Autins plummets as CEO resigns amid falling revenue warning

Autins Group, an AIM-listed UK designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, has announced that its chief executive officer Jim Griffin has resigned "for personal reasons".

The company also warned that revenues will be lower for the year ended 7 March 2017 due to a major customer revising volumes and introduction timings for certain platforms.

On the plus side it expects the results to still be in line with market expectations with sales in the first quarter in line with the board’s expectations.

Autins continues to focus on diversifying its automotive customers, drive growth in non-automotive applications and expand the geographic footprint.

Management believe the company is on track to becoming a "leading provider of premium acoustic and thermal materials and components to a wide range of sectors and customers".

The share price fell 30.63% to 154p at 1057 GMT on Wednesday.