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Autins Group PLC - Rugby, England-based supplier of acoustic and thermal management technology for the automotive industry - In the six months ended March 31, posts a widened pretax loss of £1.4 million. In the same period, the previous year, Autins reported a pretax loss of £20,000. Revenue falls 32% to £9.4 million from £13.7 million, though remains relatively stable against the second half of financial 2021, dropping 3.4% quarter-on-quarter. Lower sales driven by ‘significantly’ lower demand from key customers in the UK and Germany, it explains.
Says the market continues to be significantly affected by a shortage of semiconductors and supply chain disruption caused by the Ukraine war. Company adds it will take action to mitigate the hit from high-cost inflation on margins through efficiency improvements and price increases.
‘OEMs continue to report record levels of order backlogs and the market expects new semiconductor capacity to begin to ease during the latter part of 2022 after which an automotive market recovery should begin. In addition, the underlying demand for our flooring products remains positive and we continue to develop into other markets with dedicated resource,’ says Chief Executive Gareth Kaminski-Cook.
Current stock price: 13.00 pence, down 21% on Tuesday in London
12-month change: down 42%
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