REG - Autins Group PLC - Post Year End Update

AutinsAnnouncement

24/10/2018 07:00

RNS Number : 9582E
Autins Group PLC
24 October 2018
 


24 October 2018
 
Autins Group plc
(the "Company" or the "Group")
 
Post Year End Update
Autins Group plc (AIM: AUTG), a leading designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, is today providing an update in relation to the outturn of the year ended 30 September 2018.
 
As highlighted in our announcements on 6 June and 18 September, the trading conditions experienced by the Group in 2018 have been challenging and the Board now expects to report Revenues for FY18 to be not less than £29 million and Adjusted Loss Before Tax not more than £1.3 million.  Net debt at the year end was £4.2 million.
 
Against this backdrop, the Board is taking steps to ensure the Company has the correct cost base for the prevailing trading environment whilst ensuring there is sufficient capacity to take advantage of the many opportunities to grow and diversify the business.
 
In this regard, the Board is pleased to report £1 million of Neptune component sales wins since the interim results in June, of which 70% have been to new customers across Europe, including with new OEMs and Automotive Tier 1s.  Over the same period the annualised sales of Neptune based products has increased by 34%. 
 
For further information please contact:



 
Autins Group plc
Adam Attwood, Non-Executive Chairman
Gareth Kaminski-Cook, CEO
James Larner, CFO
 


 
Via Newgate




Cantor Fitzgerald Europe
(Nominated Adviser and Broker)
Philip Davies
Will Goode
 


Tel: 020 7894 7000




Newgate Communications
(Financial PR)
Adam Lloyd
 
 


Tel: 020 7653 9850
 



About Autins
 
Autins specialises in the design, manufacture and supply of acoustic and thermal insulation solutions primarily in the automotive sector but with an increasing focus on other sectors, including flooring, building and wider industrial applications.
 
The Group is one of the leading suppliers of noise and heat management products in the automotive market, producing and supplying over two million parts per month to customers including some of the world's leading vehicle manufacturers.
 




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