Update on Progress and Trading
7 December 2016
Autins Group plc
("Autins" or the "Group")
Update on Progress and Trading
Autins Group plc (AIM: AUTG), a leading UK designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, is pleased to provide an update on trading for the year ended 30 September 2016.
Following the successful IPO on AIM in August 2016 the Group continues to see progress with the integration of Autins' Swedish and German divisions which became wholly owned subsidiaries as part of the IPO process.
In line with the Group's strategic objectives, a number of senior hires have been made and the Board is particularly pleased that Joshua Kimberling joined the Group senior management team as Group Sales Director in November. He will be joined by a Head of European Sales who will focus on developing the automotive and non-automotive sectors in mainland Europe. The Board is also further strengthening the central finance and administrative functions to better support the anticipated growth of the Group.
Significant development has been made with Neptune, the Group's lightweight, high performance material, with full production capability expected prior to the end of 2016. Neptune, which is ideally placed to meet the automotive industry's demand for innovation, is now approved by seven automotive OEMs, having recently secured an additional European OEM. In addition, the Group has acquired a leading global Tier 1 supplier of convertible roofs to the automotive sector as a customer, which illustrates the Group's approach to supplying OEMs alongside their ongoing process of new material evaluation and approval.
Interest in Neptune from a number of non-automotive sectors has grown considerably during the year and across an exciting range of areas, including for potential use in modular housing. The Board anticipates that this non-automotive interest will continue to build through 2017, particularly with the benefit of the new and more focused sales resource.
Since the IPO, the Group has exercised its right with Iksung to licence a high performance, three layer material, to be marketed as Ozone, which will bring a lightweight high performance sound barrier material to the automotive sector, complimenting the Neptune sound absorbing material. The Group is already piloting applications and testing with OEMs. Further updates on progress with Ozone will be made in due course.
The Board is also pleased to report that the Group's R&D and commercial test facility, Autins Technical Centre, has secured its first automotive customer and work continues towards it securing full industry UKAS accreditation during late 2017.
Overall, the year to date has been one of positive progress and Autins is on track to deliver further growth during 2017.
Following Brexit and the associated depreciation in Sterling, the Board remains alert to risk and opportunity, monitoring both the costs and sources of supply of raw materials to protect margins.
The Group expects to publish its preliminary results for the financial year ended 30 September 2016 in February 2017.
Jim Griffin, Chief Executive Officer, said:
"The Board is delighted with the quality and breadth of our new shareholders who supported our very successful flotation. Alongside this, significant investment in the Group has been made in 2016in support of growth in 2017 and beyond.
The Board's focus for the year ahead is to pursue the Group's growth opportunities in line with Autins' three pillars of expertise in Specialist Component Manufacturing, Specialist Materials Manufacturing and Innovation and Research. In this way, the Board intends that Autins will offer a growing and broader range of high quality products and competencies in supply capability across multiple sectors.
For further information please contact:
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Autins Group plc Jim Griffin, CEO 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 Helena Bogle
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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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