Post Year End Update

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: [phone]
Newgate Communications (Financial PR) Adam Lloyd	Tel: [phone]

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.

 

END

 

 

TSTBRBDGXGDBGIX