REG - Autins Group PLC - Trading Update

AutinsAnnouncement

10/10/2022 07:00

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RNS Number : 2431C  Autins Group PLC  10 October 2022

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        Via SEC Newgate

 Kamran Munir, CFO

 Singer Capital Markets                       Tel: 020 7496 3000

 (Nominated Adviser and Broker)

 Mark Taylor / Asha Chotai

 SEC Newgate                                  Tel: 020 7653 9850

 (Financial PR)

 Bob Huxford, Molly Gretton, Max 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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