Optimistic results revealed by automotive supplier
Manufacturer Autins is anticipating a recovery in the automotive market, as it reveals positive results.
The Rugby-based automotive insulation supplier has seen sales increase by 20% in the last year, generating revenues of £22.5m.
It’s gross profit also improved by 55% to £6.5m, driven by the increase in revenue and a strong recovery in gross margins of 28.9%.
New business has also been secured towards the end of the year, including Neptune technology applications in electric vehicles. Autins says the tech provides a “significant performance advantage” in reducing the thermal loss in electric vehicles and therefore reduces the drawn down of energy from electric batteries which helps to extend vehicle range.
A 100% fully recyclable version of Neptune has also been released and picked up interest from OEMs.
The Group ended the period with net debt standing at £1.8m, a decrease of £200k. Cash and cash equivalents available were £2.1m (FY22 £1.8m).
The board believes that the improvement in its trading performance and the stability of its net debt and headroom level will put Autins in a positive position when engaging with its lending partners regarding covenants for March 2024 onwards.
The board says it anticipates further growth in sales and EBITDA to come in 2024.