Autins Group PLC AGM Statement (0347F)
17 March 2022 - 6:00PM
UK Regulatory
TIDMAUTG
RNS Number : 0347F
Autins Group PLC
17 March 2022
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 GBP3m 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:
Autins Group plc
Gareth Kaminski-Cook, Chief Executive Via SEC Newgate
Kamran Munir, CFO
Singer Capital Markets Tel: 020 7496 3000
(Nominated Adviser and Broker)
Mark Taylor / Asha Chotai
SEC Newgate Tel: 020 7653 9850
(Financial PR)
Bob Huxford
Molly Gretton
Max Richardson
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 .
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END
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