that we have seen a significant improvement in margins
and a return to EBITDA profitability, during the first half of 2023.
We have worked closely with our customers over the past 18 months to recover
the impact of increased input costs. Changes to our commercial contracts in
all regions during the first six months of the year are now flowing to the
bottom line. On top of this, actions taken in the period on headcount
reductions, improved operational efficiencies and smarter material sourcing
are all positively impacting performance. Whilst H2 2023 will see the full
benefits of these actions they will be partially offset by recent workforce
salary increases.
We were delighted to see our German automotive sales grow by 65% as project
wins, primarily with Neptune for EVs, began production. The flooring market
however has suffered as European construction activity weakened against a
tougher economic background.
Whilst margins have improved, it is clear that the business now needs more
volume. Although the automotive supply chains have stabilised somewhat, market
recovery is expected to remain modest into the medium term. This is partly due
to the economic backdrop, but also because of the limited number of new
vehicle models being launched by our major customers at this time. The focus
within the management team will continue to be on winning new business and
managing costs and margins."
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 Gretton
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, 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.
Overview
Group revenue in the period increased by £1.45m to £10.84m (H1 22: £9.39m),
which, combined with other actions, led to an EBITDA improvement of £0.69m to
£0.34m (H1 22: EBITDA loss of £0.35m).
Revenue in our automotive division improved in all three regions as supply
chains appeared to stabilise, albeit UK automotive volumes reduced slightly.
Germany benefited from new project starts, whilst the flooring business was
negatively impacted by slower European construction activity.
Protracted efforts with all our customers to recover the increased input costs
of the previous 12 months finally bore fruit with adjustments to almost all
customer contractual arrangements. The business also undertook further
restructuring actions and improved resourcing for key materials which
cumulatively have contributed to improve the gross margin by 3.1%pts to 28.2%
since the end of the last financial year.
Revenue
Revenue across the Group increased by 15.4% to £10.84m (H1 22: £9.39m)
driven primarily by price and contract improvements and automotive recovery in
Germany. Excluding some new contract wins, sales volumes declined from our key
automotive customers in the UK and German flooring customers.
Sales through the European operations made up 40% of Group turnover, slightly
up from H1 2022 at 37%, on the back of stronger performance in Germany.
Group automotive sales increased by 25% to £9.5m (H1 2022: £7.6m), driven
primarily by price increases and strong growth in Germany.
Automotive revenue in the UK increased by 11% to £6.5m (H1 2022: £5.9m),
with component revenue increasing by 11% and tooling remaining consistently
low, as the OEMs continue to release very few new projects.
German automotive sales benefited from the start of new projects that were won
in the previous years and more than compensated for the lower flooring sales
that reflect the weak European construction market. As a result, German sales
increased 25% to £3.7m (H1 22: £3.0m), with automotive sales up by 85% to
£2.4m (H1 22: £1.3m), and flooring sales declining by 22% to £ 1.3m (H1 22:
£1.7m). Sweden automotive sales increased by 20% to £0.6m (H1 22: £0.5m).
Non-automotive sales were lower by 24% in H1 23at £1.4m (H1 22: £1.8m),
driven by the drop in flooring demand described above. As a result,
non-automotive sales now account for 13% of Group turnover, down from 19% in
H1 22.
Sales concentration of our largest customer was 32.9% in H1 23, reducing from
38.3% last year, driven primarily by new projects in Germany. In the short to
medium term, management would expect this concentration will revert back
towards c.50% as UK automotive sales recover. Over the longer term, the sales
concentration is expected to reduce as we develop demand from a larger
customer base.
Gross margin
The collective actions taken to secure customer price increases, improve
operational efficiencies and lower material purchasing costs have improved
margins progressively since the end of the last financial year. Within this,
labour productivity and restructuring actions have also added significantly to
gross margin improvement. These actions have largely offset the significant
input cost challenges from the previous year and restored margins.
We are now in a situation where the largest impact on our gross profit is the
residual impact of low customer volumes flowing through the business that
reduce the absorption of fixed production overhead costs.
EBITDA profit and operating loss
The reported H1 23 EBITDA profit of £0.34m improved by £0.7m year over year,
(H1 22: EBITDA loss of £0.35m) and the reported operating loss was £0.65m
(H1 22: loss of £1.1m). For both years the EBITDA and operating loss do not
include any exceptional costs.
Joint venture
The Group's share of joint venture activities relates solely to Indica
Automotive, a UK based foam conversion business.
Turnover at Indica Automotive decreased marginally to £0.91m (H1 22:
£0.92m), with a loss after tax of £0.01m (H1 22: profit of £0.01m). The
Group remains the largest customer of the joint venture, and the ratio of
sales to the Group as a percentage of total sales has reduced from 73% to
52%.
Net finance expense
Net Finance expense for the period was consistent at £0.25m (H1 22: £0.26m)
including IFRS 16 charges of £0.13m (H1 22 £0.14m). The interest element of
hire purchase agreements is £0.01m (H1 22: £0.01m) with interest charged on
bank borrowings of £0.11m (H1 22: £0.12m).
Taxation
Given the continuing economic conditions, none of the losses carried forward
are recognised in deferred tax balances, consistent with the judgement made in
September 2022. A tax credit of £0.01m (H1 22: £0.01m) has been recognised.
Dividends
The Board continues to believe that a suspension in dividend payments remains
appropriate. As such, no interim dividend is proposed.
Net debt and financing
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 £2.42m (H1 22 £1.03m). Including £5.04m (H1 22 £5.25m)
arising from IFRS 16 lease liabilities, the Group's net debt would be £7.46m
(H1 22 £6.28m). Net debt has increased as a result of trading outflows. Cash
and cash equivalents at the period end were £1.3m (H1 22: £2.8m).
In January 2023, the Company secured a further deferment of UK loan repayments
until July 2023 from its primary lender and until the end of March 2024 from
its secondary lender. At 31 March 2023, the Group's UK HSBC facilities
provided up to £3.5m (H1 22: £3.5m) of invoice financing facility (subject
to available accounts receivable balances). In addition, £0.5m (H1 22:
£0.5m) of asset finance facilities are available, subject to covenant
compliance. At the end of the period, none of the invoice financing facility
had been utilised (H1 22: £nil) with £0.1m used from the asset finance
facility (H1 2022: £0.4m). Group cash headroom, being the sum of net cash at
bank and residual invoice financing capacity, was £3.5m (H1 22 £5.1m).
Currently, the HSBC term loan will re-commence quarterly payments of £146k in
July 2023.
Capital expenditure
The Group invested £0.1m (H1 22: £0.1m) in its operating facilities during
the period. The Group will commission new equipment in Germany during H2 with
a value of c.£300k, which will replace old equipment and improve efficiency
and capacity to meet growing demand.
Employees
In the UK, we have continued to focus on maximising employee engagement and retention. We continue to maintain a high visibility of senior management with staff through a combination of regular weekly cross functional planning meetings coupled with informal feedback "coffee" sessions. The banked hours scheme continues to be successful by providing surety of workers' income whilst customer demand patterns continue to be variable. We have continued to convert the majority of temporary staff positions to permanent roles to aid core team strength. Production pay rates have been increased by more than 8% and continue to exceed the national living wage. Overtime rates continue with strong premiums to improve net take home pay, with pay bandings related to multi-skilling and personal performance also being improved. Staff retention, excluding redundancies, has been in excess of 93% during the period.
Teamwork has improved over the last 18 months positively impacting productivity, quality, customer service and the net cost in the factories. This has been critically important during a period where availability of labour continues to be a key challenge for manufacturers, and it is pleasing to see that some former colleagues have chosen to return to Autins. Latterly we have introduced a bonus scheme for all UK operators to recognise when teams or individuals have directly and positively impacted margins.
The German and Swedish businesses both have very strong team cultures which benefit from strong leadership and stable, highly committed people.
Board
In May 2023, we announced that Andrew Burn had joined the Board as a Non-Executive Director.
Neil MacDonald will resign from the Board of Directors at the end of June 2023. We would like to thank him for his excellent service and wish him well for the future.
Going Concern
In approving these Interim Financial Statements, the Board has considered
current trading, profit and cash flow forecasts and assessed existing
borrowings and available sources of finance.
At the time of releasing our full year financial statements, forward looking
profit, and cash flow projections for FY23, and FY24 were prepared and
considered. As reported in January, our major UK lenders extended covenant
waivers until the end of March 2024 and capital payment deferments were
extended until July 2023 with our primary lender, and until at least April
2024 with our secondary lender.
Financial forecasts and related sensitivities, compared with the prevailing
key customer demand schedules and forecasts, were assessed in detail in
January 2023. These assessments were documented in detail in our FY22 audited
financial statements.
UK sales volumes in H1 23 remained marginally below these forecasts, although
EBITDA and cash performance remained above the targets presented to the UK
lenders. The Board has assumed a slight improvement in revenues for H2 23,
with further improvement and new wins expected in FY24. However, there
remains uncertainty on the exact timing and sales improvement for the
automotive market against the current backdrop of global supply chain
considerations and continuously evolving vehicle platforms for which the
technical specifications and likely production quantities are still to be
reliably communicated.
Actions taken to protect gross margins against increases in energy, materials,
and labour costs have been successful in restoring gross margins.
The Company will continue further covenant compliance and capital repayment
review discussions with its two major lenders over the coming months for the
period beyond March 2024. Reaching an appropriate outcome is required to
ensure covenant compliance prevails beyond March 2024, albeit expected trading
and existing facilities should allow loans to be serviceable for at least the
next 12 month period. As at 20 June 2023, the last practicable date prior
reporting date, the Group's liquidity cash headroom was in excess of £3.5m.
Having due regard to all the matters described above, the Board have a
reasonable expectation that the Group will continue to have adequate resources
to remain in operation for at least 12 months after the release of these
financial statements. The Board has therefore determined to adopt the going
concern basis in preparing these financial statements.
Outlook
The price increases and cost reductions secured during H1 23 were critical to
protecting our financial position and improving our profitability, whilst we
strive to bring additional volume across our asset base. We will continue
this focus in H2 23.
The outlook for the automotive sector is improving but we expect our growth to
be modest in the short term. In particular, our ability to increase volumes
in the UK will be affected by the limited release of new vehicle models by key
OEMs, coupled with few opportunities to switch existing product programmes
away from incumbent suppliers.
The construction and building market activity is currently depressed due to
weak global economies, but we would expect our flooring sales to recover once
economic confidence rises across Europe.
Customers are requesting more environmentally friendly solutions and we have
responded by expanding the proportion of our product offering that is either
fully recyclable or made of recycled material. We have developed Neptune Green
and Neptune-R, and also launched a trademarked encapsulation product
SilentShell, specifically targeting NVH problems in electric vehicles.
Feedback has been positive from our major customers, and this will form the
backbone of our value proposition for future vehicles.
The focus of the management team will continue to be on winning new business
and further improving costs and margins.
Interim Consolidated Income Statement
Unaudited Unaudited Audited
Period Period Year Ended
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
Notes £'000 £'000 £'000
Revenue 2 10,843 9,392 18,873
Cost of sales (7,780) (7,039) (14,638)
Gross profit 3,063 2,353 4,235
Other operating income - 21 28
Distribution and administrative expenses (3,711) (3,504) (7,247)
Operating loss (648) (1,130) (2,984)
Finance expense (253) (263) (542)
Share of post-tax (loss)/profit of equity accounted
joint ventures (6) 4 (26)
Loss before tax (907) (1,389) (3,552)
Tax credit 8 8 277
Loss after tax for the period (899) (1,381) (3,275)
Earnings per share for loss attributable to the owners of the parent during
the period
Basic (pence) 3 (1.65)p (2.83)p (6.34)p
Diluted (pence) 3 (1.65)p (2.83)p (6.34)p
Interim Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
Period Period Year Ended
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
£'000 £'000 £'000
Loss after tax for the period (899) (1,381) (3,275)
Other comprehensive expense:
Items that may be reclassified subsequently to
profit and loss:
Currency translation differences (9) (17) (15)
Other comprehensive expense
for the period (9) (17) (15)
Total comprehensive expense
for the period (908) (1,398) (3,290)
Interim Consolidated Statement of Financial Position
Unaudited Unaudited Audited
As at 31/3/23 As at 31/3/22 As at 30/9/22
£'000 £'000 £'000
Non-current assets
Property, plant and equipment 8,477 9,390 8,949
Right-of-use assets 4,143 4,475 4,549
Intangible assets 2,937 2,991 2,987
Investments in equity-accounted
joint ventures 68 103 74
Deferred tax asset - 95 -
Total non-current assets 15,625 17,054 16,559
Current assets
Inventories 1,999 2,107 2,669
Trade and other receivables 4,624 3,954 3,433
Cash in hand and at bank 1,273 2,775 1,786
Total current assets 7,896 8,836 7,888
Total assets 23,521 25,890 24,447
Current liabilities
Trade and other payables 3,831 3,070 3,358
Loans and borrowings 848 384 860
Lease liabilities 785 830 825
Total current liabilities 5,464 4,284 5,043
Non-current liabilities
Trade and other payables 102 108 105
Loans and borrowings 2,847 3,417 2,907
Lease liabilities 4,259 4,415 4,627
Deferred tax liability 22 39 30
Total non-current liabilities 7,230 7,979 7,669
Total liabilities 12,694 12,263 12,712
Net assets 10,827 13,627 11,735
Equity attributable to equity holders of the
Company
Share capital 1,092 1,092 1,092
Share premium account 18,366 18,366 18,366
Other reserves 1,886 1,886 1,886
Currency differences reserve (149) (142) (140)
Accumulated losses (10,368) (7,575) (9,469)
Total equity 10,827 13,627 11,735
Interim Consolidated Statement of Changes in Equity Unaudited
Share capital Share premium account Other reserves Currency differences reserve Retained earnings Total
£'000
£'000 £'000 £'000 £'000 equity
£'000
At 1 October 2022 1,092 18,366 1,886 (140) (9,469) 11,735
Comprehensive expense for the period
Loss for the period - - - - (899) (899)
Other comprehensive expense - - - (9) - (9)
Total comprehensive expense for the period - - - (9) (899) (908)
At 31 March 2023 1,092 18,366 1,886 (149) (10,368) 10,827
Share capital Share premium account Other reserves Currency differences reserve £'000 Profit and loss account Total
£'000
£'000 £'000 (adjusted) equity
£'000 £'000
At 1 October 2021 792 15,866 1,886 (125) (6,194) 12,225
Comprehensive expense for the period
Loss for the period - - - - (1,381) (1,381)
Other comprehensive expense - - - (17) - (17)
Total comprehensive expense for the period - - - (17) (1,381) (1,398)
Contributions by and distributions to
owners
Shares issued in the period (note 4) 300 2,700 - - - 3,000
Share issue expenses (note 4) - (200) - - - (200)
Total contributions by and distributions to
owners 300 2,500 - - - 2,800
At 31 March 2022 1,092 18,366 1,886 (142) (7,575) 14,169
The balance sheet has been adjusted at 1 October 2021 and at 31 March 2022,
increasing accumulated losses and trade payables by £542,000, to reflect the
prior year adjustment reported in the 30 September 2022 financial statements.
Share capital Share premium account Other reserves Currency differences reserve Retained earnings Total
£'000
£'000 £'000 £'000 £'000 equity
£'000
At 1 October 2021 792 15,866 1,886 (125) (6,194) 12,225
Comprehensive expense for the year
Loss for the year - - - - (3,275) (3,275)
Other comprehensive income - - - (15) - (15)
Total comprehensive expense for the year - - - (15) (3,275) (3,290)
Contributions by and distributions to
owners
Shares issued in the period (note 4) 300 2,700 - - - 3,000
Share issue expenses (note 4) - (200) - - - (200)
Total contributions by and distributions to
owners 300 2,500 - - - 2,800
At 30 September 2022 1,092 18,366 1,886 (140) (9,469) 11,735
Interim Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
Period Period Year ended
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
£'000 £'000 £'000
Cash flows from operating activities
Loss after tax (899) (1,381) (3,275)
Adjustments for:
Income tax (8) (8) (277)
Finance expense 253 263 542
Depreciation of property, plant and equipment 543 340 884
Depreciation of right-of-use assets 384 377 831
Amortisation of intangible assets 81 81 163
Share of post-tax loss/(profit) of equity accounted
joint ventures 6 (4) 26
360 (332) (1,106)
(Increase)/decrease in trade and other receivables (1,250) (360) 261
Decrease/(increase) in inventories 670 326 (236)
Increase/(decrease) in trade and other payables 518 (32) 255
Cash flows from operations 298 (398) (826)
Income taxes received 59 37 291
Net cash flows from/(used in) operating activities 357 (361) (535)
Investing activities
Purchase of property, plant and equipment (82) (123) (219)
Purchase of intangible assets (75) (30) (112)
Dividend received from equity accounted
joint venture - 20 20
Net cash used in investing activities (157) (133) (311)
Financing activities
Interest paid (245) (255) (527)
Proceeds from issue of shares - 3,000 3,000
Share issue expenses paid - (200) (200)
Loan issue costs paid - - (3)
Repayment of loans (17) (100) (108)
Repayment of hire purchase liabilities (61) (44) (87)
Payment of lease liabilities (385) (366) (688)
Net cash flows (used in)/from financing activities (708) 2,035 1,387
Net (decrease)/increase in cash and cash equivalents (508) 1,541 541
Cash and cash equivalents at beginning
of period 1,786 1,238 1,238
Exchange losses on cash and cash equivalents (5) (4) 7
Cash and cash equivalents at end of period (all cash balances) 1,273 2,775 1,786
Notes to the Interim Consolidated Financial Information
1. Accounting policies
Description of business
Autins Group plc is a public limited company domiciled in the United Kingdom and quoted on AIM, a market operated by the London Stock Exchange. The principal activity of the Group is the design, manufacture, and supply of acoustic and thermal insulation solutions. The address of the registered office is Central Point One, Central Park Drive, Rugby, Warwickshire, CV23 0WE.
Basis of preparation
In preparing these interim financial statements, the Board have considered the
impact of any new standards or interpretations which will become applicable
for the FY23 Annual Report and Accounts which deal with the year ending 30
September 2023 and there are not expected to be any changes in the Group's
accounting policies compared to those applied at 30 September 2022.
A full description of those accounting policies are contained within our FY22
Annual Report and Accounts which are available on our website (Autins FY22 ARA
(https://www.autins.co.uk/wp-content/uploads/2019/03/Annual-Report-Accounts-2018.pdf)
).
This interim announcement has been prepared in accordance with the recognition
and measurement requirements of International Financial Reporting Standards
issued by the International Accounting Standards Board, as adopted by the
United Kingdom as effective for periods beginning on or after 1 January 2022.
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.
This unaudited consolidated interim financial information has been prepared in
accordance with IFRS as adopted by the United Kingdom. The principal
accounting policies used in preparing the interim results are those the Group
expects to apply in its financial statements for the year ending 30 September
2023.
The financial information does not contain all of the information that is
required to be disclosed in a full set of IFRS financial statements. The
financial information for the six months ended 31 March 2023 and 31 March 2022
is unreviewed and unaudited and does not constitute the Group's statutory
financial statements for those periods.
The comparative financial information for the full year ended 30 September
2022 has, however, been derived from the audited statutory financial
statements for that period. A copy of those statutory financial statements
has been delivered to the Registrar of Companies. The auditor's report on
those accounts was unqualified, did not include references to any matters to
which the auditor drew attention by way of emphasis without qualifying its
report and did not contain a statement under section 498(2)-(3) of the
Companies Act 2006.
The financial information in the Interim Report is presented in Sterling, the
Group's presentational currency.
Basis of consolidation
The consolidated financial statements present the results of the Company and
its subsidiaries (the "Group") as if they formed a single entity.
Intercompany transactions and balances between group companies are therefore
eliminated in full.
Subsidiaries are all entities over which the Group has control. The Group
controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those
returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group and
cease to be consolidated from the date on which control is transferred out of
the Group.
The consolidated financial statements incorporate the results of business
combinations using the acquisition method. In the statement of financial
position, the acquiree's identifiable assets, liabilities and contingent
liabilities are initially recognised at their fair values at the acquisition
date.
Operating segments
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision maker. The chief
operating decision maker has been identified as the management team including
the Chief Executive, Chief Financial Officer and Chairman.
The Board considers that the Group's activity constitutes one primary
operating and one separable reporting segment as defined under IFRS 8.
Management consider the reportable segment to be Automotive NVH. Revenue and
profit before tax primarily arises from the principal activity based in the
UK. All material assets are based in the UK. Management reviews the
performance of the Group by reference to total results against budget.
The total profit measure is operating (loss)/profit as disclosed on the face
of the consolidated income statement. No differences exist between the basis
of preparation of the performance measures used by management and the figures
in the Group financial information
2 Revenue
Unaudited Unaudited Audited
Period Period Year ended
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
£'000 £'000 £'000
Revenue arises from:
Component sales 10,791 9,283 18,577
Sales of tooling 52 109 296
10,843 9,392 18,873
Segmental information
The Group currently has one main reportable segment in each year/period,
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 have not had a significant impact on the Group result. In H1 FY23
and in FY22 with a continuing subdued automotive market, a majority of the
other revenue arises from acoustic flooring sales.
Measurement of operating segment profit or loss, assets and liabilities
The accounting policies of the operating segments are the same as those
applied by the Group in the FY22 annual report and accounts.
The Group evaluates performance on the basis of operating (loss)/profit.
1/10/22-31/3/23 Total
Automotive NVH Others £'000
£'000 £'000
Group's revenue per Consolidated
Statement of Comprehensive Income 9,468 1,375 10,843
Depreciation of property, plant and equipment 543 - 543
Depreciation of right-of-use assets 384 - 384
Amortisation 81 - 81
Segment operating loss (626) (22) (648)
Finance expense (253)
Share of post tax loss of equity accounted
joint venture (6)
Group loss before tax (907)
As at 31/3/23
Automotive NVH Others Total
£'000 £'000 £'000
Additions to non-current assets 157 - 157
Reportable segment assets 23,453 - 23,453
Investment in joint ventures 68 - 68
Total Group assets 23,521 - 23,521
Reportable segment liabilities/
total Group liabilities 12,694 - 12,694
Segmental information (continued)
1/10/21-31/3/22 Total
Automotive NVH Others £'000
£'000 £'000
Group's revenue per Consolidated
Statement of Comprehensive Income 7,577 1,815 9,392
Depreciation of property, plant and equipment 340 - 340
Depreciation of right-of-use assets 377 - 377
Amortisation 81 - 81
Segment operating (loss)/profit (1,214) 84 (1,130)
Finance expense (263)
Share of post tax profit of equity accounted
joint venture 4
Group loss before tax (1,389)
As at 31/3/22
Automotive NVH Others Total
£'000 £'000 £'000
Additions to non-current assets 153 - 153
Reportable segment assets 25,787 - 25,787
Investment in joint ventures 103 - 103
Total Group assets 25,890 - 25,890
Reportable segment liabilities/
total Group liabilities 12,263 - 12,263
Segmental information (continued)
Automotive Year Ended 30/9/22 Total
NVH Others £'000
£'000 £'000
Group's revenue per Consolidated
Statement of Comprehensive Income 15,271 3,602 18,873
Depreciation of property, plant and equipment 884 - 884
Depreciation of right-of-use assets 831 - 831
Amortisation 163 - 163
Segment operating(loss)/profit (2,968) (16) (2,984)
Finance expense (542)
Share of post-tax loss of equity accounted
joint venture (26)
Group loss before tax (3,552)
Automotive As at 30/9/22
NVH Others Total
£'000 £'000 £'000
Additions to non-current assets 1,036 - 1,036
Reportable Segment assets 24,373 - 24,373
Investment in joint venture 74 - 74
Total Group assets 24,447 - 24,447
Reportable segment liabilities/
Total Group liabilities 12,712 - 12,712
Reporting of external revenue by location of customers is as follows:
Unaudited Unaudited Audited
Period Period Year ended
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
£'000 £'000 £'000
United Kingdom 6,170 5,531 10,570
Germany 3,252 2,764 5,917
Sweden 366 311 645
Other European 1,050 771 1,706
Rest of the World 5 15 35
10,843 9,392 18,873
3 Earnings per share
Unaudited Unaudited Audited
Year Ended 30/09/22
Period Period
£'000
1/10/22-31/3/23 1/10/21-31/3/22
£'000 £'000
Loss used in calculating basic and
diluted earnings per share (899) (1,381) (3,275)
Weighted average number of £0.02 shares
for the purpose of: 51,683
- basic earnings per share ('000) 54,601 48,832
- diluted earnings per share ('000) 54,601 48,832 51,683
Basic and diluted earnings per share (pence) (1,65)p (2.83)p (6.34)p
Loss per share is calculated based on the share capital of Autins Group plc
and the earnings of the Group for all periods. There are options in place
over 2,523,648 ordinary shares at 31 March 2023 with vesting dependent on
meeting a combination of EBITDA and share price targets over the period to
September 2023. These options were anti-dilutive at the period end but may
dilute future earnings per share.
4 Share capital
In December 2021, 15,000,000 additional £0.02 ordinary shares were issued at
20 pence each. Net proceeds of £2,800,000 arose after incurring issue
expenses of £200,000. This resulted in an increase in the nominal value of
share capital of £300,000 and an increase of £2,500,000 in the share premium
account net of the issue expenses. The total number of ordinary shares in
issue since December 2022 is 54,600,984.
5 Taxation
The tax credit for the period reflects only the deferred tax related to
amortisation of intangible assets. Given the continuing economic conditions,
losses carried forward are not yet recognised in deferred tax balances,
consistent with the judgement made at 30 September 2022.
6 Interim Report
A copy of the Interim Report will be available on the Company's
website: www.autins.com (http://www.autins.com) .
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