Autins Group PLC – Final Results

Autins Group PLC – Final Results

Autins Group plc (AIM: AUTG), a leading designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, is pleased to announce its audited results for the year ended 30 September 2019.

 

Financial Overview

·      Revenue decreased to £26.9 million (FY18: £29.2 million)

·      Gross profit increased to £7.5 million (FY18: £7.2 million)

·      Adjusted EBITDA1 improved to breakeven (FY18: loss of £0.3 million)

·      Adjusted operating loss1 of £0.8 million (FY18: loss of £1.0 million)

·      Reported loss after tax1 of £1.5 million (FY18: loss of £1.4 million)

·      Net debt2 of £2.3 million (FY18: £4.2 million)

·      Reported loss per share of 6.25 pence per share (FY18: loss per share 6.14 pence per share)

 

1       Adjusted EBITDA excludes exceptional costs of £0.4 million (FY18: £0.2 million), and £nil (FY18: £0.4 million) of non-recurring Neptune start-up costs. Adjusted operating profit and loss before tax additionally excludes £0.2 million of amortisation in both years and an impairment of £0.1m in FY19

2       Cash less bank overdrafts, invoice discounting and hire purchase finance.

 

Operational Highlights

·      Positive EBITDA in H2 19 as a result of improved margin and lower overheads

·      Gross margin increased to 27.8% (FY18: 24.8%) arising from labour control measures and material savings

·      Cost reduction exercise completed in full with c£1.0m of overhead cost removed from the business

·      Neptune pipeline increased to £35m with £5.0m (annualised) of Neptune parts in production and £1.5m p.a. won but not yet in production

·      Revenue in Germany increased by 23% to £4.3 million (FY18: £3.4 million) with further share growth of a multiplatform part for a major European OEM and continued growth of acoustic flooring products

 

Gareth Kaminski-Cook, Chief Executive, said:

 

“Despite the considerable challenges faced by the automotive industry, decisive management action ensured that 2019 was a year of recovery, repositioning and new business wins. We were successful in securing 22 new customers, achieving 14% growth in Europe and delivering a significant increase in sales of the Neptune technology.  This positive momentum is encouraging and provides grounds for optimism for the future”

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