11th Dec 2019 10:13
(Alliance News) - Autins Group PLC on Wednesday said its loss narrowed in its most recently-ended financial year despite "challenging" trading conditions.
The acoustic and thermal management technology provider said its loss narrowed in the year to the end of September to GBP1.5 million from GBP1.7 million a year earlier, despite revenue slipping by 8.1% to GBP26.9 million from GBP29.2 million.
Autins explained revenue was hurt by the "challenging" trading conditions in the automotive industry. In particular, the company said it has experienced additional original equipment manufacturer factory shutdowns and demand being hurt by uncertainty over the future of diesel vehicles.
The company continues to that a suspension of dividend payments remains appropriate.
Looking ahead, Autins will continue to focus on operational improvement, sales growth and new market development.
"Despite the considerable challenges faced by the automotive industry, decisive management action ensured that 2019 was a year of recovery, repositioning and new business wins," said Chief Executive Gareth Kaminski-Cook.
He added: "We were successful in securing 22 new customers, achieving 14% growth in Europe and delivering a significant increase in sales of the Neptune technology. This positive momentum is encouraging and provides grounds for optimism for the future."
Autins shares were trading 2.3% higher in London on Wednesday at 20.45 pence each.
By Evelina Grecenko; [email protected]
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