6th Mar 2019 11:35
LONDON (Alliance News) - Autins Group PLC axed its final dividend Wednesday after it swung to an annual loss as costs growth outstripped revenue expansion for the year.
For the year ended September 30, the acoustic and thermal insulation products manufacturer posted a pretax loss of GBP1.7 million compared to a GBP207,000 profit a year ago.
Revenue rose 11% to GBP29.2 million from GBP26.4 million, but this was offset by an increase in the cost of sales 27% to GBP22.0 million from GBP17.3 million.
"2018 was a year of significant progress for the Autins Group. Whilst the financial performance was unsatisfactory, the strategic progress was very positive. Group sales have grown 45% in the last two years," Chief Executive Officer Gareth Kaminski-Cook said.
Kaminski-Cook added: "The customer base has diversified, expansion into Europe has accelerated, and sales into new markets continued to grow. With renewed focus on cost control and sales conversion we are confident 2019 will deliver positive results."
The company did not propose a final dividend for the year. Last year it issued shareholders a 0.8 pence per share dividend.
Autins Group shares were trading down 4.6% at 21.00 pence each.
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