REG - Autins Group PLC - Interim Results
27/06/2024 07:00
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RNS Number : 0421U Autins Group PLC 27 June 2024
27 June 2024
Autins Group plc
("Autins" the "Company" or the "Group")
Interim Results
Change to Accounting Reference Date
Autins Group plc (AIM: AUTG), the UK and European based manufacturer of the
patented Neptune melt-blown material and specialist in the design,
manufacture, and supply of acoustic and thermal insulation solutions,
announces its results for the six months ended 31 March 2024.
Financial Summary
· Revenue increased by 7.5% to £11.65m (H1 23: £10.84m)
· Gross profit increased by 19% to £3.64m (H1 23: £3.06m)
· Gross margins increased to 31.2% (H1 23: 28.2%)
· Adjusted EBITDA(1) was £0.81m (H1 23: £0.36m)
· Loss after tax of £0.46m (H1 23: loss of £0.90m)
· Loss per share of 0.84p (H1 23: loss of 1.65p)
· Operating cashflow was a £1.4m net inflow (H1 23: £0.30m net inflow)
· Net debt(2) excluding IFRS16 lease liabilities decreased to £0.93m (H1
23: £2.42m)
· Cash and cash equivalents were £2.47m at the period end (H1 23
£1.27m)
· Group cash headroom(3) of £4.2m (H1 23: £3.5m)
1. EBITDA is adjusted for exceptional costs.
2. Net debt is cash less bank overdrafts, loans, invoice financing, hire
purchase finance and excludes right of use lease liabilities.
3. Sum of net cash at bank and residual invoice financing capacity.
Operational Highlights
· Automotive revenue in all three regions grew as automotive OEMs
expanded production and demand increased
· Flooring revenues declined owing to a softening of the German
construction industry, a move away from click laminate flooring and one of our
customers currently not placing orders
· Gross margins increased as a result of continued improvements in
operational efficiency and materials and logistics improvement projects.
· Operating cash generation improved due to actions on working capital
coupled with a stabilised trading performance.
Post Period End
· Andy Bloomer joined as CEO in April 2024 bringing considerable
experience in sales and marketing within the European automotive manufacturing
sector.
· A key UK OEM has reprioritised some of their model production due to
customer demand. Autins has a higher per vehicle revenue on the
deprioritised models which is expected to affect the Group's revenues in H2
2024 and H1 2025
· Two new significant Neptune based projects were secured during March
and May by our German entity worth in excess of £13m over lifetime, (£2m+
per annum) commencing from 2025 and 2026 respectively. These projects are
sourced with new OEMs to Autins, including one of the world's largest EV
manufacturers. These are the first of a number of projected wins in the
European market for our Neptune products, continuing our customer
diversification strategy.
· The Group is in advanced stages regarding its first nomination for
our new unique Au-duct product with a prestige UK OEM, valued at £1.75m over
lifetime, this is a significant step on our product development journey. A
formal launch of Au-duct will follow in H2 24 as well as launching several
other products to market.
· Business wins in UK valued at £350k per annum (£1.75m lifetime) for
immediate production to start assisting several OEMs with urgent volume needs.
· The Group has a robust new business pipeline both with our existing
customer base and with potential new customers. The Board sees its Neptune
product gaining momentum particularly with European OEMs
· The Group has agreed (subject to documentation) revised repayment
profiles and covenants with its lenders, with both lenders remaining
supportive of the Company.
Andy Bloomer, Chief Executive, said:
"In my first interim results announcement as CEO, I am pleased to report the
team delivered a strong first half for FY24, with significant improvements in
margins and EBITDA."
"We have been successful in winning several large contracts for our Neptune
products, which are set to generate substantial annual revenues from
2025/2026, we are also close to securing a first nomination for our Au-duct
product which will be a key driver for growth in coming years. Although we
face some near-term challenges in the markets we operate in, we have a robust
new business pipeline providing good visibility for future years and we remain
confident in our future success."
Change to Accounting Reference Date
The Group announces its intention to change its accounting reference date from 30 September to 31 March with immediate effect, to align its financial year end with the year ends of its key customers. As a consequence, the Group's next three financial reporting events will be as follows:
- Publication of unaudited interim accounts for the 12 months to 30 September 2024, by 31 December 2024
- Publication of audited annual accounts for the 18 months to 31 March 2025 by 31 July 2025
- Publication of unaudited interim accounts for the 6 months to 30 September 2025 by 31 December 2025
From then, annual and interim reports will be published each year for the 12
months to 31 March and 6 months to 30 September, respectively.
For further information please contact:
Autins Group plc
Andy Bloomer, Chief Executive Via SEC Newgate
Kamran Munir, CFO
Singer Capital Markets Tel: 020 7496 3000
(Nominated Adviser and Broker)
James Moat / Asha Chotai
SEC Newgate Tel: 020 7653 9850
(Financial PR)
Bob Huxford
Molly Gretton
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.
Overview
The year on year first half financial performance was stronger than H1 FY23,
consistent with H2 FY23, with revenue up by £0.81m to £11.65m (H1 23:
£10.84m), which led to an adjusted EBITDA of £0.81m (H1 23: adjusted EBITDA
of £0.36m). EBITDA is adjusted for the exceptional costs incurred in H1
FY24.
Automotive revenue in all three regions grew as the automotive OEMs increased
their production and demand grew. Flooring revenues declined owing to a
softening of the German construction industry, a move away from click laminate
flooring and one of our customers currently not placing orders.
Having taken major restructuring steps in the previous financial year, in the
current year we continued to explore operational efficiencies and cost
optimisation which led to an improvement in the gross margin of 3 percentage
points to 31.2% compared to 28.2% in the same period in the previous year.
Revenue
Sales across the Group increased by 7.5% to £11.65m (H1 23: £10.84m) driven
by improved automotive volumes in all territories and especially in the UK (H1
24: £7.7m; H1 23: £6.5m). The increases have outweighed the decline of the
German flooring revenue stream.
Sales through the European operations account for 34% of Group turnover, down
from 40% for the first half of FY23 due to lower flooring sales in Germany.
Group automotive sales increased by 17% to £11.1m (H1 23: £9.5m), driven by
stronger demand from our existing customers. Non-auto sales now account for 5%
of Group turnover, down from 12% a year ago.
Revenue in the UK increased by 18% to £7.7m (H1 23: £6.5m), with component
revenue continuing to represent most of this as tooling remains at low levels
with OEMs focused less on releasing new projects and more on cost cutting.
Within our German entity automotive sales increased by 8% to £2.6m (H1 23:
£2.4m), and flooring sales declining by 54% to £0.6m (H1 23: £1.3m).
Overall sales of our German subsidiary declined by 14% to £3.2m (H1 23:
£3.7m). The reduction in flooring sales is driven by a drop in flooring
demand which was partly due to the volatility of the construction sector in
Europe. Monthly sales demand for flooring is now running at much less than the
run rate of the prior year, which we expect to persist for the remainder of
the financial year.
Sweden sales grew by 33% to £0.8m (H1 23: £0.6m) due to stronger demand from
our core customers.
Sales concentration of our largest customer increased from 32.9% last year to
36.7% in H1 24, driven primarily by the increased demand from that customer.
Despite the positive H1 performance, we expect H2 24 sales will be negatively
impacted by approximately £1m. The business is facing reduced sales in the
UK, principally from a change of model mix from a key customer. We are also
experiencing reduced sales in Europe due to a halt in production of a European
EV manufacturer and reduced demand for non-automotive flooring products in
Germany.
Looking further ahead, however, we secured significant new contracts worth in
excess of £13 million over their lifetime. Revenue from these contracts
will begin in 2025/2026, generating over £2m per annum in revenues once they
are fully underway. We remain committed to increasing our revenue per vehicle
on key customer vehicle platforms as they are renewed over the coming years.
Gross margin
The actions taken to improve operational efficiencies and lower material
purchasing costs have continued to improve margins with an increase of 3
percentage points to 31.2% compared to the prior year period.
EBITDA and operating profit
The H1 24 Adjusted EBITDA of £0.81m (H1 23: EBITDA of £0.36m) and adjusted
operating loss of £0.01m (H1 23: loss of £0.65m) reflect exceptional costs
associated with the change of the Chief Executive Officer.
Net finance expense
Net finance expense for the period was consistent at £0.23m (H1 23: £0.25m)
including IFRS 16 charges of £0.13m (H1 23 £0.13m). The interest element
of hire purchase agreements is £0.01m (H1 23: £0.01m) with interest charged
on bank borrowings of £0.09m (H1 23: £0.11m).
Taxation
Given the continuing economic conditions, none of the losses carried forward
are recognised in deferred tax balances, consistent with the judgement made in
September 2023.
Dividends
No interim dividend is proposed.
Net debt and financing
The Group ended the period with net debt (being the net of cash and cash
equivalents and the Group's loans and borrowings, excluding right of use lease
liabilities) of £0.93m (H1 23 £2.42m). Including £4.72m (H1 23 £5.04m)
arising from IFRS 16 lease liabilities, the Group's net debt would be £5.65m
(H1 23 £7.46m). Net debt has reduced as a result of the trading inflows
including a significant reduction in working capital balances. Cash and cash
equivalents at the period end were £2.47m (H1 23: £1.27m).
The Group's UK HSBC facilities provide up to £3.5m (H1 23: £3.5m) of invoice
financing facility (subject to available accounts receivable balances). Group
cash headroom, being the sum of net cash at bank and residual invoice
financing capacity, was £4.2m (H1 23 £3.5m) at the period end. The HSBC
CBILS loan is being repaid quarterly, in accordance with its agreed terms and
is due to be fully repaid by July 2026. Maven Capital Partners, providers of
the MEIF loan, have agreed to a revised repayment profile, being £0.25m in
each of July 2024, December 2024 and July 2025 with the remaining £0.75m
being deferred until January 2026. The Group has also renegotiated its
covenants with HSBC, subject to final legal documentation, to reflect these
changes and the expected lower sales profile for H2 FY24 and H1 FY25. Both
lenders remain supportive of the Group.
Capital expenditure
The Group invested £0.1m (H1 23: £0.1m) in its operating facilities during
the period. The Group has planned further investment for replacement of ageing
equipment, as and where required, and production performance enhancement. Over
the coming twelve months, this is expected to be up to £0.5m across the Group
as we increase our production capabilities for new volumes and new products.
Board
Andy Bloomer, as announced on 4 March 2024, was appointed to the board as
Chief Executive Officer on 22 April 2024, bringing with him extensive
experience of the European automotive manufacturing industry, particularly
electric vehicles and specialist fibre applications. His most recent role was
Sales and Marketing Director EMEA - Thermal Ceramics at Main Market listed
Morgan Advanced Materials, where he had commercial responsibility for a £150m
division.
At the same time, Gareth Kaminski-Cook stepped down from the board and his
role as Chief Executive Officer. Andrew Burn ceased to be a non-executive
Director on 28 March 2024.
Employees
In the UK, we continue working with a banked hours scheme to align surety of workers' pay against volatile customer demand patterns.
Production pay rates have been improved by more than 7.5% (linked to UK minimum wage increases) and overtime rates have also been strengthened to improve net take home pay, with pay banding and related multi-skilling also being improved.
Productivity and teamwork have improved, which has had a positive impact on quality, customer service, and net cost in the factories. This has been critically important during a period where the availability of labour has become a key challenge for manufacturers.
In Germany and Sweden, we have also worked hard to ensure excellent stable and committed teams.
Going Concern
In approving these Interim Financial Statements, the Board have considered
current and future trading and profit and cash flow forecasts for FY24, FY25
and FY26 and assessed existing borrowings and available sources of finance.
Lender covenants and repayment profiles have been renegotiated in June 2024 as
noted above. The Group's liquidity remains healthy, with cash headroom being
in excess of £3.5m as at 21 June, shortly prior to the reporting date.
The trading forecasts take into consideration:
· the current and expected demand schedules from the Group's key
automotive customers, changes in expected demand for flooring products in
Germany and the levels of enquiries for new business;
· the impact of current and future expected demand levels for new
vehicles, the migration to EVs and publicly available forward looking market
information on market sizes and dynamics;
· the current cost structure of the Group and an allowance for
known increases, for example in relation to additional investment and
resources required to fulfil new product and customer sales, and various
projects to improve efficiency in the operational and procurement processes;
and
· the latest agreed lender repayment profiles that have been
described in more detail above, together with a consideration of the latest
covenant requirements.
The key sensitivities in the trading forecasts are automotive revenue levels,
end market vehicle sales mix and the timing of orders placed by customers.
These sensitivities have been factored into the forecasts, and reasonable
contingency has also been modelled.
Having due regard to all the matters described above, the Board have a
reasonable expectation that the Group will continue to have adequate resources
to remain in operation for at least 12 months after the release of these
Interim Financial Statements. The Board has therefore concluded to adopt the
going concern basis in preparing these Interim Financial Statements.
Outlook
The business has secured significant work for future years, as well as having
a strong sales pipeline. The appointment of Andy Bloomer as CEO has brought
a stronger focus on its commercial operations which the Board believes will
improve pipeline conversion into sales.
As a result of its continuing new product development investment, the Group
has secured its first nomination with a prestige OEM for an exciting new
product Au-duct which will be formally launched during H2 24. We also continue
to support our customers' ESG journey with our range of recycled and
recyclable Neptune products.
The business has won a number of small contracts with immediate sales impact,
but these opportunities tend to be limited to where there is a need for a
change on an existing automotive platform. The more meaningful opportunity
for sales growth comes from securing volumes on new automotive platforms and
further diversifying the Group's customer base. The Group has made good
progress in the period under review and can already see the impact of this on
our future sales in 2025/2026 onwards.
For the remainder of the current financial year, the business is facing
reduced sales in the UK, principally from a change of model mix from a key
customer. We are also experiencing reduced sales in Europe due to the
publicised halt in production of a European EV manufacturer and reduced demand
for non-automotive flooring products in Germany.
Group sales for FY24 are therefore expected to be similar to FY23, with
adjusted EBITDA reduced year on year. Automotive sales in all regions are
expected to show modest growth but this will likely be offset by a decline in
German flooring sales.
The Group has agreed (subject to final legal documentation) revised repayment
profiles and covenants with its lenders. This provides the Group the
opportunity to focus, in the short-term, on continuing delivery of operational
efficiencies and improving its commercial focus to win additional sales.
The Group will focus on commercial delivery of its pipeline, together with
rigorous cost control to try to accelerate an improvement in EBITDA and to
increase the longer-term order book. The mid-term prospects for the business
remain strong and will benefit from the operational efficiency improvements
that will continue to be implemented.
Interim Consolidated Income Statement
Unaudited Unaudited Audited
Period Period Year Ended
1/10/23-31/3/24 1/10/22-31/3/23 30/09/23
Notes £'000 £'000 £'000
Revenue 2 11,651 10,843 22,679
Cost of sales (8,013) (7,780) (15,997)
Gross profit 3,638 3,063 6,682
Other operating income 3 - 6
Distribution and administrative expenses excluding exceptional costs (3,704) (3,711) (7,434)
Exceptional costs (174) - -
Distribution and administrative expenses (3,878) (3,711) (7,434)
Operating loss before exceptional costs 2 (63) (648) (746)
Exceptional costs 2 (174) - -
Operating loss 2 (237) (648) (746)
Finance expense (229) (253) (501)
Share of post-tax (loss)/profit of equity accounted joint ventures - (6) 5
Profit on disposal of interest in joint venture - - 201
Loss before tax 2 (466) (907) (1,041)
Tax credit 10 8 128
Loss after tax for the period (456) (899) (913)
Earnings per share for loss attributable to the owners of the parent during
the period
Basic (pence) 3 (0.84)p (1.65)p (1.67)p
Diluted (pence) 3 (0.84)p (1.65)p (1.67)p
Interim Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
Period Period Year Ended
1/10/23-31/3/24 1/10/22-31/3/23 30/09/23
£'000 £'000 £'000
Loss after tax for the period (456) (899) (913)
Other comprehensive expense:
Items that may be reclassified subsequently to
profit and loss:
Currency translation differences (7) (9) (7)
Other comprehensive expense
for the period (7) (9) (7)
Total comprehensive expense
for the period (463) (908) (920)
Interim Consolidated Statement of Financial Position
Unaudited Unaudited Audited
As at 31/3/24 As at 31/3/23 As at 30/9/23
£'000 £'000 £'000
Non-current assets
Property, plant and equipment 8,198 8,477 8,407
Right-of-use assets 3,869 4,143 4,302
Intangible assets 2,755 2,937 2,839
Investments in equity-accounted
joint ventures - 68 -
Total non-current assets 14,822 15,625 15,548
Current assets
Inventories 2,125 1,999 2,343
Trade and other receivables 3,691 4,624 4,275
Cash in hand and at bank 2,472 1,273 2,090
Total current assets 8,288 7,896 8,708
Total assets 23,110 23,521 24,256
Current liabilities
Trade and other payables 4,537 3,831 4,468
Loans and borrowings 2,159 848 1,306
Lease liabilities 914 785 889
Total current liabilities 7,610 5,464 6,663
Non-current liabilities
Trade and other payables 96 102 99
Loans and borrowings 1,242 2,847 2,387
Lease liabilities 3,808 4,259 4,280
Deferred tax liability 2 22 12
Total non-current liabilities 5,148 7,230 6,778
Total liabilities 12,758 12,694 13,441
Net assets 10,352 10,827 10,815
Equity attributable to equity holders of the
Company
Share capital 1,092 1,092 1,092
Share premium account 18,366 18,366 18,366
Other reserves 1,886 1,886 1,886
Currency differences reserve (154) (149) (147)
Accumulated losses (10,838) (10,368) (10,382)
Total equity 10,352 10,827 10,815
Interim Consolidated Statement of Changes in Equity Unaudited
Share capital Share premium account Other reserves Currency differences reserve Profit and loss Total
£'000
£'000 £'000 £'000 account equity
£'000 £'000
At 1 October 2023 1,092 18,366 1,886 (147) (10,382) 10,815
Comprehensive expense for the period
Loss for the period - - - - (456) (456)
Other comprehensive expense - - - (7) - (7)
Total comprehensive expense for the period - - - (7) (456) (463)
At 31 March 2024 1,092 18,366 1,886 (154) (10,838) 10,352
Share capital Share premium account Other reserves Currency differences reserve Profit and loss Total
£'000
£'000 £'000 £'000 account equity
£'000 £'000
At 1 October 2022 1,092 18,366 1,886 (140) (9,469) 11,735
Comprehensive expense for the period
Loss for the period - - - - (899) (899)
Other comprehensive expense - - - (9) - (9)
Total comprehensive expense for the period - - - (9) (899) (908)
At 31 March 2023 1,092 18,366 1,886 (149) (10,368) 10,827
Share capital Share premium account Other reserves Currency differences reserve Profit and Total
£'000
£'000 £'000 £'000 loss equity
account £'000
£'000
At 1 October 2022 1,092 18,366 1,886 (140) (9,469) 11,735
Comprehensive expense for the year
Loss for the year - - - - (913) (913)
Other comprehensive expense - - - (7) - (7)
Total comprehensive expense for the year - - - (7) (913) (920)
At 30 September 2023 1,092 18,366 1,886 (147) (10,382) 10,815
Interim Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
Period Period Year ended
1/10/23-31/3/24 1/10/22-31/3/23 30/09/23
£'000 £'000 £'000
Cash flows from operating activities
Loss after tax (456) (899) (913)
Adjustments for:
Income tax (10) (8) (128)
Finance expense 229 253 501
Depreciation of property, plant and equipment 349 543 895
Depreciation of right-of-use assets 428 384 817
Amortisation of intangible assets 99 81 199
Profit on disposal of interest in joint venture - 6 (201)
Share of post-tax profit of equity accounted joint ventures - - (5)
639 360 1,165
Decrease/(increase) in trade and other receivables 449 (1,250) (723)
Decrease in inventories 207 670 291
Increase in trade and other payables 133 518 1,274
Cash flows from operations 1,428 298 2,007
Income taxes received 101 59 67
Net cash flows from operating activities 1,529 357 2,074
Investing activities
Purchase of property, plant and equipment (93) (82) (531)
Purchase of intangible assets (28) (75) (82)
Proceeds from disposal of tangible fixed assets - - 118
Proceeds from disposal of interest in joint venture - - 180
Net cash used in investing activities (121) (157) (315)
Financing activities
Interest paid (229) (245) (501)
Bank loans repaid (308) (17) (179)
Principal paid on lease liabilities (447) (385) (851)
Hire purchase finance advanced - - 205
Hire purchase agreements repaid (38) (61) (110)
Net cash flows used in financing activities (1,022) (708) (1,436)
Net increase/(decrease) in cash and cash equivalents 386 (508) 323
Cash and cash equivalents at beginning
of period 2,090 1,786 1,786
Exchange losses on cash and cash equivalents (4) (5) (19)
Cash and cash equivalents at end of period (all cash balances) 2,472 1,273 2,090
Notes to the Interim Consolidated Financial Information
1. Accounting policies
Description of business
Autins Group plc is a public limited company domiciled in the United Kingdom and its shares are traded on AIM, a market operated by the London Stock Exchange. The principal activity of the Group is the design, manufacture, and supply of acoustic and thermal insulation solutions. The address of the registered office is Central Point One, Central Park Drive, Rugby, Warwickshire, CV23 0WE.
Basis of preparation
In preparing these interim financial statements, the Board have considered the
impact of any new standards or interpretations which will become applicable
for the FY24 Annual Report and Accounts which deal with the year ending 30
September 2024 and there are not expected to be any changes in the Group's
accounting policies compared to those applied at 30 September 2023.
A full description of those accounting policies are contained within our FY23
Annual Report and Accounts which are available on our website (Autins FY23 ARA
(https://www.autins.co.uk/wp-content/uploads/2019/03/Annual-Report-Accounts-2018.pdf)
).
This interim announcement has been prepared in accordance with the recognition
and measurement requirements of International Financial Reporting Standards
issued by the International Accounting Standards Board, as adopted by the
United Kingdom as effective for periods beginning on or after 1 January 2023.
New accounting standards applicable to future periods
There are no new standards, interpretations and amendments which are not yet
effective in these financial statements, expected to have a material effect on
the Group's future financial statements.
This unaudited consolidated interim financial information has been prepared in
accordance with IFRS as adopted by the United Kingdom. The principal
accounting policies used in preparing the interim results are those the Group
expects to apply in its financial statements for the year ending 30 September
2024.
The financial information does not contain all of the information that is
required to be disclosed in a full set of IFRS financial statements. The
financial information for the six months ended 31 March 2024 and 31 March 2023
is unreviewed and unaudited and does not constitute the Group's statutory
financial statements for those periods.
The comparative financial information for the full year ended 30 September
2023 has, however, been derived from the audited statutory financial
statements for that period. A copy of those statutory financial statements
has been delivered to the Registrar of Companies. The auditor's report on
those accounts was unqualified, did not include references to any matters to
which the auditor drew attention by way of emphasis without qualifying its
report and did not contain a statement under section 498(2)-(3) of the
Companies Act 2006.
The financial information in the Interim Report is presented in Sterling, the
Group's presentational currency.
Basis of consolidation
The consolidated financial statements present the results of the Company and
its subsidiaries (the "Group") as if they formed a single entity.
Intercompany transactions and balances between group companies are therefore
eliminated in full.
Subsidiaries are all entities over which the Group has control. The Group
controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those
returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group and
cease to be consolidated from the date on which control is transferred out of
the Group.
The consolidated financial statements incorporate the results of business
combinations using the acquisition method. In the statement of financial
position, the acquiree's identifiable assets, liabilities and contingent
liabilities are initially recognised at their fair values at the acquisition
date.
Operating segments
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision maker. The chief
operating decision maker has been identified as the management team including
the Chief Executive, Chief Financial Officer and Chair.
The Board considers that the Group's activity constitutes one primary
operating and one separable reporting segment as defined under IFRS 8.
Management consider the reportable segment to be Automotive Noise, Vibration
and Harshness (NVH). Revenue and profit before tax primarily arises from the
principal activity based in the UK. All material assets are based in the
UK. Management reviews the performance of the Group by reference to total
results against budget.
The total profit measure is operating (loss)/profit as disclosed on the face
of the consolidated income statement. No differences exist between the basis
of preparation of the performance measures used by management and the figures
in the Group financial information.
2 Revenue
Unaudited Unaudited Audited
Period Period Year ended
1/10/23-31/3/24 1/10/22-31/3/23 30/09/23
£'000 £'000 £'000
Revenue arises from:
Component sales 11,550 10,791 22,513
Sales of tooling 101 52 166
11,651 10,843 22,679
Segmental information
The Group currently has one main reportable segment in each year/period,
namely Automotive NVH which involves provision of insulation materials to
reduce noise, vibration and harshness to automotive manufacturing. Turnover
and Operating Profit are disclosed for other segments in aggregate as they
individually have not had a significant impact on the Group result. In H1 FY24
and in FY23 with a continuing subdued automotive market, a majority of the
other revenue arises from acoustic flooring sales.
Measurement of operating segment profit or loss, assets and liabilities
The accounting policies of the operating segments are the same as those
applied by the Group in the FY23 annual report and accounts.
The Group evaluates performance on the basis of operating (loss)/profit.
1/10/23-31/3/24 Total
Automotive NVH Others £'000
£'000 £'000
Group's revenue per Consolidated
Statement of Comprehensive Income 11,074 577 11,651
Depreciation 777 - 777
Amortisation 99 - 99
Segment operating loss before exceptional costs (12) (51) (63)
Exceptional costs (174) - (174)
Segment operating loss (186) (51) (237)
Finance expense (229)
Group loss before tax (466)
As at 31/3/24
Automotive NVH Others Total
£'000 £'000 £'000
Additions to non-current assets 121 - 121
Reportable segment assets/ 23,110 - 23,110
Total Group assets
Reportable segment liabilities/
Total Group liabilities 12,758 - 12,758
The exceptional costs are in relation to the replacement of the Chief
Executive Officer.
1/10/22-31/3/23 Total
Automotive NVH Others £'000
£'000 £'000
Group's revenue per Consolidated
Statement of Comprehensive Income 9,468 1,375 10,843
Depreciation 927 - 927
Amortisation 81 - 81
Segment operating loss (626) (22) (648)
Finance expense (253)
Share of post tax loss of equity accounted
joint venture (6)
Group loss before tax (907)
As at 31/3/23
Automotive NVH Others Total
£'000 £'000 £'000
Additions to non-current assets 157 - 157
Reportable segment assets/
Total Group assets 23,521 - 23,521
Reportable segment liabilities/
Total Group liabilities 12,694 - 12,694
Automotive Year Ended 30/9/23 Total
NVH Others £'000
£'000 £'000
Group's revenue per Consolidated
Statement of Comprehensive Income 20,074 2,605 22,679
Depreciation 1,712 - 1,712
Amortisation 199 - 199
Segment operating loss (687) (59) (746)
Finance expense (501)
Profit on disposal of joint venture interest 201
Share of post-tax loss of equity accounted
joint venture (5)
Group loss before tax (1,041)
Automotive As at 30/9/23
NVH Others Total
£'000 £'000 £'000
Additions to non-current assets 1,225 - 1,225
Reportable segment assets/ 24,256 - 24,256
Total Group assets
Reportable segment liabilities/
Total Group liabilities 12,441 - 12,441
Reporting of external revenue by location of customers is as follows:
Unaudited Unaudited Audited
Period Period Year ended
1/10/23-31/3/24 1/10/22-31/3/23 30/09/23
£'000 £'000 £'000
United Kingdom 6,568 6,170 12,832
Germany 2,561 3,252 6,434
Sweden 375 366 709
Other European 2,126 1,050 2,595
Rest of the World 21 5 109
11,651 10,843 22,679
3 Earnings per share
Unaudited Unaudited Audited
Year Ended 30/09/23
Period Period
£'000
1/10/23-31/3/24 1/10/22-31/3/23
£'000 £'000
Loss used in calculating basic and
diluted earnings per share (456) (899) (913)
Weighted average number of £0.02 shares
for the purpose of:
- basic earnings per share ('000) 54,601 54,601 54,601
- diluted earnings per share ('000) 54,601 54,601 54,601
Basic and diluted earnings per share (pence) (0.84)p (1,65)p (1.67)p
Loss per share is calculated based on the share capital of Autins Group plc
and the earnings of the Group for all periods. There are no potentially
dilutive options in place at 31 March 2024 (2023: options over 2,523,648
ordinary shares with vesting dependent on meeting a combination of EBITDA and
share price targets over the period to September 2023).
4 Share capital
The total number of ordinary shares in issue since December 2022 is
54,600,984.
5 Taxation
The tax credit for the period reflects only the deferred tax related to
amortisation of intangible assets. Given the continuing economic and market
conditions, losses carried forward are not yet recognised in deferred tax
balances, consistent with the judgement made at 30 September 2023.
6 Interim Report
A copy of the Interim Report will be available on the Company's
website: www.autins.com (http://www.autins.com) .
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