Autins Group PLC Resignation of CEO, notice of results and update (6681V)
February 01 2017 - 2:00AM
UK Regulatory
TIDMAUTG
RNS Number : 6681V
Autins Group PLC
01 February 2017
01 February 2017
Autins Group plc
("Autins" or the "Group")
Resignation of Chief Executive, Notice of Results and Update on
Trading
Autins Group plc (AIM: AUTG), a leading UK designer,
manufacturer and supplier of acoustic and thermal insulation
solutions for the automotive sector, announces that Jim Griffin
has, for personal reasons, resigned as Chief Executive Officer and
a member of the Board with immediate effect.
The Board has commenced a process of identifying a suitable
replacement Chief Executive Officer and a further announcement will
be made as soon as possible.
The Group expects to publish its preliminary results for the
financial year ended 30 September 2016 on Tuesday 7 March 2017. The
Board can confirm that these will be in line with market
expectations and sales for the first quarter of the current
financial year have been in line with the Board's expectations.
The Board, however, is now aware that a major customer has
provided revised volumes and introduction timings for certain
platforms. In consequence, the Board expects that revenues for the
current year will be materially lower than market expectations. The
Board is currently evaluating the likely impact on the year to 30
September 2018 and will provide guidance at the time of the
publication of the preliminary results for 2016.
The continuing strategic focus of the Board is to diversify the
Group's automotive customers, drive growth in non-automotive
applications and expand the geographic footprint. The Board
believes that the Group remains on track to become a leading
provider of premium acoustic and thermal materials and components
to a wide range of sectors and customers.
For further information please contact:
Autins Group plc Via Newgate
Adam Attwood, Non-Executive
Chairman
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
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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