Autins revises full-year expectations after 'challenging' period

Designer, manufacturer and supplier of automotive acoustic and thermal insulation systems Autins Group updated the market on Wednesday, following the end of its financial year on 30 September, reporting that trading conditions had remained “challenging”.

The AIM-traded company said it now expected to report revenues for the 2018 financial year of no less than £29m, and an adjusted loss before tax no more than £1.3m.

Net debt at year-end was £4.2m.

Against that backdrop, the Autins board said it was taking steps to ensure the company had the correct cost base for the prevailing trading environment, while also ensuring there was sufficient capacity to take advantage of the “many opportunities” to grow and diversify the business.

“In this regard, the board is pleased to report £1m of Neptune component sales wins since the interim results in June, of which 70% have been to new customers across Europe, including with new OEMs and automotive tier 1s,” the board said in its statement.

“Over the same period the annualised sales of Neptune based products has increased by 34%.”