24th Oct 2018 09:47
LONDON (Alliance News) - Autins Group PLC said Wednesday that it expects to post an annual adjusted loss after a challenging year.
Shares in the acoustic and thermal insulation solutions designer were trading down 5.7% at 33.0 pence each.
For the year ended September, Autins expects to post an adjusted pretax loss of "not more than" GBP1.3 million. A year ago, the company recorded a GBP400,000 profit.
Meanwhile, the board now expects to report revenue of "not less than" GBP29 million for the year, up from GBP26.4 million previously.
"Against this backdrop, the board is taking steps to ensure the company has the correct cost base for the prevailing trading environment whilst ensuring there is sufficient capacity to take advantage of the many opportunities to grow and diversify the business," Autins said.
Furthermore, the company said it recorded GBP1 million of Neptune component sales wins since the interim results in June. Over the same period the annualised sales of Neptune-based products increased by 34%.
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