Autins Group plc (AIM: AUTG), the UK and European 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 twelve months ended 30 September 2020.
· Revenue decreased to £21.5 million (FY 19: £26.9 million)
· Adjusted Gross Profit1 decreased to £6.0 million (FY 19: £7.5 million)
· Reported EBITDA1 increased to £1.1 million (FY 19: EBITDA £0.0 million)
· Cash flow from Operations2 increased to £1.5 million (FY19: loss of £1.0 million)
· Operating Loss reduced to £1.3 million (FY 19: loss of £1.6 million)
· Adjusted Operating Loss3 £0.6 million (FY 19: loss of £0.8 million)
· Reported Loss after tax £1.7 million (FY 19: loss of £1.5 million)
· Reported Loss per share reduced to 4.35p (FY 19: loss of 6.25p)
· Adjusted net debt4 reduced to £1.9 million (FY 19: £2.3 million)
· H2 revenues having been impacted by the pandemic were £7.8 million (H120 £13.2 million) but H2 reported EBITDA improved to £0.83 million (H120 £0.27 million) and recurring overheads were reduced by £1.0 million.
· Gross profit1 margins remained steady at 28.0% (FY 19: 27.9%).
· Positive reported operating cash inflow of £1.5 million (FY19 outflow £1.0 million) of which £0.9 million resulted from improved working capital.
· £3.3 million of new finance facilities secured, including £2.75 million under UK CBILS and €0.3 million in Germany under a similar scheme, and £0.3 million trade purchases loan facility.
· Additional £1.5 million loan secured with Midlands Engine Investment Fund (MEIF)
· Neptune pipeline remained strong at £35 million with £8.0 million of Neptune parts already in production and additional new orders won, but not yet in production.
· PPE products were a feature in H2, generating £1.2 million revenues in H2.
· Germany continued to win new business in automotive and flooring. Revenues increased to £4.6 million (FY19 £4.3 million) with EBITDA strongly ahead at £0.4 million (FY19 £0.1 million).
1: Adjusted Gross Profit excludes £0.2 million exceptional inventory impairment and a further £0.3 million of Exceptional restructuring costs are excluded from EBITDA (FY19: £0.4 million). The adoption of IFRS16 in FY20 has improved EBITDA by £1.0 million.
2: The adoption of IFRS16 has improved the reported Cash from Operations by £0.76 million.
3: Adjusted Operating Loss excludes all exceptional costs as per note 1 above, and amortisation relating to acquired intangible assets recognised as a result of the Group's conversion to IFRS at IPO of £0.2 million in both years.
4: Net debt is cash less bank overdrafts, invoice discounting, hire purchase finance and excluding IFRS16 calculated lease liabilities.
Gareth Kaminski-Cook, Chief Executive, said:
"Despite the unprecedented challenges faced this year we have still delivered on many of the performance targets we set ourselves a year ago. Although our financial performance has been impacted by these challenges, this really was a year of two halves: with H1 trending on track to meet our full year expectations in the core auto business; and H2 proving that Autins has the agility to adapt to sudden changes in the macro-economy and rapidly make significant operational and financial adjustments which included securing government support funds.
"The strategy, therefore, does not change. We will leverage Neptune to win market share in automotive, leverage our acoustic and thermal expertise to accelerate growth in non-auto markets and drive down our operational costs."