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 2018.

Financial Highlights

  • Revenue increased to £29.2 million (FY17: £26.4 million)
  • Gross profit decreased to £7.2 million (FY17: £9.0 million)
  • Adjusted EBITDA1 fell to a loss of £0.3 million (FY17: profit of £2.0 million)
  • Adjusted operating loss1 of £1.0 million (FY17: profit of £1.5 million)
  • Adjusted loss before tax1 of £0.9 million (FY17: profit of £1.6 million)
  • Loss after tax of £1.4 million (FY17: profit of £0.4 million)
  • Net debt2 of £4.2 million (FY17: £2.0 million)
  • Loss per share of 6.14 pence per share (FY17: earnings per share 1.82 pence per share)
  • Proposed final dividend of nil per share (FY17: 0.8 pence per share)

1:     Adjusted EBITDA excludes exceptional costs of £0.2 million (FY17: £0.5 million), additional IPO related costs of £Nil (FY17: £0.1 million) and £0.4 million (FY17: £0.6 million) of non recurring Neptune start up costs. Adjusted operating profit and adjusted loss before tax additionally excludes £0.2 million of amortisation in both years.
2:     Cash less bank overdrafts, invoice discounting and hire purchase finance. 

Operational Highlights

  • Solid top line growth with new Automotive OEM and Tier customer wins, expanding European sales and strong growth in new segments, particularly flooring
  • Neptune technology continuing to be approved and adopted with significant sales pipeline growth and the start of production volumes
  • Revenue in Germany increased by 67% to £3.4 million (2017: £2.1 million) with delivery and increased share of a multiplatform part for a major European OEM and continued growth of acoustic flooring products
  • New business wins from new and existing customers including Aston Martin, Auria, Bentley, BMW, Dr Schneider, Grupo Antolin, Jaguar Land Rover, Magna, Porsche, Seat, Skoda, Toyota, Volvo, VW, and Webasto
  • Good progress from our Swedish business. Growing 38% in the year and securing additional work for future periods to reduce reliance on the UK
  • Non-automotive sales continued strong growth trend with flooring and building and industrial application sales up by 46% and 66% respectively.
  • Increased availability of working capital funding, within existing overall banking limits, secured after the year-end.

Gareth Kaminski-Cook, Chief Executive, said: “2018 was a year of significant progress for the Autins Group. Whilst the financial performance was unsatisfactory, the strategic progress was very positive. Group sales have grown 45% in the last 2 years. The customer base has diversified, expansion into Europe has accelerated, and sales into new markets continued to grow. Our unique Neptune technology has been approved by all target customers and generated a large fast-growing sales pipeline. With renewed focus on cost control and sales conversion we are confident 2019 will deliver positive results.”

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