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Autins Group PLC on Tuesday said sales growth and price increases in the automotive industry drove revenue higher and narrowed its interim loss. Autins is a Rugby, Warwickshire-based industrial materials’ technology business that specialises in the design, manufacture, and supply of acoustic and thermal products. Pretax loss in the six months ended March 31 narrowed to £900,000 from £1.4 million a year prior, as revenue rose by 15% to £10.8 million from £9.4 million the year before. This was driven primarily by price hikes and contract improvements and by automotive industry recovery in Germany, Autins explained. Automotive sector sales growth was 25% to £9.5 million from GPB7.6 million, due to price increases. Autins swung to positive earnings before interest, tax, depreciation and amortisation of £340,000 from an Ebitda loss of £250,000 a year before. Autins added that price increases and cost reductions secured in the first half of financial 2023 were ‘critical’ to protecting its financial position and profitability, and it will continue this focus going into the second half of the year. Chief Executive Officer Gareth Kaminski-Cook said: ‘Whilst margins have improved, it is clear that the business now needs more volume. Although the automotive supply chains have stabilised somewhat, market recovery is expected to remain modest into the medium term. This is partly due to the economic backdrop, but also because of the limited number of new vehicle models being launched by our major customers at this time. ‘The focus within the management team will continue to be on winning new business and managing costs and margins.’ Shares in Autins were untraded in London on Tuesday morning. They closed on Friday at 11.00 pence. This is down from 16.50p a year ago. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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