Autins Group PLC Full-Year Trading Update (7275Q)
October 20 2023 - 1:04AM
UK Regulatory
TIDMAUTG
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 GBP22.5m (FY22: GBP18.8m). Sales in H2 23 continued to gain
momentum, increasing by 7.5% to GBP11.7m (H1 23: GBP10.8m). Gross
Profit in the year improved by c.55% to c.GBP6.5m (FY22: GBP4.2m)
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 GBP2.1m to GBP1.0m (FY22: loss of
GBP1.1m).
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.GBP1.8m (FY22
GBP2.0m). Cash and cash equivalents available to the Group were
GBP2.1m (FY22 GBP1.8m). 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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END
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