7th Feb 2020 10:03
(Alliance News) - Autins Group PLC on Friday said it is focusing on growing sales and client base amid challenges in the automotive market.
Ahead of its annual general meeting, the acoustic and thermal insulation solutions supplier said it ended its financial year to the end of September 2019 in a "stronger" position both operationally and financially and can look ahead with confidence, despite the "significant" challenges faced by the global automotive market.
Autins said, in the past few months, it has strengthened its balance sheet in response to the additional working capital requirements resulting from Brexit uncertainties and to facilitate further growth.
Looking ahead, the company said it continues to focus on growing its sales and customer base, especially in continental Europe. Autins also said it is improving gross margin through an on-going emphasis on labour control measures, process efficiencies and material savings.
"Financial 2019 was one of recovery and continued strategic focus for the group," said Chair Adam Attwood.
He added: "The board remains confident in its focused strategy of delivering operational improvement, sales growth and new market development, all concentrated around our core acoustic and thermal expertise and our patented Neptune material."
Autins said its performance in financial 2020 is in line with expectations and it will report its results for the six months to the end of March in June.
The AIM stock was trading 2.0% higher in London on Friday at 20.90 pence a share.
By Evelina Grecenko; [email protected]
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