Resignation of CEO, notice of results and update
01 February 2017
Autins Group plc
("Autins" or the "Group")
Resignation of Chief Executive, Notice of Results and Update on Trading
Autins Group plc (AIM: AUTG), a leading UK designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, announces that Jim Griffin has, for personal reasons, resigned as Chief Executive Officer and a member of the Board with immediate effect.
The Board has commenced a process of identifying a suitable replacement Chief Executive Officer and a further announcement will be made as soon as possible.
The Group expects to publish its preliminary results for the financial year ended 30 September 2016 on Tuesday 7 March 2017. The Board can confirm that these will be in line with market expectations and sales for the first quarter of the current financial year have been in line with the Board's expectations.
The Board, however, is now aware that a major customer has provided revised volumes and introduction timings for certain platforms. In consequence, the Board expects that revenues for the current year will be materially lower than market expectations. The Board is currently evaluating the likely impact on the year to 30 September 2018 and will provide guidance at the time of the publication of the preliminary results for 2016.
The continuing strategic focus of the Board is to diversify the Group's automotive customers, drive growth in non-automotive applications and expand the geographic footprint. The Board believes that the Group remains on track to become a leading provider of premium acoustic and thermal materials and components to a wide range of sectors and customers.
For further information please contact:
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Autins Group plc Adam Attwood, Non-Executive Chairman James Larner, CFO
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Via Newgate |
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Cantor Fitzgerald Europe (Nominated Adviser and Broker) Philip Davies Will Goode Callum Butterfield
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Tel: 020 7894 7000 |
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Newgate Communications (Financial PR) Adam Lloyd
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Tel: 020 7653 9850
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About Autins
Autins specialises in the design, manufacture and supply of acoustic and thermal insulation solutions primarily in the automotive sector but with an increasing focus on other sectors, including white goods, power generation, marine, apparel, rail, commercial vehicles and industrial sectors.
The Group is one of the leading UK suppliers of noise and heat management products in the automotive market, producing and supplying over two million parts per month to customers including some of the world's leading vehicle manufacturers.
This information is provided by RNS
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