Autins faces shareholder pushback at AGM
Autins Group has confirmed all resolutions were passed at its Annual General Meeting, though nearly a third of votes were cast against a resolution giving the board authority to issue new shares.
Resolution 7, which would let directors allot new shares without needing separate shareholder approval each time, passed with 66.51% in favour and 33.49% against, a significantly weaker margin than the AGM’s other resolutions, most of which passed with more than 99% support.
Issuing new shares can dilute existing shareholders’ stakes, which is often behind investor pushback on this type of resolution. The Rugby-headquartered company said the board has engaged with shareholders to better understand the rationale behind the votes cast against it.
All directors were re-appointed comfortably, including chief executive Andy Bloomer with 100% support, while chairman Adam Attwood received 96.50% backing. Dains Audit Limited was re-appointed as auditor with 99.77% support.
The AGM follows Autins’ trading update published a day earlier, which reported revenues of £8.0m for the first five months of the financial year, up from £7.7m in the same period last year. The company said it has continued to win new business across all regions, with particular success in Germany, though overall performance was impacted by rising raw material and transport costs linked to the Iran conflict.
Chief executive Andy Bloomer said the group’s European businesses “continue to outperform, gaining significant traction with multiple car makers,” while UK production of its proprietary Neptune material is at record levels, helping offset lower UK vehicle production volumes. The company said trading for the full year remains in line with market expectations, which it understands to be revenue of £21.8m and profit after tax of £0.8m for the 2027 financial year.
Businesses across the Coventry and Warwickshire economy can hear directly from Coventry City Council chief executive Julie Nugent on what’s next for the region at TheBusinessDesk.com’s Coventry lunch on 12 November.
