Autins Group PLC Update on Progress and Trading (1224R)
December 07 2016 - 2:00AM
UK Regulatory
TIDMAUTG
RNS Number : 1224R
Autins Group PLC
07 December 2016
7 December 2016
Autins Group plc
("Autins" or the "Group")
Update on Progress and Trading
Autins Group plc (AIM: AUTG), a leading UK designer,
manufacturer and supplier of acoustic and thermal insulation
solutions for the automotive sector, is pleased to provide an
update on trading for the year ended 30 September 2016.
Following the successful IPO on AIM in August 2016 the Group
continues to see progress with the integration of Autins' Swedish
and German divisions which became wholly owned subsidiaries as part
of the IPO process.
In line with the Group's strategic objectives, a number of
senior hires have been made and the Board is particularly pleased
that Joshua Kimberling joined the Group senior management team as
Group Sales Director in November. He will be joined by a Head of
European Sales who will focus on developing the automotive and
non-automotive sectors in mainland Europe. The Board is also
further strengthening the central finance and administrative
functions to better support the anticipated growth of the
Group.
Significant development has been made with Neptune, the Group's
lightweight, high performance material, with full production
capability expected prior to the end of 2016. Neptune, which is
ideally placed to meet the automotive industry's demand for
innovation, is now approved by seven automotive OEMs, having
recently secured an additional European OEM. In addition, the Group
has acquired a leading global Tier 1 supplier of convertible roofs
to the automotive sector as a customer, which illustrates the
Group's approach to supplying OEMs alongside their ongoing process
of new material evaluation and approval.
Interest in Neptune from a number of non-automotive sectors has
grown considerably during the year and across an exciting range of
areas, including for potential use in modular housing. The Board
anticipates that this non-automotive interest will continue to
build through 2017, particularly with the benefit of the new and
more focused sales resource.
Since the IPO, the Group has exercised its right with Iksung to
licence a high performance, three layer material, to be marketed as
Ozone, which will bring a lightweight high performance sound
barrier material to the automotive sector, complimenting the
Neptune sound absorbing material. The Group is already piloting
applications and testing with OEMs. Further updates on progress
with Ozone will be made in due course.
The Board is also pleased to report that the Group's R&D and
commercial test facility, Autins Technical Centre, has secured its
first automotive customer and work continues towards it securing
full industry UKAS accreditation during late 2017.
Overall, the year to date has been one of positive progress and
Autins is on track to deliver further growth during 2017.
Following Brexit and the associated depreciation in Sterling,
the Board remains alert to risk and opportunity, monitoring both
the costs and sources of supply of raw materials to protect
margins.
The Group expects to publish its preliminary results for the
financial year ended 30 September 2016 in February 2017.
Jim Griffin, Chief Executive Officer, said:
"The Board is delighted with the quality and breadth of our new
shareholders who supported our very successful flotation. Alongside
this, significant investment in the Group has been made in 2016in
support of growth in 2017 and beyond.
The Board's focus for the year ahead is to pursue the Group's
growth opportunities in line with Autins' three pillars of
expertise in Specialist Component Manufacturing, Specialist
Materials Manufacturing and Innovation and Research. In this way,
the Board intends that Autins will offer a growing and broader
range of high quality products and competencies in supply
capability across multiple sectors.
For further information please contact:
Autins Group plc Via Newgate
Jim Griffin, CEO
James Larner, CFO
Cantor Fitzgerald Europe Tel: 020 7894 7000
(Nominated Adviser and
Broker)
Philip Davies
Will Goode
Callum Butterfield
Newgate Communications Tel: 020 7653 9850
(Financial PR)
Adam Lloyd
Helena Bogle
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 white goods, power generation, marine, apparel, rail,
commercial vehicles and industrial sectors.
The Group is one of the leading UK 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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