Autins Group PLC – Interim Results

Autins Group PLC – Interim Results

Autins Group plc (AIM: AUTG), a leading designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, announces its results for the six months ended 31 March 2018.

Financial Highlights 

  • Revenue increased by 29.4% to £15.86m (H1 2017: £12.25m)
  • Gross profit ahead by 1.5% at £4.27m (H1 2017: £4.20m)
  • Gross margins down to 26.9% (H1 2017: 34.3%)
  • Adjusted EBITDA1 £0.60m (H1 2017: £0.55m)
  • Adjusted Profit Before Tax1,2 £0.41m (H1 2017: £0.35m)
  • Profit After Tax £0.05m (H1 2017: Loss of £0.16m)
  • Earnings per Share 0.22p (H1 2017: Loss of 0.72p)
  • Net debt £3.58m (YE 2017: Net debt £2.04m)

1: Adjusted EBITDA excludes non recurring start up Neptune costs of £0.24m (H1: 2017 £0.23m), £nil (H1 2017: £0.14m) related to the former Chief Executive and £nil (H1 2017: £0.09m) of IPO and refinancing costs

2: Adjusted PBT further excludes £0.12m (H1 2017: £0.12m) amortisation of intangible costs

Operational Highlights

First Half

  • Neptune product successfully gained technical approval across all strategic targeted OEMs in Germany, UK and Sweden 
  • Neptune product gaining traction directly through OEMs and through Tier 1s with awarded business across 11 OEM brands, 26 vehicle models, and well over 100 different parts
  • Continued growth in both Germany and Sweden
  • Winning business and building partnerships with more than a dozen Tier 1s
  • Indica Automotive joint venture continues to perform well
  • Continued progress in focused areas: research, test and product development; advanced manufacturing; and continued strengthening of our organisation and capabilities

Post Period End

  • Reduced schedules from key OEMs and customers in UK
  • Pricing pressure / tighter margins on existing contracts and when bidding for new business
  • Secured technical approval for Neptune with all target European automotive OEMs

Adam Attwood, Chairman, said: “Our first half of year shows solid results in that we have continued to deliver top line growth although at the same time seeing pressure on gross margins. This reflects the challenging conditions in the UK automotive market.”

“We had previously provided guidance that we expected a significant weighting to the second half of 2018. However, visibility to current volumes now indicates lower levels of supply required from some of our major customers in the UK and, therefore, our second half performance is likely to remain similar to the first.”

“The investment in the Neptune facilities since the IPO will enable the Group to broaden its customer base and the technical approvals secured recently with Europe’s leading automotive OEMs represents a significant step towards achieving that goal. The Board will provide further updates on new customer and platform wins as and when they occur.”

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