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Autins Group PLC held its Annual General Meeting on March 17, 2022, where Chairman Adam Attwood provided a statement. The statement noted that sales volumes in H1 FY22 remained similar to H2 FY21 and that the Group undertook a £3m placing in December 2021. The Group expects to release its interim results for the six months ending 31 March 2022 in June 2022.
| Date | 17 Mar 2022 |
| Time | 07:00:02 |
| Category | AGMs and other meetings |
| ID | 0347F |
17 March 2022
Autins Group plc
(the "Company" or the "Group")
AGM Statement
Autins Group plc (AIM: AUTG), the UK and European manufacturer of the patented Neptune melt-blown material and specialist in the design, manufacture and supply of acoustic and thermal insulation solutions, will hold its Annual General Meeting at 11.00am today where the Group's Chairman, Adam Attwood will provide the following statement:
"FY21 was one of strategic progress despite automotive market uncertainty. We continued our operational improvements and successfully increased European and non-automotive sales, particularly German flooring and products made from our proprietary melt blown material, Neptune. However, the positive H1 momentum was checked in H2 by semiconductor related supply chain disruption which adversely affected automotive volumes. This led the Group to undertake and successfully complete a £3m placing in December 2021 to improve cash headroom and ensure the Company is well positioned to take advantage of future market recovery.
Sales volumes in H1 FY22 remain similar to H2 FY21 due to the continued impact of semiconductor shortages. The industry had previously forecast an improvement in semiconductor supply in the second half of calendar year 2022, but the war in Ukraine adds to the overall uncertainty and 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.
The Group is keeping the changes in energy and commodity prices under ongoing review and will take actions accordingly.
The Group expects to release its interim results for the six months ending 31 March 2022 in June 2022."
For further information please contact:
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Autins Group plc Gareth Kaminski-Cook, Chief Executive Kamran Munir, CFO
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Via SEC Newgate |
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Singer Capital Markets (Nominated Adviser and Broker) Mark Taylor / Asha Chotai
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Tel: 020 7496 3000 |
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SEC Newgate (Financial PR) Bob Huxford Molly Gretton Max Richardson
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Tel: 020 7653 9850
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About Autins
Autins is a UK and continental Europe based industrial materials technology business that specialises in the design, manufacture, and supply of acoustic and thermal products. Its key markets are automotive, flooring, office furniture and commercial vehicles where it supplies products and services to more than 160 customer locations across Europe.
Autins is the UK and European manufacturer of the patented Neptune melt-blown material and specialises in the design, manufacture, and supply of acoustic and thermal insulation solutions.