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RNS
Autins Group PLC  -  AUTG   

Interim Results

Released 07:00 13-Jun-2018

RNS Number : 1906R
Autins Group PLC
13 June 2018
 

 

13 June 2018

 

Autins Group plc

(the "Company" or the "Group")

 

Interim Results

 

Autins Group plc (AIM: AUTG), a leading designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, announces its results for the six months ended 31 March 2018.

 

Financial Highlights

 

·   Revenue increased by 29.4% to £15.86m (H1 2017: £12.25m)

·   Gross profit ahead by 1.5% at £4.27m (H1 2017: £4.20m)

·   Gross margins down to 26.9% (H1 2017: 34.3%)

·   Adjusted EBITDA1 £0.60m (H1 2017: £0.55m)

·   Adjusted Profit Before Tax1,2 £0.41m (H1 2017: £0.35m)

·   Profit After Tax £0.05m (H1 2017: Loss of £0.16m)

·   Earnings per Share 0.22p (H1 2017: Loss of 0.72p)

·   Net debt £3.58m (YE 2017: Net debt £2.04m)

 

1: Adjusted EBITDA excludes non recurring start up Neptune costs of £0.24m (H1: 2017 £0.23m), £nil (H1 2017: £0.14m) related to the former Chief Executive and £nil (H1 2017: £0.09m) of IPO and refinancing costs

 

2: Adjusted PBT further excludes £0.12m (H1 2017: £0.12m) amortisation of intangible costs

 

Operational Highlights

 

First Half

 

·   Neptune product successfully gained technical approval across all strategic targeted OEMs in Germany, UK and Sweden 

·   Neptune product gaining traction directly through OEMs and through Tier 1s with awarded business across 11 OEM brands, 26 vehicle models, and well over 100 different parts

·   Continued growth in both Germany and Sweden

·   Winning business and building partnerships with more than a dozen Tier 1s

·   Indica Automotive joint venture continues to perform well

·   Continued progress in focused areas: research, test and product development; advanced manufacturing; and continued strengthening of our organisation and capabilities

 

Post Period End

 

·     Reduced schedules from key OEMs and customers in UK

·     Pricing pressure / tighter margins on existing contracts and when bidding for new business

·     Secured technical approval for Neptune with all target European automotive OEMs

 

Adam Attwood, Chairman, said:

 

"Our first half of year shows solid results in that we have continued to deliver top line growth although at the same time seeing pressure on gross margins. This reflects the challenging conditions in the UK automotive market."

 

"We had previously provided guidance that we expected a significant weighting to the second half of 2018. However, visibility to current volumes now indicates lower levels of supply required from some of our major customers in the UK and, therefore, our second half performance is likely to remain similar to the first."

 

"The investment in the Neptune facilities since the IPO will enable the Group to broaden its customer base and the technical approvals secured recently with Europe's leading automotive OEMs represents a significant step towards achieving that goal. The Board will provide further updates on new customer and platform wins as and when they occur."

 

 

For further information please contact:

 

Autins Group plc

Adam Attwood, Non-Executive Chairman

Michael Jennings, Chief Executive

James Larner, CFO

 

 

Via Newgate

Cantor Fitzgerald Europe

(Nominated Adviser and Broker)

Philip Davies

Will Goode

 

Tel: 020 7894 7000

Newgate Communications

(Financial PR)

Adam Lloyd

James Browne

 

 

Tel: 020 7653 9850

 

About Autins

 

Autins specialises in the design, manufacture and supply of acoustic and thermal insulation solutions primarily in the automotive sector but with an increasing focus on other sectors, including flooring, building and wider industrial applications.

 

The Group is one of the leading suppliers of noise and heat management products in the automotive market, producing and supplying over two million parts per month to customers including some of the world's leading vehicle manufacturers. 

Operational and Financial Review

 

Revenue

 

Revenue progressed with growth of 29.4% to £15.86m (H1 2017: £12.25m).  Component revenue saw growth of 35.4% to £15.57m (H1 2017: £11.50m).  Tooling revenue was lower at £0.29m (H1 2017: £0.76m) but is expected to be higher in the second half year. 

 

A major driver of the growth in component revenue was the UK market, which saw revenue increase by 33.2% to £13.56m (H1 2017: £10.17m).  Swedish component manufacturing revenues increased by 4.7% to £0.49m (H1 2017: £0.47m), whilst German component revenues increased by 77.2% to £1.50m (H1 2017: £0.85m).

 

Direct component sales to the Group's largest customer accounted for 61% of Group revenue (2017: 64%).  The reduction in concentration of revenue with this customer is expected to continue with new volume production commencing on new customer programmes in the next year.

 

Gross margin

 

The Group's component gross margin decreased to 26.9% (H1 17: 34.4%) as a result of changes in customer schedules affecting product mix and production efficiencies as well as significant competitive pressures with regards existing work and new platform launches.  The Group's specialist technicians are continuing to successfully operate and improve the Neptune line, which is still working towards economic batch volumes.

 

EBITDA and operating profit

 

The reported operating loss of £0.07m (H1 2017: Loss of £0.28m) and EBITDA of £0.37m (H1 2017: £0.09m) are stated after charging exceptional and adjusting items of £0.12m (H1 2017: £0.34m) and non-recurring costs of £0.24m (H1 2017: £0.23m) as detailed below.

 

Adjusting items

 

The Company acquired 100 per cent of the issued share capital of Acoustic Insulations Limited on 29 April 2014 as part of an overall refinancing package to fund strategic investments and additional working capital to support the growth of the Group.  This acquisition recognised £1.90m of intangible assets which creates an annual amortisation charge of £0.24m.

 

Non-recurring costs

 

The Group's Solar Nonwovens facility has, whilst continuing to work towards full operational status, incurred non-recurring start-up costs of £0.24m (H1 2017: £0.23m).

 

Joint venture

 

The Group's share of joint venture activities relates solely to Indica Automotive, a UK based foam conversion business. 

 

Turnover at Indica Automotive increased 52.7% year on year to £1.94m (H1 2017: £1.27m) with a profit after tax of £0.31m (H1 2017: £0.22m).  Whilst the Group remains the largest customer of the joint venture, diversification activities have resulted in a fourfold increase in sales to non-group customers.   

Net finance expense

 

Net finance expense for the period of £0.04m (H1 2017: £0.05m) is primarily the interest element of hire purchase agreements (£0.03m) and interest paid on bank borrowings (£0.01m).  No new term finance has been utilised in the period.

 

Taxation

 

Tax provisioning for the period has been calculated at a blended rate taking account of the relative UK, German and Swedish headline rates and the effect of additional reliefs and non-taxable items.  We would expect the effective rate for full year profits to be lower than the headline rates due to enhanced R&D claims and the utilisation of brought forward losses within the Group.

 

The Group continues to have taxable losses available within its overseas subsidiaries which will offset trading profits in higher corporation tax territories of Sweden and Germany in the short term. 

 

Dividends

 

The Board is proposing an interim dividend of 0.4p per share for the current year.  The dividend will be paid on 3 August 2018 to shareholders on the register on 13 July 2018.

 

Net cash/(debt) and financing

 

The Group ended the period with net debt (being the net of cash and cash equivalents and the Group's loans and borrowings) of £3.58m (H1 2017: Net cash £0.44m; H2 2017: Net Debt £2.04m) and cash and cash equivalents of £1.35m (H1 2017: £1.93m; H2 2017: £1.45m).  During the period net debt has increased as a result of funding working capital requirements and further capital investment in the Group's technical and operational facilities.

 

The Group's HSBC facilities provide up to £6m of invoice discount and £4.5m of asset finance availability for the Group's ongoing investment in growth.  At the end of the period, £3.9m of the invoice discounting facility was utilised (H1 2017: Nil; H2 2017: £2.2m).

 

Capital expenditure

 

The Group invested £0.4m (H1 2017: £0.5m) in its facilities during the period, of which £0.1m related to its Neptune facility and £0.2m related to works required to accommodate water jet cutting equipment.   

 

Operations

 

Our UK operations have continued to invest to ensure our capacity and capability aligns with our strategic growth prospects, however, we have experienced volume, mix and performance challenges, which have led to short-term margin erosion. 

 

Our German and Swedish operations have both continued to grow and progress including market share gains with existing OEMs.

 

Neptune

 

Our Neptune product has successfully gained technical approval across all our strategic targeted OEMs in Germany, UK and Sweden.  This has led to initial specific awards for future year models, however, the broader success of Neptune's adoption is clearly illustrated most clearly with it now being awarded across 11 OEM brands, 26 vehicle models and well over 100 different parts.  Completing technical approvals with our target strategic OEMs represents an important milestone in delivering on our growth strategy, which is significantly underpinned by our class-leading Neptune offering.

 

Outlook

 

We had previously provided guidance that we expected a significant weighting to the second half of 2018. However, visibility to current volumes now indicates lower levels of supply required from some of our major customers in the UK and, therefore, our second half performance is likely to remain similar to the first.

 

The investments we have made in the past year to improve our capability in people and processes have enabled us to make good progress to ensure we can deliver sustainable growth. We have built a strong pipeline of quoted opportunities whilst winning good business for future year models across major targeted OEMs. This diversification across UK and Europe underpins our strategy and this progress positions us for a bright future.  However, before this new business can come into live production, we have near-term challenges with lower demand in the UK constraining our current financial performance.

 

The investment in the Neptune facilities since the IPO will enable the Group to broaden its customer base and the technical approvals secured recently with Europe's leading automotive OEMs represents a significant step towards achieving that goal. The Board will provide further updates on new customer and platform wins as and when they occur.

 

 

Interim Consolidated Income Statement

 

 

 

 

 

Notes

Unaudited

Period

1/10/17-31/3/18

£'000

Unaudited

 Period

1/10/16-31/3/17

    £'000

Audited

Year Ended

30/09/17

£'000

 

 

 

 

 

Revenue

2

15,855

12,253    

26,357

Cost of sales

 

(11,586)

(8,048)

  (17,327)

 

 

 

 

 

 

 

 

 

 

Gross profit

 

4,269

4,205     

9,030

Other operating income

 

23

60

121

 

 

 

 

 

Distribution and administrative expenses    excluding exceptional costs and amortisation

 

  (4,239)

(4,204)

 

(8,255)

Exceptional IPO related administrative

 

 

 

 

   expenses (net)

 

-

(25)

(92)

Amortisation of acquired intangible assets

 

(118)

(118)

(237)

Other exceptional operating costs

 

-

(197)

(458)

 

 

 

 

 

 

 

 

 

 

Total distribution and administrative expenses

 

(4,357)

(4,544)

(9,042)

 

 

 

 

 

 

 

 

 

 

Operating (loss)/profit

 

(65)

(279)

109

Finance expense

 

(35)

(53)

(92)

Share of post-tax profit of equity accounted

 

 

 

 

   joint ventures

 

154

112

190

 

 

 

 

 

 

 

 

 

 

Profit/(loss) before tax

 

54

(220)

207

Tax (expense)/credit

 

(5)

61

196

 

 

 

 

 

 

 

 

 

 

Profit/(loss) after tax for the period

 

49

(159)

403

 

 

 

 

 

 

 

 

 

 

Earnings per share for profit/(loss) attributable to   the owners of the Parent during the year

 

 

 

 

 

 

 

 

 

Basic (pence)

3

0.22p

(0.72)p

1.82p

 

 

 

 

 

Diluted (pence)

3

0.22p

(0.72)p

1.82p

 

 

 


 

 

Interim Consolidated Statement of Comprehensive Income

 

 

 

 

 

 

Unaudited

Period

1/10/17-31/3/18

£'000

Unaudited

 Period

1/10/16-31/3/17

    £'000

                        Audited

Year Ended

30/09/17

£'000

 

 

 

 

 

Profit/(loss) after tax for the period

 

49

(159)

403

 

 

 

 

 

Other comprehensive (expense)/income:

 

 

 

 

 

 

 

 

 

Items that may be reclassified subsequently to

 

 

 

 

   profit and loss:

 

 

 

 

Currency translation differences

 

(24)

1

(15)

 

 

 

 

 

 

 

 

 

 

Other comprehensive (expense)/income 

 

 

 

 

   for the period

 

(24)

1

(15)

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(expense)

 

 

 

 

   for the period

 

25

(158)

388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

   Interim Consolidated Statement of Financial Position

 

 

 

 

 

 

Unaudited

As at 31/3/18

£'000

Unaudited

As at 31/3/17

    £'000

Audited

As at 30/9/17

£'000

Non-current assets

 

 

 

 

Property, plant and equipment

 

10,926

9,413

10,869

 

Intangible assets

 

3,773

3,767

3,837

 

Investments in equity-accounted

 

 

 

 

 

   joint ventures

 

282

232

243

 

Deferred tax asset

 

134

-

159

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-current assets

 

15,115

13,412

15,108

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

Inventories

 

2,535

1,596

1,967

 

Trade and other receivables

 

8,087

7,368

7,378

 

Cash in hand and at bank

 

1,515

2,081

1,625

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

12,137

11,045

10,970

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

27,252

24,457

26,078

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

 

5,879

6,775

5,851

 

Loans and borrowings

 

4,679

628

2,947

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

10,558

7,403

8,798

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Trade and other payables

 

-

-

123

 

Loans and borrowings

 

419

1,013

718

 

Deferred tax liability

 

474

482

496

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-current liabilities

 

893

1,495

1,337

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

11,451

8,898

10,135

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

15,801

15,559

15,943

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity attributable to equity holders of the

 

 

 

 

 

   Company

 

 

 

 

 

Share capital

 

442

442

442

 

Share premium account

 

12,938

12,938

12,938

 

Other reserves

 

1,886

1,886

1,886

 

Currency differences reserve

 

(128)

(87)

(103)

 

Retained earnings

 

663

380

780

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

15,801

15,559

15,943

 

 

 

 

 

 

 

 

 

 

               

 

 

Interim Consolidated Statement of Changes in Equity

 

 

£'000

£'000

Other reserves
£'000

£'000

£'000

 

 

 

 

 

 

 

At 1 October 2017

442

12,938

1,886

(103)

780

15,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income for the period

 

 

 

 

 

 

Profit for the period

-

-

-

-

49

49

Other comprehensive expense

-

-

-

(25)

-

(25)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income for the period

-

-

-

(25)

49

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions by and distributions to

 

 

 

 

 

 

   owners

 

 

 

 

 

 

Share based payment

-

-

-

-

11

11

Dividends

-

-

-

-

(177)

(177)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total contributions by and distributions to

 

 

 

 

 

 

    owners

-

-

-

-

(166)

(166)

 

 

 

 

 

 

 

 

 

 

 

 

At 31 March 2018

1,886

(128)

663

15,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 October 2016

442

12,938

1,886

(88)

539

15,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive expense for the period

 

 

 

 

 

 

Loss for the period

-

-

-

-

(159)

(159)

Other comprehensive income

-

-

-

1

-

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive expense for the period

-

-

-

1

(159)

(158)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 March 2017

442

12,938

1,886

(87)

380

15,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£'000

£'000

Other reserves
£'000

£'000

£'000

 

 

 

 

 

 

 

At 1 October 2016

442

12,938

1,886

(88)

539

15,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income for the year

 

 

 

 

 

 

Profit for the year

-

-

-

-

403

403

Other comprehensive expense

-

-

-

(15)

-

(15)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income for the year

-

-

-

(15)

403

388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions by and distributions to

 

 

 

 

 

 

   owners

 

 

 

 

 

 

Share based payment

-

-

-

-

15

15

Dividends

-

-

-

-

(177)

(177)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total contributions by and distributions to

 

 

 

 

 

 

   owners

-

-

-

-

(162)

(162)

 

 

 

 

 

 

 

 

 

 

 

 

At 30 September 2017

1,886

(103)

780

15,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interim Consolidated Statement of Cash Flows

 

 

 

 

 

 

Unaudited

Period

1/10/17-31/3/18

£'000

Unaudited

Period

1/10/16-31/3/17

    £'000

Audited

Year ended

 30/09/17

£'000

Cash flows from operating activities

 

 

 

 

Profit/(loss) after tax

 

  49

(159)

403

Adjustments for:

 

 

 

 

Depreciation of property, plant and equipment

 

302

250

528

Amortisation of intangible assets

 

118

118

237

Finance expense

 

35

53

92

Share of post-tax profit of equity accounted

 

 

 

 

   joint ventures

 

(154)

(112)

(190)

Loss on sale of fixed assets

 

-

-

38

Employee share-based payment charge

 

11

-

15

Income tax expense/(credit)

 

5

(61)

(196)

 

 

 

 

 

 

 

 

 

 

 

 

366

89

927

Increase in trade and other receivables

 

(913)

(2,307)

(2,357)

Increase in inventories

 

(580)

(30)

 (402)

Increase in trade and other payables

 

7

965

930

 

 

 

 

 

 

 

 

 

 

Cash used in operations

 

(1,120)

(1,283)

(902)

Income taxes received/(paid)

 

173

(123)

(92)

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

 

(947)

(1,406)

(994)

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

Purchase of property, plant and equipment

 

(438)

(1,383)

(3,903)

Purchase of intangible assets

 

(98)

(139)

(363)

Dividend received from equity accounted

 

 

 

 

   joint venture

 

115

85

153

 

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

(421)

(1,437)

(4,113)

 

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

Dividends paid

 

(177)

-

(177)

Proceeds from loans and borrowings

 

1,749

-

2,304

Repayment of loans and borrowings

 

(277)

(1,487)

(1,794)

Interest paid

 

(35)

(40)

(81)

 

 

 

 

 

 

 

 

 

 

Net cash from/(used in) financing activities

 

1,260

(1,527)

252

 

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(108)

(4,370)

(4,855)

Cash and cash equivalents at beginning

 

 

 

 

   of period

 

1,445

6,300

6,300

Exchange gains on cash and cash equivalents

 

13

-

-

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

1,350

1,930

1,445

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents comprise:

 

 

 

 

Cash balances

 

1,515

2,081

1,625

Bank overdrafts

 

(165)

(151)

(180)

 

 

 

 

 

 

 

 

 

 

 

 

1,350

1,930

1,445

 

 

 

 

 

 

Notes to the Interim Consolidated Financial Information

 

1.     Accounting policies

 

Description of business

Autins Group is a public limited company domiciled in the United Kingdom and listed on the Alternative Investment Market of the London Stock Exchange ('AIM').  The principal activity of the Group is the supply of Noise Vibration and Harshness ('NVH') insulating materials primarily to the automotive industry.  The address of the registered office is Central Point One, Central Park Drive, Rugby, Warwickshire, CV23 0WE.

 

Basis of preparation

This unaudited consolidated interim financial information has been prepared in accordance with IFRS as adopted by the European Union. The principal accounting policies used in preparing the interim results are those the Group expects to apply in its financial statements for the year ended 30 September 2018.

 

Depreciation is provided in respect of certain items and property, plant and equipment relating to the Group's Neptune line at a fixed rate per unit of manufactured product.  The fixed rate has been calculated so as to write off the cost less estimated residual value of the assets over the estimated total output of the line.

 

With the above exception, all of the principal accounting policies used in preparing the interim results are unchanged from those disclosed in the Annual Report for the year ended 30 September 2017.

 

The financial information does not contain all of the information that is required to be disclosed in a full set of IFRS financial statements.  The financial information for the six months ended 31 March 2018 and 31 March 2017 is unreviewed and unaudited and does not constitute the Group's statutory financial statements for those periods.

 

The comparative financial information for the full year ended 30 September 2017 has, however, been derived from the audited statutory financial statements for that period.  A copy of those statutory financial statements has been delivered to the Registrar of Companies.  The auditor's report on those accounts was unqualified, did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying its report and did not contain a statement under section 498(2)-(3) of the Companies Act 2006.

 

The financial information in the Interim Report is presented in Sterling, the Group's presentational currency. 

 

Basis of consolidation

The consolidated financial statements present the results of the company and its subsidiaries (the "Group") as if they formed a single entity.  Intercompany transactions and balances between group companies are therefore eliminated in full.

 

Subsidiaries are all entities over which the Group has control.  The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.  Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.

 

The consolidated financial statements incorporate the results of business combinations using the acquisition method.  In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. 

 

Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.  The chief operating decision maker has been identified as the management team including the Chief Executive, Chief Financial Officer and Chairman.

 

The Board considers that the Group's activity constitutes one primary operating and one separable reporting segment as defined under IFRS 8.  Management consider the reportable segment to be Automotive NVH.  Revenue and profit before tax primarily arises from the principal activity based in the UK.  All material assets are based in the UK.  Management reviews the performance of the Group by reference to total results against budget.

 

The total profit measure is operating (loss)/profit as disclosed on the face of the consolidated income statement.  No differences exist between the basis of preparation of the performance measures used by management and the figures in the Group financial information.

 

 

 

2      Revenue

 

 

 

Unaudited

Period

1/10/17-31/3/18

£'000

Unaudited

Period

1/10/16-31/3/17

£'000

Audited

Year ended

30/09/17

£'000

Revenue arises from:

 

 

 

 

Component sales

 

15,566

11,497

24,844

Sales of tooling

 

289

756

1,513

 

 

 

 

 

 

 

                       

 

 

 

 

15,855

12,253

26,357

 

 

 

 

 

 

Segmental information

The Group currently has one main reportable segment in each year/period, namely Automotive NVH which involves provision of insulation materials to reduce noise, vibration and harshness to automotive manufacturing.  Turnover and Operating Profit are disclosed for other segments in aggregate as they individually do not have a significant impact on the Group result.

 

Measurement of operating segment profit or loss, assets and liabilities

The accounting policies of the operating segments are the same as those applied for the Group in the 2017 annual report and accounts.

 

  The Group evaluates performance on the basis of operating profit/(loss).

 

 

 

Automotive NVH

£'000

 

Others

£'000

1/10/17-31/3/18 Total

£'000

 

 

 

 

Group's revenue per Consolidated

 

 

 

   Statement of Comprehensive Income

14,735

1,120

15,855

 

 

 

 

 

 

 

 

Depreciation/Amortisation

420

-

420

 

 

 

 

 

 

 

 

Segment operating (loss)/profit

(176)

111

(65)

 

 

 

 

 

 

 

 

Finance expense

 

 

(35)

Share of post tax profit of equity accounted

 

 

 

   joint venture

 

 

154

 

 

 

 

 

 

 

 

Group profit before tax

 

 

54

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Segmental information (continued)

 

 

Automotive NVH

£'000

 

Others

£'000

As at 31/3/18

  Total

£'000

 

 

 

 

Additions to non-current assets

536

-

536

 

 

 

 

 

 

 

 

Reportable segment assets

26,970

-

26,970

Investment in joint ventures

282

-

282

 

 

 

 

 

 

 

 

 Total Group assets

27,252

-

27,252

 

 

 

 

 

 

 

 

Reportable segment liabilities/

 

 

 

   total Group liabilities

11,451

-

11,451

 

 

 

 

 

 

 

 

 

Automotive NVH

£'000

 

Others

£'000

1/10/16-31/3/17 Total

£'000

 

 

 

 

Group's revenue per Consolidated

 

 

 

   Statement of Comprehensive Income

11,720

533

12,253

 

 

 

 

 

 

 

 

Depreciation/Amortisation

368

-

368

 

 

 

 

 

 

 

 

Segment operating (loss)/profit

(333)

54

(279)

 

 

 

 

 

 

 

 

Finance expense

 

 

(53)

Share of post tax profit of equity accounted

 

 

 

   joint venture

 

 

112

 

 

 

 

 

 

 

 

Group loss before tax

 

 

(220)

 

 

 

 

 

 

 

 

 

 

Automotive NVH

£'000

 

Others

£'000

As at 31/3/17

  Total

£'000

 

 

 

 

Additions to non-current assets

1,032

-

1,032

 

 

 

 

 

 

 

 

Reportable segment assets

24,225

-

24,225

Investment in joint ventures

232

-

232

 

 

 

 

 

 

 

 

Total Group assets

24,457

-

24,457

 

 

 

 

 

 

 

 

Reportable Segment liabilities/

 

 

 

   Total Group liabilities

8,898

-

8,898

 

 

 

 


 

 

Segmental information (continued)

 

 

Automotive

NVH

£'000

 

Others

£'000

 Year Ended 30/9/17 Total

£'000

 

 

 

 

Group's revenue per Consolidated

 

 

 

   Statement of Comprehensive Income

24,925

1,432

26,357

 

 

 

 

 

 

 

 

Depreciation/Amortisation

765

-

765

 

 

 

 

 

 

 

 

Segment operating profit

19

90

109

 

 

 

 

 

 

 

 

Finance expense

 

 

(92)

Share of post tax profit of equity accounted

 

 

 

   joint venture

 

 

190

 

 

 

 

 

 

 

 

Group profit before tax

 

 

207

 

 

 

 

 

 

 

 

 

Automotive

NVH

£'000

 

Others

£'000

As at 30/9/17

  Total

£'000

 

 

 

 

Additions to non-current assets

3,001

-

3,001

 

 

 

 

 

 

 

 

Reportable Segment assets

25,835

-

25,835

Investment in joint venture

243

-

243

 

 

 

 

 

 

 

 

Total Group assets

26,078

-

26,078

 

 

 

 

 

 

 

 

Reportable segment liabilities/

 

 

 

   Total Group liabilities

(10,135)

-

(10,135)

 

 

 

 

 

Reporting of external revenue by location of customers is as follows:

 

 

 

Unaudited

Period

1/10/17-31/3/18

£'000

Unaudited

Period

1/10/16-31/3/17

£'000

Audited

Year ended

30/09/17

£'000

 

 

 

 

 

United Kingdom

 

13,845

10,932

23,044

Germany

 

1,501

847

2,260

Sweden

 

494

472

1,002

Rest of the World

 

15

2

51

 

 

 

 

 

 

 

                       

 

 

 

 

15,855

12,253

26,357

 

 

 

 

 

 

3      Earnings per share

 

 

Unaudited

Period

1/10/17-31/3/18

£'000

Unaudited

Period

1/10/16-31/3/17 £'000

Audited
Year Ended 30/09/17
£'000

                

 

 

 

Profit/(loss) used in calculating basic and    

 

 

 

   diluted earnings per share

49

(159)

403

 

 

 

 

Weighted average number of £0.02 shares

 

 

 

   for the purpose of basic and diluted

 

 

 

   earnings per share ('000)

22,101

22,101

22,101

 

 

 

 

Basic and diluted earnings per share (pence)

    0.22p

                     (0.72)p

1.82p

 

 

 

 

 

 

 

 

Earnings/(loss) per share are calculated based on the share capital of Autins Group plc and the earnings of the Group for all periods.  There are options in place over 941,048 (H1 2017: 305,944) shares that were anti-dilutive at the period end but which may dilute future earnings per share.

 

4      Non-recurring and exceptional items

 

 

 

 

 

Unaudited

Period

1/10/17 - 31/3/18

£'000

Unaudited

Period

1/10/16 - 31/3/17 £'000

Audited
Year Ended 30/09/17
£'000

 

 

 

 

Adjusted operating profit

293

295

1,486

 

 

 

 

 

 

Non-recurring costs:

 

 

 

 

Start up costs

240

234

590

 

 

 

 

 

 

 

 

 

 

 

Operating profit before non-recurring

 

 

 

 

   costs

53

61

896

 

 

 

 

 

 

Exceptional IPO related expenses

-

25

92

 

Amortisation of acquired intangible assets

118

118

237

 

 

 

 

 

 

Other exceptional operating costs

 

 

 

 

Resignation of Chief Executive

-

136

158

 

Legal and professional costs for new

 

 

 

 

   banking facilities

-

61

-

 

Senior management restructuring costs

-

-

116

 

Critical press repairs

-

-

184

 

 

 

 

 

 

 

 

 

 

 

Reported operating (loss)/profit

(65)

(279)

109

 

 

 

 

 

 

 

 

 

 

             

The Company acquired 100 per cent of the issued share capital of Acoustic Insulations Limited on 29 April 2014 as part of an overall refinancing package to fund strategic investments and additional working capital to support the growth of the Group.  This acquisition recognised £1,909K of intangible assets which creates an annual amortisation charge of £237K.

 

The on-going start up process and commissioning of the major plant for the Neptune line resulted in an operating loss of £240,000 (full year 2017: £590,000) from the incremental costs of the operation and the specific premises taken on for the plant.

 

5      Taxation

 

Taxation on the profit/(loss) before taxation and share of results of joint ventures has been provided at a rate of 19% for the six month period ended 31 March 2018, which is the estimated rate of tax for the period (six months ended 31 March 2017: 20%; year ended 30 September 2017: 19.5%).

 

6      Dividend

 

On 11 December 2017, the Company announced a final dividend in respect of the year ended 30 September 2017 of 0.8 pence per share payable on 16 February 2018 to those Ordinary Shareholders on the register of members at close of business on 19 January 2018. 

 


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