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Autins Group PLC - supplier of acoustic and thermal management technology for the automotive industry- Says its first-half ending March 31 still suffers from the shortages that plagued the end of financial 2021. In its financial year ended September 30, it reported automotive sales were down 30% in the second half from the first, which drove earnings before interest, tax, depreciation and amortisation to become negative for the period. Ebitda for financial 2021 was unchanged from financial 2020 at £1.1 million.
The main disruptor is the ongoing semiconductor shortage. Whilst this was previously forecast to improve, Autins warns the uncertainty caused by the war in Ukraine is jeopardising the timing of the recovery.
‘Medium-term prospects remain positive with good retail demand for cars being reported. We are progressing our EV strategy and will continue to diversify into non-automotive markets. We are also developing technical improvements to some of our key materials and processes to improve their cost and recyclability,’ says Chair Adam Attwood.
Half-year results will be released in June.
Current stock price: 17.00 pence, down 13% on Thursday
12-month change: down 17%
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