Autins Group PLC AGM Statement (2630C)
07 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMAUTG
RNS Number : 2630C
Autins Group PLC
07 February 2020
7 February 2020
Autins Group plc
(the "Company" or the "Group")
AGM Statement
Autins Group plc (AIM: AUTG), a leading designer, manufacturer
and supplier of acoustic and thermal insulation solutions for the
automotive sector, will hold its Annual General Meeting today at
the offices of Freeths LLP, 3rd Floor, The Colmore Row Building,
Colmore Circus, Queensway, Birmingham commencing at 12:00pm midday,
where the Group's Chairman, Adam Attwood, will provide the
following statement:
"FY2019 was one of recovery and continued strategic focus for
the Group. We ended the year in a stronger position both
operationally and financially and we can look ahead with
confidence, despite the significant challenges faced by the global
automotive market.
We are continuing to focus on growing our sales and customer
base, especially in continental Europe, as well as improving gross
margin in FY2020 through an on-going emphasis on labour control
measures, process efficiencies and material savings.
The Board has taken action in the past few months to strengthen
the Group's balance sheet in response to the additional working
capital requirements resulting from Brexit uncertainties and to
facilitate further growth. In addition to the successful GBP3.3m
placing of new shares in August 2019, the Group entered into a
GBP1.5m five-year debt facility with the Midlands Engine Investment
Fund in January 2020 to provide longer term capital which replaces
certain of the Group's existing facilities.
The Board remains confident in its focused strategy of
delivering operational improvement, sales growth and new market
development, all concentrated around our core acoustic and thermal
expertise and our patented Neptune material.
The Group's financial performance for FY2020 is currently in
line with management expectations and the Board expects to release
its interim results for the six months ending 31 March 2020 in June
2020."
For further information please contact:
Autins Group plc Via Newgate
Adam Attwood, Non-Executive
Chairman
Gareth Kaminski-Cook, Chief
Executive
Kamran Munir, Chief Financial
Officer
N+1 Singer Tel: 020 7496 3000
(Nominated Adviser and Broker)
Mark Taylor / Lauren Kettle
(Corporate Finance)
Newgate Communications Tel: 020 7653 9850
(Financial PR)
Adam Lloyd
Tom Carnegie
About Autins
Autins specialises in the design, manufacture and supply of
acoustic and thermal insulation solutions primarily in the
automotive sector but with an increasing focus on other sectors,
including flooring, building and wider industrial applications.
The Group is one of the leading suppliers of noise and heat
management products in the automotive market, producing and
supplying over two million parts per month to customers including
some of the world's leading vehicle manufacturers.
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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