Autins Group PLC on Wednesday said its loss widened and revenue fell due to low automotive demand levels and delayed new vehicle introductions.
The Rugby, England-based maker of acoustic and thermal insulation solutions supplies to the automotive industry, as well as flooring and office furniture. Autins reported its results for the 12 months to the end of September but has changed its financial year end date to March 31, as previously announced.
Pretax loss widened in the 12 months to the end of September to £1.3 million from £1.0 million last year.
Revenue fell by 5.5% to £21.4 million from £22.7 million in the prior year.
For the six months to September 30, revenue fell 17% to £9.8 million, and its loss stretched to £824,000 from £134,000.
The board said that a suspension in dividend payments remains appropriate due to ‘the current period of economic uncertainty’.
Autins said it expects net losses to increase in the period to March 31, 2025.
The company said it believes the core automotive market is ‘stabilising’ and that new platforms will offer opportunities from 2027 onwards with ‘very strong’ mid-term prospects.
It said it expects profitability to improve in the first half of financial 2026 as new contracts begin, with a return to ongoing net profit in the second half of that year.
Autins said it won contracts starting in financial 2026 in Germany and the UK valued over £7.5 million.
Chief Executive Andy Bloomer said: ‘Like all automotive businesses, we are currently dealing with the uncertainty of reduced demand and delayed new vehicle introduction from [original equipment manufacturers]. We have continued to manage our costs through headcount, procurement and operational efficiencies. We believe we are well placed to weather this storm.’
Chair Adam Atwood said: ‘Looking at the longer term, we believe that the automotive market is showing initial signs of improvement. OEMs are finalising platform strategies and beginning to source for their future programmes. With the hard work done to ensure our Neptune material is specified, there are significant opportunities for Autins to gain more market share going forward. In particular, our key UK OEM will be introducing its new all electric platform by 2027.’
Shares in Autins were down 3.9% to 6.25 pence in London on Wednesday afternoon.
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