Autins swings to loss and scraps dividend after auto demand slump
Source - SMW
Insulation system supplier for the auto sector Autins Group swung to an annual loss and scrapped its dividend, as sales growth in the second half was hit by slowing demand for autos in China and Brexit uncertainty.
Pre-tax losses for the year through December amounted to £1.4m, compared to a profit of £0.4m on-year.
Revenue grew 11% to £29.2m, but a slowdown in the second half hurt margins because the company had invested for a continuation of sales growth.
Autins declared no final dividend, having paid 0.8p per share on-year.
'Whilst the financial performance was unsatisfactory, the strategic progress was very positive,' chief executive Gareth Kaminski-Cook said.
'Group sales have grown 45% in the last two years.'
'The customer base has diversified, expansion into Europe has accelerated, and sales into new markets continued to grow.'
'With renewed focus on cost control and sales conversion we are confident 2019 will deliver positive results.'
At 2:41pm: (LON:AUTG) Autins Group Plc share price was -2p at 20p