Autins FY sales grow, earnings turn positive
Insulation solutions group Autins said on Friday that annual sales and profits had improved, pushing underlying earnings back into the black and leaving it in a "positive position" to engage with lending partners.
Updating on trading, Autins said group sales increased 20% in the year to 30 September, to £22.5m, with sales continuing to gain momentum in the second half, increasing by 7.5% to £11.7m.
Gross profits improved roughly 55% to £6.5m, driven by an increase in revenues and "a strong recovery" in gross margins of 6.5 percentage points to 28.9%.
The AIM-listed group also said it had continued to "successfully control overheads", and underlying earnings were now expected to come in at £1.0m, compared to a loss last year of £1.1m.
Autins noted that the improved trading performance and stability of its net debt, to £1.8m from £2.0m, would put it in a positive position when engaging with lending partners regarding covenants for March 2024 onwards.
It also expects a continued recovery in the automotive market, which should led to further growth in sales and EBITDA in the current financial year.
As of 1050 BST, Autins shares were down 4.35% at 11.0p.
Reporting by Iain Gilbert at Sharecast.com