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Autins Group narrows first-half losses, but warns on performance as pandemic to weigh on demand

Mon, 29th Jun 2020

Thermal and acoustic insulation materials maker Autins reported narrower half-yearly losses, but warned on annual performance as demand was not expected to return to pre-Covid levels this fiscal year. The company said it expected continued volume recovery in the coming months but does not anticipate that pre Covid-19 volumes would return during the current financial year. This would result in a significant reduction in revenues and a negative impact on the group's financial performance in 2020. For the six months ended 31 March 2020, pre-tax losses narrowed to £567K from £976K on-year, while revenue decreased by 3.2% to £13.22m. Gross margins rose to 29.0% from 26.5%. The company won nine new automotive contracts during the half, with an annualised value of £2.7m. 'Like many businesses we have not been able to operate as normal since the arrival of COVID-19. This has been a very tough few months which has seen a temporary but significant fall in automotive demand, necessitating the short term closure of our sites in UK, Germany and Sweden,' the company said. At 9:55am: (LON:AUTG) Autins Group Plc share price was +0.5p at 15.5p Story provided by StockMarketWire.com

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