Car insulation and soundproofing specialist Autins Group PLC (LON:AUTG) said 2019 was a year of recovery for the company.
At its annual general meeting (AGM) in Birmingham today, the group’s chairman, Adam Attwood will tell shareholders that Autins ended the year in a stronger position “both operationally and financially” and can look ahead with confidence, “despite the significant challenges faced by the global automotive market”.
Attwood’s statement, published ahead of the AGM, revealed the group is continuing to focus on growing its sales and customer base, especially in continental Europe, as well as improving the gross margin through an emphasis on labour control measures, process efficiencies and material savings.
The company, which counts Jaguar-Land Rover and Bentley as customers, tapped the market for £3.3mln last August, and recently entered into a £1.5mln five-year debt facility to replace some of its existing lending facilities.
Performance for the current financial year, which is just over four months old, has been in line with management expectations.
The company’s shares were up 2.4% at 21p in early deals, a long way below the company’s August 2016 listing price of 168p.