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Autins Group PLC (AUTG)

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Friday 07 February, 2020

Autins Group PLC

AGM Statement

RNS Number : 2630C
Autins Group PLC
07 February 2020
 

7 February 2020

Autins Group plc

(the "Company" or the "Group")

 

AGM Statement

 

Autins Group plc (AIM: AUTG), a leading designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, will hold its Annual General Meeting today at the offices of Freeths LLP, 3rd Floor, The Colmore Row Building, Colmore Circus, Queensway, Birmingham commencing at 12:00pm midday, where the Group's Chairman, Adam Attwood, will provide the following statement:

 

"FY2019 was one of recovery and continued strategic focus for the Group.  We ended the year in a stronger position both operationally and financially and we can look ahead with confidence, despite the significant challenges faced by the global automotive market.

 

We are continuing to focus on growing our sales and customer base, especially in continental Europe, as well as improving gross margin in FY2020 through an on-going emphasis on labour control measures, process efficiencies and material savings.

 

The Board has taken action in the past few 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 2019, the Group entered into a £1.5m five-year debt facility with the Midlands Engine Investment Fund in January 2020 to provide longer term capital which replaces certain of the Group's existing facilities.

 

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. 

 

The Group's financial performance for FY2020 is currently in line with management expectations and the Board expects to release its interim results for the six months ending 31 March 2020 in June 2020."

 

 

For further information please contact:

 

Autins Group plc

Adam Attwood, Non-Executive Chairman

Gareth Kaminski-Cook, Chief Executive

Kamran Munir, Chief Financial Officer

 

 

Via Newgate

N+1 Singer

(Nominated Adviser and Broker)

Mark Taylor / Lauren Kettle (Corporate Finance)

 

Tel: 020 7496 3000

Newgate Communications

(Financial PR)

Adam Lloyd

Tom Carnegie

 

 

Tel: 020 7653 9850

 

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 flooring, building and wider industrial applications.

 

The Group is one of the leading 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.

 

 

 


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