TIDMAUTG
RNS Number : 9521D
Autins Group PLC
27 June 2023
27 June 2023
Autins Group plc
("Autins" the "Company" or the "Group")
Interim Results
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 2023.
Financial Summary
-- Revenue increased by 15.4% to GBP10.84m (H1 22: GBP9.39m)
-- Gross profit increased by 30.2% to GBP3.06m (H1 22: GBP2.35m)
-- Gross margins increased by 3.1%pts to 28.2% (H1 22: 25.1%)
-- EBITDA(1) was a profit of GBP0.34m (H1 22: GBP0.35m loss)
-- Loss after tax of GBP0.90m (H1 22: loss of GBP1.38m)
-- Loss per share of 1.65p (H1 22: loss of 2.83p)
-- Operating cashflow was a GBP0.36m net inflow (H1 22: GBP0.36m net outflow)
-- Net debt(2) excluding IFRS16 lease liabilities increased to GBP2.42m (H1 22: GBP1.03m)
-- Cash and cash equivalents were GBP1.27m at the period end (H1 22 GBP2.78m)
-- Group c ash headroom(3) was GBP3.50m (H1 22: GBP5.15m)
1: EBITDA is stated on an IFRS 16 basis.
2. Net debt is cash less bank overdrafts, loans, invoice
discounting, hire purchase finance and excludes right of use lease
liabilities .
3. Sum of net cash at bank and residual invoice financing
capacity.
Operational Highlights
-- Significant financial benefits from price, material and cost
improvements, adjustments to commercial contracts, and
restructuring actions.
-- The supply chain to the UK automotive market is more stable,
although s ales volumes were c.5% lower than the prior year.
-- Automotive sales in Germany are up 65% year on year including 2022 EV platform wins.
-- Flooring product sales were down 26% to GBP1.3m due to a
slowdown in European construction activity.
-- Neptune retail sales continue to increase and are up 34% on H1 22 to GBP4.4m.
-- Gross profit increased primarily as a result of price,
material and improved labour productivity which more than offset
input cost pressures, leading to higher Group gross margins.
-- Overheads were largely consistent year on year, despite
Germany adding a stock storage facility to assist growth.
-- EBITDA improved by GBP0.7m, which was mirrored by an
equivalent improvement in operating cashflow year on year.
Gareth Kaminski-Cook, Chief Executive, said:
"I am pleased to report that we have seen a significant
improvement in margins and a return to EBITDA profitability, during
the first half of 2023.
We have worked closely with our customers over the past 18
months to recover the impact of increased input costs. Changes to
our commercial contracts in all regions during the first six months
of the year are now flowing to the bottom line. On top of this,
actions taken in the period on headcount reductions, improved
operational efficiencies and smarter material sourcing are all
positively impacting performance. Whilst H2 2023 will see the full
benefits of these actions they will be partially offset by recent
workforce salary increases.
We were delighted to see our German automotive sales grow by 65%
as project wins, primarily with Neptune for EVs, began production.
The flooring market however has suffered as European construction
activity weakened against a tougher economic background.
Whilst margins have improved, it is clear that the business now
needs more volume. Although the automotive supply chains have
stabilised somewhat, market recovery is expected to remain modest
into the medium term. This is partly due to the economic backdrop,
but also because of the limited number of new vehicle models being
launched by our major customers at this time. The focus within the
management team will continue to be on winning new business and
managing costs and margins."
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)
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, 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
Group revenue in the period increased by GBP1.45m to GBP10.84m
(H1 22: GBP9.39m), which, combined with other actions, led to an
EBITDA improvement of GBP0.69m to GBP0.34m (H1 22: EBITDA loss of
GBP0.35m).
Revenue in our automotive division improved in all three regions
as supply chains appeared to stabilise, albeit UK automotive
volumes reduced slightly. Germany benefited from new project
starts, whilst the flooring business was negatively impacted by
slower European construction activity.
Protracted efforts with all our customers to recover the
increased input costs of the previous 12 months finally bore fruit
with adjustments to almost all customer contractual arrangements.
The business also undertook further restructuring actions and
improved resourcing for key materials which cumulatively have
contributed to improve the gross margin by 3.1%pts to 28.2% since
the end of the last financial year.
Revenue
Revenue across the Group increased by 15.4% to GBP10.84m (H1 22:
GBP9.39m) driven primarily by price and contract improvements and
automotive recovery in Germany. Excluding some new contract wins,
sales volumes declined from our key automotive customers in the UK
and German flooring customers.
Sales through the European operations made up 40% of Group
turnover, slightly up from H1 2022 at 37%, on the back of stronger
performance in Germany.
Group automotive sales increased by 25% to GBP9.5m (H1 2022:
GBP7.6m), driven primarily by price increases and strong growth in
Germany.
Automotive revenue in the UK increased by 11% to GBP6.5m (H1
2022: GBP5.9m), with component revenue increasing by 11% and
tooling remaining consistently low, as the OEMs continue to release
very few new projects.
German automotive sales benefited from the start of new projects
that were won in the previous years and more than compensated for
the lower flooring sales that reflect the weak European
construction market. As a result, German sales increased 25% to
GBP3.7m (H1 22: GBP3.0m), with automotive sales up by 85% to
GBP2.4m (H1 22: GBP1.3m), and flooring sales declining by 22% to
GBP 1.3m (H1 22: GBP1.7m). Sweden automotive sales increased by 20%
to GBP0.6m (H1 22: GBP0.5m).
Non-automotive sales were lower by 24% in H1 23at GBP1.4m (H1
22: GBP1.8m), driven by the drop in flooring demand described
above. As a result, non-automotive sales now account for 13% of
Group turnover, down from 19% in H1 22.
Sales concentration of our largest customer was 32.9% in H1 23,
reducing from 38.3% last year, driven primarily by new projects in
Germany. In the short to medium term, management would expect this
concentration will revert back towards c.50% as UK automotive sales
recover. Over the longer term, the sales concentration is expected
to reduce as we develop demand from a larger customer base.
Gross margin
The collective actions taken to secure customer price increases,
improve operational efficiencies and lower material purchasing
costs have improved margins progressively since the end of the last
financial year. Within this, labour productivity and restructuring
actions have also added significantly to gross margin improvement.
These actions have largely offset the significant input cost
challenges from the previous year and restored margins.
We are now in a situation where the largest impact on our gross
profit is the residual impact of low customer volumes flowing
through the business that reduce the absorption of fixed production
overhead costs.
EBITDA profit and operating loss
The reported H1 23 EBITDA profit of GBP0.34m improved by GBP0.7m
year over year, (H1 22: EBITDA loss of GBP0.35m) and the reported
operating loss was GBP0.65m (H1 22: loss of GBP1.1m). For both
years the EBITDA and operating loss do not include any exceptional
costs.
Joint venture
The Group's share of joint venture activities relates solely to
Indica Automotive, a UK based foam conversion business.
Turnover at Indica Automotive decreased marginally to GBP0.91m
(H1 22: GBP0.92m), with a loss after tax of GBP0.01m (H1 22: profit
of GBP0.01m). The Group remains the largest customer of the joint
venture, and the ratio of sales to the Group as a percentage of
total sales has reduced from 73% to 52%.
Net finance expense
Net Finance expense for the period was consistent at GBP0.25m
(H1 22: GBP0.26m) including IFRS 16 charges of GBP0.13m (H1 22
GBP0.14m). The interest element of hire purchase agreements is
GBP0.01m (H1 22: GBP0.01m) with interest charged on bank borrowings
of GBP0.11m (H1 22: GBP0.12m).
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 2022. A tax credit of GBP0.01m
(H1 22: GBP0.01m) has been recognised.
Dividends
The Board continues to believe that a suspension in dividend
payments remains appropriate. As such, 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 GBP2.42m (H1 22
GBP1.03m). Including GBP5.04m (H1 22 GBP5.25m) arising from IFRS 16
lease liabilities, the Group's net debt would be GBP7.46m (H1 22
GBP6.28m). Net debt has increased as a result of trading outflows.
Cash and cash equivalents at the period end were GBP1.3m (H1 22:
GBP2.8m).
In January 2023, the Company secured a further deferment of UK
loan repayments until July 2023 from its primary lender and until
the end of March 2024 from its secondary lender. At 31 March 2023,
the Group's UK HSBC facilities provided up to GBP3.5m (H1 22:
GBP3.5m) of invoice financing facility (subject to available
accounts receivable balances). In addition, GBP0.5m (H1 22:
GBP0.5m) of asset finance facilities are available, subject to
covenant compliance. At the end of the period, none of the invoice
financing facility had been utilised (H1 22: GBPnil) with GBP0.1m
used from the asset finance facility (H1 2022: GBP0.4m). Group c
ash headroom, being the sum of net cash at bank and residual
invoice financing capacity, was GBP3.5m (H1 22 GBP5.1m). Currently,
the HSBC term loan will re-commence quarterly payments of GBP146k
in July 2023.
Capital expenditure
The Group invested GBP0.1m (H1 22: GBP0.1m) in its operating
facilities during the period. The Group will commission new
equipment in Germany during H2 with a value of c.GBP300k, which
will replace old equipment and improve efficiency and capacity to
meet growing demand.
Employees
In the UK, we have continued to focus on maximising employee
engagement and retention. We continue to maintain a high visibility
of senior management with staff through a combination of regular
weekly cross functional planning meetings coupled with informal
feedback "coffee" sessions. The banked hours scheme continues to be
successful by providing surety of workers' income whilst customer
demand patterns continue to be variable. We have continued to
convert the majority of temporary staff positions to permanent
roles to aid core team strength. Production pay rates have been
increased by more than 8% and continue to exceed the national
living wage. Overtime rates continue with strong premiums to
improve net take home pay, with pay bandings related to
multi-skilling and personal performance also being improved. Staff
retention, excluding redundancies, has been in excess of 93% during
the period.
Teamwork has improved over the last 18 months positively
impacting productivity, quality, customer service and the net cost
in the factories. This has been critically important during a
period where availability of labour continues to be a key challenge
for manufacturers, and it is pleasing to see that some former
colleagues have chosen to return to Autins. Latterly we have
introduced a bonus scheme for all UK operators to recognise when
teams or individuals have directly and positively impacted
margins.
The German and Swedish businesses both have very strong team
cultures which benefit from strong leadership and stable, highly
committed people.
Board
In May 2023, we announced that Andrew Burn had joined the Board
as a Non-Executive Director.
Neil MacDonald will resign from the Board of Directors at the
end of June 2023. We would like to thank him for his excellent
service and wish him well for the future.
Going Concern
In approving these Interim Financial Statements, the Board has
considered current trading, profit and cash flow forecasts and
assessed existing borrowings and available sources of finance.
At the time of releasing our full year financial statements,
forward looking profit, and cash flow projections for FY23, and
FY24 were prepared and considered. As reported in January, our
major UK lenders extended covenant waivers until the end of March
2024 and capital payment deferments were extended until July 2023
with our primary lender, and until at least April 2024 with our
secondary lender.
Financial forecasts and related sensitivities, compared with the
prevailing key customer demand schedules and forecasts, were
assessed in detail in January 2023. These assessments were
documented in detail in our FY22 audited financial statements.
UK sales volumes in H1 23 remained marginally below these
forecasts, although EBITDA and cash performance remained above the
targets presented to the UK lenders. The Board has assumed a slight
improvement in revenues for H2 23, with further improvement and new
wins expected in FY24. However, there remains uncertainty on the
exact timing and sales improvement for the automotive market
against the current backdrop of global supply chain considerations
and continuously evolving vehicle platforms for which the technical
specifications and likely production quantities are still to be
reliably communicated.
Actions taken to protect gross margins against increases in
energy, materials, and labour costs have been successful in
restoring gross margins.
The Company will continue further covenant compliance and
capital repayment review discussions with its two major lenders
over the coming months for the period beyond March 2024. Reaching
an appropriate outcome is required to ensure covenant compliance
prevails beyond March 2024, albeit expected trading and existing
facilities should allow loans to be serviceable for at least the
next 12 month period. As at 20 June 2023, the last practicable date
prior reporting date, the Group's liquidity cash headroom was in
excess of GBP3.5m.
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 financial statements. The Board has
therefore determined to adopt the going concern basis in preparing
these financial statements.
Outlook
The price increases and cost reductions secured during H1 23
were critical to protecting our financial position and improving
our profitability, whilst we strive to bring additional volume
across our asset base. We will continue this focus in H2 23.
The outlook for the automotive sector is improving but we expect
our growth to be modest in the short term. In particular, our
ability to increase volumes in the UK will be affected by the
limited release of new vehicle models by key OEMs, coupled with few
opportunities to switch existing product programmes away from
incumbent suppliers.
The construction and building market activity is currently
depressed due to weak global economies, but we would expect our
flooring sales to recover once economic confidence rises across
Europe.
Customers are requesting more environmentally friendly solutions
and we have responded by expanding the proportion of our product
offering that is either fully recyclable or made of recycled
material. We have developed Neptune Green and Neptune-R, and also
launched a trademarked encapsulation product SilentShell,
specifically targeting NVH problems in electric vehicles. Feedback
has been positive from our major customers, and this will form the
backbone of our value proposition for future vehicles.
The focus of the management team will continue to be on winning
new business and further improving costs and margins .
Interim Consolidated Income Statement
Unaudited Unaudited Audited
Period Period Year Ended
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
Notes GBP'000 GBP'000 GBP'000
Revenue 2 10,843 9,392 18,873
Cost of sales (7,780) (7,039) (14,638)
Gross profit 3,063 2,353 4,235
Other operating income - 21 28
Distribution and administrative
expenses (3,711) (3,504) (7,247)
Operating loss (648) (1,130) (2,984)
Finance expense (253) (263) (542)
Share of post-tax (loss)/profit
of equity accounted
joint ventures (6) 4 (26)
Loss before tax (907) (1,389) (3,552)
Tax credit 8 8 277
Loss after tax for the period (899) (1,381) (3,275)
Earnings per share for loss
attributable to the owners
of the parent during the period
Basic (pence) 3 (1.65)p (2.83)p (6.34)p
================ ================ =============
Diluted (pence) 3 (1.65)p (2.83)p (6.34)p
================ ================ =============
Interim Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
Period Period Year Ended
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
GBP'000 GBP'000 GBP'000
Loss after tax for the period (899) (1,381) (3,275)
----------------- ----------------- ------------------------------------
Other comprehensive expense:
----------------- ----------------- ------------------------------------
Items that may be reclassified
subsequently to
----------------- ----------------- ------------------------------------
profit and loss:
----------------- ----------------- ------------------------------------
Currency translation differences (9) (17) (15)
----------------- ----------------- ------------------------------------
Other comprehensive expense
----------------- ----------------- ------------------------------------
for the period (9) (17) (15)
----------------- ----------------- ------------------------------------
Total comprehensive expense
----------------- ----------------- ------------------------------------
for the period (908) (1,398) (3,290)
----------------- ----------------- ------------------------------------
Interim Consolidated Statement of Financial Position
Unaudited Unaudited Audited
As at 31/3/23 As at 31/3/22 As at 30/9/22
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 8,477 9,390 8,949
Right-of-use assets 4,143 4,475 4,549
Intangible assets 2,937 2,991 2,987
Investments in equity-accounted
joint ventures 68 103 74
Deferred tax asset - 95 -
Total non-current assets 15,625 17,054 16,559
Current assets
Inventories 1,999 2,107 2,669
Trade and other receivables 4,624 3,954 3,433
Cash in hand and at bank 1,273 2,775 1,786
Total current assets 7,896 8,836 7,888
Total assets 23,521 25,890 24,447
Current liabilities
Trade and other payables 3,831 3,070 3,358
Loans and borrowings 848 384 860
Lease liabilities 785 830 825
Total current liabilities 5,464 4,284 5,043
Non-current liabilities
Trade and other payables 102 108 105
Loans and borrowings 2,847 3,417 2,907
Lease liabilities 4,259 4,415 4,627
Deferred tax liability 22 39 30
Total non-current liabilities 7,230 7,979 7,669
Total liabilities 12,694 12,263 12,712
Net assets 10,827 13,627 11,735
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 (149) (142) (140)
Accumulated losses (10,368) (7,575) (9,469)
Total equity 10,827 13,627 11,735
Interim Consolidated Statement of Changes in Equity
Unaudited
Currency
Share premium Other differences Retained Total
Share capital account reserves reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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
Profit
Currency and loss
Share premium Other differences account Total
Share capital account reserves reserve (adjusted) equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2021 792 15,866 1,886 (125) (6,194) 12,225
Comprehensive expense for
the period
Loss for the period - - - - (1,381) (1,381)
Other comprehensive expense - - - (17) - (17)
Total comprehensive expense
for the period - - - (17) (1,381) (1,398)
Contributions by and distributions
to
owners
Shares issued in the period
(note 4) 300 2,700 - - - 3,000
Share issue expenses (note
4) - (200) - - - (200)
Total contributions by and
distributions to
owners 300 2,500 - - - 2,800
At 31 March 2022 1,092 18,366 1,886 (142) (7,575) 14,169
The balance sheet has been adjusted at 1 October 2021 and at 31 March 2022,
increasing accumulated losses and trade payables by GBP542,000, to reflect the
prior year adjustment reported in the 30 September 2022 financial statements.
Currency
Share premium Other differences Retained Total
Share capital account reserves reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2021 792 15,866 1,886 (125) (6,194) 12,225
Comprehensive expense for
the year
Loss for the year - - - - (3,275) (3,275)
Other comprehensive income - - - (15) - (15)
Total comprehensive expense
for the year - - - (15) (3,275) (3,290)
------------- ------------- --------- ------------ --------- --------
Contributions by and distributions
to
owners
Shares issued in the period
(note 4) 300 2,700 - - - 3,000
Share issue expenses (note
4) - (200) - - - (200)
Total contributions by and
distributions to
owners 300 2,500 - - - 2,800
At 30 September 2022 1,092 18,366 1,886 (140) (9,469) 11,735
Interim Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
Period Period Year ended
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss after tax (899) (1,381) (3,275)
Adjustments for:
Income tax (8) (8) (277)
Finance expense 253 263 542
Depreciation of property, plant
and equipment 543 340 884
Depreciation of right-of-use
assets 384 377 831
Amortisation of intangible assets 81 81 163
Share of post-tax loss/(profit)
of equity accounted
joint ventures 6 (4) 26
360 (332) (1,106)
(Increase)/decrease in trade
and other receivables (1,250) (360) 261
Decrease/(increase) in inventories 670 326 (236)
Increase/(decrease) in trade
and other payables 518 (32) 255
Cash flows from operations 298 (398) (826)
Income taxes received 59 37 291
Net cash flows from/(used in)
operating activities 357 (361) (535)
Investing activities
Purchase of property, plant
and equipment (82) (123) (219)
Purchase of intangible assets (75) (30) (112)
Dividend received from equity
accounted
joint venture - 20 20
Net cash used in investing
activities (157) (133) (311)
Financing activities
Interest paid (245) (255) (527)
Proceeds from issue of shares - 3,000 3,000
Share issue expenses paid - (200) (200)
Loan issue costs paid - - (3)
Repayment of loans (17) (100) (108)
Repayment of hire purchase liabilities (61) (44) (87)
Payment of lease liabilities (385) (366) (688)
Net cash flows (used in)/from
financing activities (708) 2,035 1,387
Net (decrease)/increase in cash
and cash equivalents (508) 1,541 541
Cash and cash equivalents at
beginning
of period 1,786 1,238 1,238
Exchange losses on cash and
cash equivalents (5) (4) 7
Cash and cash equivalents at
end of period (all cash balances) 1,273 2,775 1,786
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 quoted 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 FY23 Annual Report and Accounts
which deal with the year ending 30 September 2023 and there are not
expected to be any changes in the Group's accounting policies
compared to those applied at 30 September 2022.
A full description of those accounting policies are contained
within our FY22 Annual Report and Accounts which are available on
our website ( Autins FY22 ARA ).
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 2022.
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 2023.
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 2023 and 31 March 2022 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 2022 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 Chairman.
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 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
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
GBP'000 GBP'000 GBP'000
Revenue arises from:
Component sales 10,791 9,283 18,577
Sales of tooling 52 109 296
10,843 9,392 18,873
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 FY23 and in
FY22 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 FY22 annual report and
accounts.
The Group evaluates performance on the basis of operating
(loss)/profit.
1/10/22-31/3/23
Automotive Others Total
NVH GBP'000 GBP'000
GBP'000
Group's revenue per Consolidated
Statement of Comprehensive
Income 9,468 1,375 10,843
Depreciation of property,
plant and equipment 543 - 543
Depreciation of right-of-use
assets 384 - 384
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 Others Total
NVH GBP'000 GBP'000
GBP'000
Additions to non-current
assets 157 - 157
Reportable segment assets 23,453 - 23,453
Investment in joint ventures 68 - 68
Total Group assets 23,521 - 23,521
Reportable segment liabilities/
total Group liabilities 12,694 - 12,694
Segmental information (continued)
1/10/21-31/3/22
Automotive Others Total
NVH GBP'000 GBP'000
GBP'000
Group's revenue per Consolidated
Statement of Comprehensive
Income 7,577 1,815 9,392
Depreciation of property,
plant and equipment 340 - 340
Depreciation of right-of-use
assets 377 - 377
Amortisation 81 - 81
Segment operating (loss)/profit (1,214) 84 (1,130)
Finance expense (263)
Share of post tax profit
of equity accounted
joint venture 4
Group loss before tax (1,389)
As at 31/3/22
Automotive Others Total
NVH GBP'000 GBP'000
GBP'000
Additions to non-current
assets 153 - 153
Reportable segment assets 25,787 - 25,787
Investment in joint ventures 103 - 103
Total Group assets 25,890 - 25,890
Reportable segment liabilities/
total Group liabilities 12,263 - 12,263
Segmental information (continued)
Automotive Year Ended
NVH Others 30/9/22 Total
GBP'000 GBP'000 GBP'000
Group's revenue per Consolidated
Statement of Comprehensive
Income 15,271 3,602 18,873
Depreciation of property,
plant and equipment 884 - 884
Depreciation of right-of-use
assets 831 - 831
Amortisation 163 - 163
Segment operating(loss)/profit (2,968) (16) (2,984)
Finance expense (542)
Share of post-tax loss of
equity accounted
joint venture (26)
Group loss before tax (3,552)
Automotive As at 30/9/22
NVH Others Total
GBP'000 GBP'000 GBP'000
Additions to non-current
assets 1,036 - 1,036
Reportable Segment assets 24,373 - 24,373
Investment in joint venture 74 - 74
Total Group assets 24,447 - 24,447
Reportable segment liabilities/
Total Group liabilities 12,712 - 12,712
Reporting of external revenue by location of customers is as
follows:
Unaudited Unaudited Audited
Period Period Year ended
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
GBP'000 GBP'000 GBP'000
United Kingdom 6,170 5,531 10,570
Germany 3,252 2,764 5,917
Sweden 366 311 645
Other European 1,050 771 1,706
Rest of the World 5 15 35
10,843 9,392 18,873
3 Earnings per share
Unaudited Unaudited Audited
Period Period Year Ended
1/10/22-31/3/23 1/10/21-31/3/22 30/09/22
GBP'000 GBP'000 GBP'000
Loss used in calculating
basic and
diluted earnings per share (899) (1,381) (3,275)
Weighted average number
of GBP0.02 shares
for the purpose of:
* basic earnings per share ('000) 54,601 48,832 51,683
* diluted earnings per share ('000) 54,601 48,832 51,683
Basic and diluted earnings
per share (pence) (1,65)p (2.83)p (6.34)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 options in place over 2,523,648 ordinary shares at 31
March 2023 with vesting dependent on meeting a combination of
EBITDA and share price targets over the period to September 2023.
These options were anti-dilutive at the period end but may dilute
future earnings per share.
4 Share capital
In December 2021, 15,000,000 additional GBP0.02 ordinary shares
were issued at 20 pence each. Net proceeds of GBP2,800,000 arose
after incurring issue expenses of GBP200,000. This resulted in an
increase in the nominal value of share capital of GBP300,000 and an
increase of GBP2,500,000 in the share premium account net of the
issue expenses. 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 conditions, losses carried forward are not yet recognised
in deferred tax balances, consistent with the judgement made at 30
September 2022.
6 Interim Report
A copy of the Interim Report will be available on the Company's
website: www.autins.com .
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END
IR UNANROUUNUAR
(END) Dow Jones Newswires
June 27, 2023 02:00 ET (06:00 GMT)
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