Manufacturer’s shares slump after profit warning

Warwickshire auto supplier, Autins Group, endured a torrid time on the markets this morning as its share price plummeted following the announcement that its CEO had quit and a major customer had revised order volumes.

Opening at 224p, the AIM-listed company’s share price fell to a low of 140.55p on the first half hour of trading before recovering slightly to 152p by 9am.

Nevertheless, this still represented a 31% fall in the value of the group’s shares.

The events were set in motion following an announcement to the markets earlier today that CEO and principal architect of the group’s development, Jim Griffin had quit the business.

The statement said his resignation, which is with immediate effect, was for personal reasons.

However, the statement went on to add that a major customer of the group had revised order volumes and the decision was likely to have a major impact on the group’s current year performance.

The Rugby-based company, which manufactures specialist insulation materials predominantly for the automotive and rail sectors, counts Bentley, Jaguar Land Rover, Honda and VW Group amongst its customers.