Manufacturer records losses despite ‘significant progress’

Autins Group fell into the red but believes changed at the manufacturer leave it well-placed for a more successful 2019.

Its new chief executive Gareth Kaminski-Cook, who joined on October 1, put a positive spin on its results arguing “whilst the financial performance was unsatisfactory, the strategic progress was very positive.”

Gareth Kaminski-Cook

Autins, which makes acoustic and thermal insulation products for the automotive industry, made a pre-tax loss of £1.4m in the year to September 2018.

The £1.8m reversal was despite a £2.8m increase in revenues during the year.

“2018 was a year of significant progress for the Autins Group,” said Kaminski-Cook.

“Group sales have grown 45% in the last 2 years. 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.”

Autins’ share price has been obliterated since its float less than three years ago, with last night’s close of 21p more than 90% below its level in late 2016.