Autins trading in line after year of recovery
Automotive acoustic and thermal insulation company Autins Group updated the market on its trading on Friday, reporting that it ended the 2019 financial year in a stronger position both operationally and financially, after 12 months of “recovery and continued strategic focus”.
The AIM-traded firm, which was holding its annual general meeting during the day, said it was still focussing on growing its sales and customer base, especially in continental Europe, as well as improving gross margin in the 2020 financial year through an emphasis on labour control measures, process efficiencies and material savings.
Chairman Adam Attwood said the board had taken action in recent months to strengthen the group's balance sheet, in response to the additional working capital requirements resulting from Brexit uncertainties, and to facilitate further growth.
“In addition to the successful £3.3m placing of new shares in August, the group entered into a £1.5m five-year debt facility with the Midlands Engine Investment Fund in January to provide longer term capital which replaces certain of the group's existing facilities,” Attwood noted.
“The board remains confident in its focused strategy of delivering operational improvement, sales growth and new market development, all concentrated around our core acoustic and thermal expertise and our patented Neptune material.”
Autins said its financial performance for the 2020 financial year was so far in line with its expectations, adding that it would release its interim results for the six months ending 31 March in June.
At 0921 GMT, shares in Autins Group were up 1.95% at 20.9p.