AUTINS GROUP PLC

Earnings Release • Jun 24, 2025

National Storage Mechanism | Additional information

RNS Number : 0650O

Autins Group PLC

24 June 2025

24 June 2025

Autins Group plc

(the "Company" or the "Group")

Final Results

Autins Group plc (AIM: AUTG), the UK and European based manufacturer of our proprietary Neptune melt-blown material and specialist in the design, manufacture, and supply of acoustic and thermal insulation solutions, announces its results for the 18 month period ended 31 March 2025 (following the change of its accounting reference date, announced on 27 June 2024).

Financial Summary

Financial performance in the 18 month period to 31 March 2025, compared to the 12 month period ended 30 September 2023 (FY23):

·      Revenue was £31.1m (FY23: £22.7m)

·      Gross profit was £9.9m (FY23: £6.7m)

·      Gross margin was 31.9% (FY23: 29.5%)

·      EBITDA1 before exceptional costs was £2.2m to (FY23: £1.2m)

·      Loss before tax was £1.7m (FY23: £1.0m)

·      Loss per share was 3.05p (FY23: 1.67p)

·      Net cashflow from operating activities was £3.6m (FY23: £2.1m)

·      Operating working capital improved by £1.6m (FY23: £0.8m)

·      Cash and cash equivalents were £1.4m (FY23: £2.1m)

·      Net debt2 excluding IFRS16 lease liabilities was £1.1m (FY23: £1.6m)

1. EBITDA is adjusted for exceptional costs.

1. Net debt is cash less bank overdrafts, loans, invoice financing, hire purchase finance and excludes right of use lease liabilities.

Operational Highlights

·     New Executive team in place (Andy Bloomer - CEO from April 2024 and Des Dimitrov - CFO from March 2025). 

·      "Survive and Thrive" strategy embedded within the business with positive results.

·      Cost control and efficiency improvements have allowed us to reduce losses resulting in a small net profit in the final quarter of the financial period.

·      We have commenced repayment of our existing loans, ensuring covenant compliance and are forecasting to be long term debt free by July 2026.

·     We have won new business both in UK and in Germany winning £4.7m per annum in recurring revenue, with more expected in the current financial year. Our won new business includes first awards for our new AuDuct and AuTrim products.

·      Our continued commitment to ESG has led to an 58% reduction in the material sent to landfill over the last year.

Outlook

·    Like most UK/EU automotive component manufacturers, we are facing a level of short-term revenue uncertainty due to US tariff introduction. We are encouraged by the UK/US deal and are hopeful of something similar to follow for the EU.

·      Despite this, due to our recent new business wins, coupled with our cost and efficiency improvements, we expect to deliver a net profit in FY26 which would be our first since 2017, and improved profitability thereafter.

Andy Bloomer, Chief Executive of Autins, said:

"We are very proud of the results we present today, they act as a demonstration of the hard work from all the Autins team to transform this business and show we are moving in the right direction.  Our "Survive and Thrive" strategy has been embedded across the business bringing efficiency and other tangible benefits. We expect to continue to see the positive results of this over the coming years. 

Our core business is performing well with new business awards setting us on a growth trajectory.  Our first wins with our new AuDuct and AuTrim products provide even greater excitement for our future."

Chair's statement

Overview

The 18 month period to 31 March 2025 ("FY25") was a period of reset and increased stability for the Group. 

The automotive market as a whole remains cautious.  Manufacturers are increasingly moving to electric platforms but are still waiting for consumer demand to readjust.  More recently, the imposition of tariffs from the USA has further caused OEMs to re-evaluate their global supply chains.  While any negative impact for the UK has been significantly reduced through the recent UK/US trade deal, European OEMs are still working through the implications for their European production that would normally be sold into the USA.

Since April 2025, companies in the UK have also had to absorb significant increased employment costs through increases to the minimum wage and changes to national insurance. This has put additional pressure on UK supply chains.

Although this seem to be a rather challenged backdrop, we believe that the current market provides exciting opportunities for growth for Autins.  We have made many changes in FY25 to refocus and re-energise the Group and look forward to FY26 with renewed confidence.

A new executive team

We have refreshed our executive Board team.  In April 2024, we welcomed Andy Bloomer as CEO of the Group and in March 2025, Des Dimitrov was formally promoted to CFO, having supported Andy as the most senior financial executive in the Group since November 2024.  These changes have brought a very positive energy to the Group and a sharp focus on the implementation of our "Survive and Thrive" strategy.

A new strategic focus

The first part of our "Survive and Thrive" strategy is to re-establish earnings per share to the Group after a period of losses.  As such, we have focussed on reducing costs and improving operational efficiency in the business.  These measures are detailed in the CEO Statement that follows and have resulted in a small net profit in the final quarter of FY25.  This was an improved performance compared to our initial internal expectations which resulted in the Group ending the period with strong cash balances and reduced net debt.  The Group has met all of its banking covenants in FY25 and continues to make all scheduled repayments of our bank loans. Our UK fixed term loans are all due to be repaid by July 2026. Our financial performance for FY25 is set out in detail in the CFO Report that follows.

The second part of our strategy is to thrive.  We will do this primarily through organic growth and also consider acquisition opportunities.

Our organic growth is driven by a combination of increasing our sales share with existing customers and winning new customer business supported by bringing innovative products to the marketplace.   In FY25, we launched our Auduct and Autrim products that enable us to sell higher value products to new and existing customers and allow us to offer solutions to new areas of the cabin.  In addition, we have invested in research and development for our proprietary Neptune material, resulting in improved operational delivery of our core Neptune product. These innovations provide a more commercial platform for future growth.  In addition, by introducing these new products and materials, we establish ourselves as an innovation partner for our customers which will lead to more in-depth, significant relationships with them.

We experienced growing levels of enquiries in FY25 across all regions.  In the UK, we won contracts for anticipated annualised sales of £1.3m, the majority of which are expected to start in FY26.  In Germany, we won contracts for anticipated annualised sales of €4.0m, the majority of which are expected to start in FY27.  The automotive industry is a long-term business, with contracts for new platforms typically lasting six to eight years, so the sales success in FY25 will provide a solid foundation for the business for many years to come.

We have also begun to explore growth through acquisition.  We believe that there are a number of businesses with attractive core products and existing platform sales that have struggled to adapt to the changing demands of the automotive industry over the past few years.  These require restructuring but could prove attractive additions to our core business in the right circumstances.  We have demonstrated our ability to "right size" a business through our own recent restructuring and believe that these skills can be used to consolidate other businesses into our Group.  A key part of our "thrive" strategy is to establish Autins as a market consolidator over the coming years.

A new engagement with our shareholders

We understand that an important part of our strategy will be to re-invigorate interest in the Group with existing and potential investors which is a key part of our strategy, working with our broker to do so. We are also committed to engaging with retail investors, alongside our institutional investor base, which we intend to do throughout the year, via our website and other investor communications. 

Outlook

The Board expects the business to deliver a net profit for FY26, which we expect to continue in FY27.

The net profit for FY26 is not expected to be delivered evenly over the year. The first half of the year is being impacted by higher costs of employment and uncertainty regarding US tariffs. Short term sales will also be impacted by planned shutdowns to prepare for new electric platforms in our customer base.  However, our sales are forecast to increase in the second half of the year, when new contracts ramp up to full production, which we expect to continue into FY27. 

The Board is very encouraged by the progress of its "Survive and Thrive" strategy and believes it has established a stable foundation from which to develop net profit growth in the future.

Adam Attwood

Chair

CHIEF EXECUTIVE OFFICER'S REVIEW

I am pleased to present my first CEO report since joining in April 2024 and have therefore been CEO for 12 of the 18 month FY25 period.  When I joined Autins, I discovered a Group with good people, products and processes, but one which had lost its confidence over the preceding years, it had spent such a long time trying to ensure it remained in existence that it was struggling to transition to prepare for growth.

I have spent the last 12 months getting to know the teams, learning the business, creating and then enacting our strategy. I am proud of what we have achieved over the last 12 months and am excited for what the future will bring.

Strategic Delivery: "Survive and Thrive"

FY25 has been a transitional period for Autins. Over the past 12 months, we have focused on creating a sustainable platform for future growth through the implementation of our "Survive and Thrive" strategy. The Board, the leadership team, and I have remained singularly focused on delivering against this plan.

Survive: Stabilising the Business

The first phase of our strategy has centred on operational and financial stabilisation. Key achievements include:

·      Workforce optimisation , we have changed shift patterns to improve efficiency as well as ensuring indirect staffing levels are appropriate for a business of our size.

·    Better integration of our Swedish and German operations, enabling better capability and capacity sharing.  For example, sharing manufacturing best practices contributed to the German efficiency improvements.

·    Significant reduction in PLC costs , aligning our overheads with the scale of our business we have delivered savings of £0.25m per annum through reduction in executive salaries and other PLC related costs.

·     Operational improvements in our German facility , halving our scrap rate, increasing our material yield and tighter inventory control has helped transform our German business from being loss making at the start of the period to break even by the end with an expectation to move to net profit in FY26.

·    Enhanced production efficiency of Neptune , increasing our knowledge and understanding of raw materials, the production process and finished product has allowed us to improve quality and available capacity for future planned volume increases

·    Continued inventory management improvements , unlocking working capital while minimising supply chain risk. Our improvements freed up £1.6m in operating working capital in FY25.

·    Restructuring and repayment of existing loans , Over the period we have repaid £1.4m on our outstanding loans, ensured on-going covenant compliance and improved financial stability with a forecast to be long-term debt free by July 2026.

Thrive: Building for Growth

Having laid the groundwork, we transitioned our focus to future growth, with important progress made across the following areas:

·     Diversification of our customer base , with new relationships developed in the automotive, commercial vehicle and off highway space reducing our overall reliance on UK automotive OEM's. Increasingly, European customers are specifying our material as their preference, giving us confidence that our German business, in particular, will grow significantly faster than the overall automotive industry in the coming years. 

·    Product innovation and investment , primarily the development of AuDuct and AuTrim, both of which secured initial project wins during the period (£0.8m per annum starting in FY26).  AuDuct is our proprietary fibre-based duct solution offering significant performance improvements over conventional blow moulded ducts, whilst AuTrim is our fibre-based A-surface material offering a cost-effective aesthetic alternative to hard moulded plastic components.

·      Expansion of commercial capacity , including the recruitment of sales staff to work in adjacent markets as well as key industry experts to assist with new business acquisition. Adding capacity and capability has allowed us to significantly increase our pipeline of potential sales in the last 12 months.

·    Improving revenues per vehicle , introduction of new higher valued product lines including AuDuct and AuTrim, as well as better penetration of our existing product lines allows us to have more content on upcoming vehicle platforms.   

·      Strengthening of internal processes , including enhanced forecasting, reporting, and communication has enabled faster, more informed decision-making, better communication across the business and improved buy in of our strategic priorities.

·      Capital investment in Germany , with new machinery installed to support recently awarded contracts and our continued European growth trajectory.  The new machinery increases our capacity for additional business, such as a new £2m per annum contract which started at low volume in Q1 FY26 and is expected to ramp up to full production by Q3 FY26.

Business performance

Overall, Autins has continued to demonstrate resilience and strategic focus amidst on-going industry headwinds. While our revenue performance remains closely tied to automotive production volumes, we are increasingly decoupling from the fluctuations of UK vehicle manufacturing. Our expanding presence in European markets is beginning to diversify and strengthen our revenue base, reducing reliance on domestic automotive production and supporting more balanced, sustainable growth.

In the most recent six-month period to 31 March 2025, we recorded a 2% reduction in revenue, while simultaneously delivering a 2.6 percentage point improvement in gross margin and a 2.1% uplift in adjusted EBITDA, compared to the prior six months. These improvements underscore that we are moving firmly in the right direction in terms of efficiency.

ESG Commitment

Environmental, Social and Governance (ESG) considerations remain embedded in our strategy and culture. We are acutely aware of the impact our operations have on employees, communities, customers, and the environment. We take this responsibility seriously and are committed to continuous improvement in all areas.

One area where we have made exceptional progress is waste reduction. Over the past year, we have achieved a 58% reduction in material sent to landfill, a testament to our commitment to environmental stewardship and operational efficiency.

Looking Ahead

This review marks a turning point in Autins' journey. While we remain mindful of the challenges that persist in our industry, the decisive actions taken throughout FY25 have laid a strong and stable foundation for future success. As we look ahead to FY26, we do so with renewed confidence and ambition. Our plans are underpinned by a clear growth strategy, and we are forecasting a return to net profitability in the coming year.

My ambition for Autins is clear: to position Autins as the market leader in acoustic and thermal management solutions for both the automotive sector and adjacent industries. By deepening relationships with our existing customers and expanding into new markets, we are confident in our ability to drive sustained and profitable growth.

We also believe there is the opportunity to position Autins as the consolidator of choice for UK and, in time, European OEMs. By selectively pursuing acquisition opportunities that align with our strategic objectives, we will enhance our capabilities, broaden our product range, extend our market reach, and accelerate our growth trajectory.

This strategy of organic growth combined with targeted consolidation will enable us to increase both revenue and earnings per share, creating long-term value for our shareholders, whilst also positioning Autins as a market leader in acoustic and thermal management solutions.

None of the achievements listed above would be possible without our people. I would like to extend my sincere thanks to every member of the Autins team for their hard work, commitment, and contribution over the past year.  I would also like to thank the Board for their support since I joined Autins. We have a great team, and I am looking forward to going on this journey together.

Andrew Bloomer

Chief Executive Officer

CHIEF FINANCIAL OFFICER'S REVIEW

Financial performance in the 18 month period to 31 March 2025, compared to the 12 month period ended 30 September 2023 (FY23):

·      Revenue was £31.1m (FY23: £22.7m)

·      Gross profit was £9.9m (FY23: £6.7m)

·      Gross margin was 31.9% (FY23: 29.5%)

·      EBITDA before exceptional costs was £2.2m to (FY23: £1.2m)

·      Loss before tax was £1.7m (FY23: (£1.0m)

·      Cashflow from operating activities was £3.6m (FY23: £2.1m)

·      Operating working capital improved by £1.6m (FY23: £0.8m)

·      Cash and equivalents were £1.4m (FY23: £2.1m)

·      Net debt, excluding IFRS16 lease liabilities was £1.1m (FY23: £1.6m)

·      CBILS loan repayments continued, MEIF repayment recommenced in July 2024

Key actions during the period:

·      Focus on margin improvements achieved through labour efficiency and materials projects

·      Property rental increases have been absorbed through on-going costs optimisation initiatives

·      Continued investment in new equipment for improved production efficiency.

·      Loan repayments are in line with loan agreements; we expect full repayment of our UK long term loans by July 2026.

FY25 18 month performance overview

The period under review was a time of changes and challenges. Towards the end of the period, I assumed the role of Chief Financial Officer, so this is the first financial review I present to our stakeholders. In my new role I have continued to increase the financial transparency across the Group, reemphasising the importance of allocating capital in the most productive way so that we remain competitive in our markets and position ourselves for growth. Debt servicing is continuing in line with the loan agreements with expected full repayment of UK long term loans by July 2026.

Revenues and margins

The challenging automotive market affected our revenues across all Group companies in this 18 month period, after the recovery in the previous financial year. We have won significant new contracts, most of which commence after the period end and we expect to see their benefit in the new financial year and beyond. In the face of challenging revenue performance, we continued optimising our costs structures which led to further improvements of our gross margins. The improvement in our margins primarily derived from materials projects, labour efficiency, utilities reductions and strengthening of Sterling against the US dollar, which certain of our materials are purchased in. Transport costs across the Group improved, driven by rate negotiations with suppliers and improved planning and logistics. Additionally, there were cost savings in many other cost categories in comparison to the prior year, the most notable being energy.

Other operating costs and EBITDA before exceptional costs

Combined distribution and administrative expenses, before exceptional costs, for the 18 months were £10.6m, compared with £7.4m in the prior 12 month financial year, a meaningful reduction towards right-sizing the business. EBITDA before exceptional costs in the last six months of the 18-month period improved significantly as most of the actions taken started to deliver.

Loss before tax

The net finance expense for the 18 month period was £0.7m (FY23: £0.5m), which is a continuing decreasing trajectory as repayments are made on fixed rate borrowings. In FY23 there was a £0.2m profit on disposal from our JV share to our JV partner, Indica Industries UK Limited.

Currency       

The Group's overseas operations and certain key raw material suppliers require the Group to trade in currencies other than Sterling, our base currency. During the period, operational transactions were conducted in US Dollar, Swedish Krona and Euro. Certain purchases of key raw materials for production are transacted in US Dollars and we implemented a hedging structure. As Euro revenues continue growing, the Group continues to benefit from natural hedging, arising from its structure and trading balances. 

Borrowing and net finance expense

Total borrowings for the Group, excluding IFRS16 lease liabilities, reduced significantly to £2.5m (FY23 £3.7m), as repayments have been made on the CBILS and the MEIF term loans, whilst hire purchase liabilities marginally increased following further investments in plant and equipment in Germany and in the UK. All term loans have fixed interest rates, and the slight reduction in the finance expense is a consequence of borrowing reduction following repayments made. As a result, cash and cash equivalents decreased year on year, however overall cash headroom remains strong. Our Group working capital facilities remained entirely undrawn at the year end. As noted, the Group has commenced repayment of the MEIF term loan, which requires full settlement by 31 January 2026. The lender has also waived covenants indefinitely.

The Board continues to review the Group's banking and funding arrangements with a view to ensuring that they remain appropriate for its planned growth.

Cash, working capital and net debt

The Group ended the period with a net debt position of £1.1m excluding IFRS16 lease liabilities (FY23: £1.6m). The Group has continued to optimise operating working capital during the period, improving it by £1.6m across the Group.

Taxation

The effective tax rate in the period was below that expected based on current UK corporation tax levels. Given the quantum of available tax losses compared to expected profitability in the next two years, the Group has not recognised the majority of current period losses as a deferred tax asset. The Group has total tax losses of £11.5 million, the majority of which are in the UK, to offset against future taxable profits.

Loss per share and dividends

Loss per share for the 18 month period was 3.05 pence (FY23: loss per share 1.67 pence) reflecting the net loss in the period. The weighted average number of shares was 54,600,984 in the period (FY23: 54,600,984). The Board are not proposing a final dividend for the current period (FY23: £nil) and no interim dividend was paid (FY23: £nil).

Going concern

The financial statements, based on current and forecast trading, the annual cash flow forecasts and the available sources of finance, have been prepared on the going concern basis, further details of which are provided in the basis of preparation of financial statements.

Desislav Dimitrov

Chief Financial Officer

Consolidated income statement

For the 18 months ended 31 March 2025

		Note			18 months ended 31 March 2025 £000		Year ended 30 September 2023 £000
Revenue		2			31,106		22,679
Cost of sales					(21,198)		(15,997)
Gross profit					9,908		6,682
Other operating income					9		6
Selling and distribution expenses					(564)		(562)
Administrative expenses excluding exceptional costs					(10,082)		(6,872)
Exceptional administrative costs					(280)		-
Administrative expenses					(10,362)		(6,872)
Operating loss before exceptional costs					(729)		(746)
Exceptional costs		3			(280)		-
Operating loss		3			(1,009)		(746)
Finance income		4			20		-
Finance expense		4			(724)		(501)
Share of post-tax profit of equity accounted joint ventures					-		5
Profit on disposal of interest in joint venture							201
Loss before tax					(1,713)		(1,041)
Tax credit					49		128
Loss after tax for the period					(1,664)		(913)
Loss per share for loss attributable to the owners of the parent during the period
Basic (pence)		5			(3.05)p			(1.67)p
Diluted (pence)		5			(3.05)p			(1.67)p

All amounts relate to continuing operations.

Consolidated statement of comprehensive income

For the 18 months ended 31 March 2025

				18 months ended 31 March 2025 £000	Year ended 30    September              2023  £000
Loss after tax for the period				(1,664)	(913)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Currency translation differences				22	(7)
Total comprehensive expense for the period				(1,642)	(920)

Consolidated statement of financial position

As at 31 March 2025

			31 March 2025 £000	30 September 2023 £000
Non-current assets
Property, plant and equipment			7,873	8,407
Right-of-use assets			4,658	4,302
Intangible assets			2,814	2,839
Total non-current assets			15,345	15,548
Current assets
Inventories			1,449	2,343
Trade and other receivables			4,063	4,275
Cash and cash equivalents			1,384	2,090
Total current assets			6,896	8,708
Total assets			22,241	24,256
Current liabilities
Trade and other payables			4,927	4,468
Loans and borrowings			1,712	1,306
Lease liabilities			1,158	889
Total current liabilities			7,797	6,663
Non-current liabilities
Trade and other payables			98	99
Loans and borrowings			751	2,387
Lease liabilities			4,422	4,280
Deferred tax liability			-	12
Total non-current liabilities			5,271	6,778
Total liabilities			13,068	13,441
Net assets			9,173	10,815
Equity attributable to equity
holders of the company
Share capital			1,092	1,092
Share premium account			18,366	18,366
Other reserves			1,886	1,886
Currency differences reserve			(125)	(147)
Profit and loss account			(12,046)	(10,382)
Total equity			9,173	10,815

Consolidated statement of changes in equity

For the 18 months ended 31 March 2025

	Share capital £000	Share premium account £000	Other reserves £000	Currency differences reserve £000	Profit and loss account £000	Total Equity £000
At 30 September 2023	1,092	18,366	1,886	(147)	(10,382)	10,815
Comprehensive income for the period
Loss for the period	-	-	-	-	(1,664)	(1,664)
Other comprehensive income	-	-	-	22	-	22
Total comprehensive expense for the period	-	-	-	22	(1,664)	(1,642)
At 31 March 2025	1,092	18,366	1,886	(125)	(12,046)	9,173

	Share capital £000	Share premium account £000	Other reserves £000	Currency differences reserve £000	Profit and loss account £000	Total Equity £000
At 30 September 2022	1,092	18,366	1,886	(140)	(9,469)	11,735
Comprehensive income for the year
Loss for the year	-	-	-	-	(913)	(913)
Other comprehensive income	-	-	-	(7)	-	(7)
Total comprehensive expense for the year	-	-	-	(7)	(913)	(920)
At 30 September 2023	1,092	18,366	1,886	(147)	(10,382)	10,815

Consolidated statement of cash flows

For the 18 months ended 31 March 2025

	18 months ended 31 March 2025 £000	Year ended 30 September 2023          £000
Operating activities
Loss after tax	(1,664)	(913)
Adjustments for:
Income tax	(49)	(128)
Net finance expense	704	501
Foreign exchange losses	57	-
Depreciation of property, plant and equipment	1,125	895
Depreciation of right-of-use assets	1,579	817
Amortisation of intangible assets	228	199
Profit on disposal of interest in joint venture	-	(201)
Share of post-tax profit of equity accounted joint ventures	-	(5)
	1,980	1,165
Change in trade and other receivables	127	(723)
Change in inventories	871	291
Change in trade and other payables	388	1,274
	1,386	842
Cash generated from operations	3,366	2,007
Income taxes received	192	67
Net cash flows from operating activities	3,558	2,074
Investing activities
Interest received	20	-
Purchase of property, plant and equipment	(539)	(531)
Purchase of intangible assets	(198)	(82)
Proceeds from disposal of tangible fixed assets	-	118
Proceeds from disposal of interest in joint venture	-	180
Net cash used in investing activities	(717)	(315)
Financing activities
Interest paid	(724)	(501)
Bank loans repaid	(1,424)	(179)
Principal paid on lease liabilities	(1,524)	(851)
Hire purchase finance advanced	267	205
Hire purchase agreements repaid	(136)	(110)
Net cash used in financing activities	(3,541)	(1,436)
Net (decrease)/increase in cash and cash equivalents	(700)	323
Cash and cash equivalents at beginning of period	2,090	1,786
Foreign exchange movements	(6)	(19)
Cash and cash equivalents at end of period	1,384	2,090

	31 March 2025 £000	30 September 2023 £000
Cash and cash equivalents comprise:
Cash balances	1,384	2,090

Reconciliation of movements in net cash/financing liabilities

18 months ended 31 March 2025	Opening £000	Cash flows £000	Non-cash movements £000	Closing £000
Cash and cash equivalents
Cash balances	2,090	(700)	(6)	1,384
Financing liabilities
Bank loans	(3,456)	1,424	(6)	(2,038)
Hire purchase liabilities	(237)	(131)	(57)	(425)
Lease liabilities	(5,169)	1,970	(2,381)	(5,580)
	(8,862)	3,263	(2,444)	(8,043)
	(6,772)	2,563	(2,450)	(6,659)

Year ended 30 September 2023	Opening £000	Cash flows £000	Non-cash movements £000	Closing £000
Cash and cash equivalents
Cash balances	1,786	323	(19)	2,090
Financing liabilities
Bank loans	(3,625)	179	(10)	(3,456)
Hire purchase liabilities	(142)	(95)	-	(237)
Lease liabilities	(5,452)	1,116	(833)	(5,169)
	(9,219)	1,200	(843)	(8,862)
	(7,433)	1,523	(862)	(6,772)

Material non cash transactions

Financing liabilities include lease liabilities, primarily in respect of property leases, following the adoption of IFRS16 from 1 October 2019. Additions of £1,925,000 and foreign exchange movements of £10,000 are shown in non-cash movements together with financing charges of £446,000 (FY23: £610,000 of additions net of foreign exchange movements of £42,000 together with financing charges of £265,000).  

Notes to the Final Results

1.   Basis of preparation of financial statements

While the financial information included in this annual financial results announcement has been prepared in accordance with the recognition and measurement principles of International Accounting Standards in conformity with the requirements of the Companies Act 2006 and UK-adopted IFRS, this announcement does not contain sufficient information to comply therewith.

The financial information set out above does not constitute the Company's statutory accounts for the 18 months ended 31 March 2025 and the year ended 30 September 2023 but is derived from those accounts. Statutory accounts for the year ended 30 September 2023 have been delivered to the Registrar of Companies and those for the 18 months ended 31 March 2025 will be delivered following the Company's annual general meeting.

The auditors have reported on those accounts; their reports were unqualified and did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports.

Their reports for the 18 month period ended 31 March 2025 and for the year ended 30 September 2023 did not contain statements under s498 (2) or (3) of the Companies Act 2006.

The consolidated financial statements are drawn up in sterling, the functional currency of Autins Group plc. The level of rounding for the financial statements is the nearest thousand pounds. 

Changes in accounting policies

These financial statements have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 for periods beginning on or after 1 October 2023 with no new standards adopted in these financial statements.

New accounting standards applicable to future periods

There are no new standards, interpretations and amendments which are not yet effective in these financial statements, expected to have a material effect on the Group's future financial statements. 

Going Concern 

The Directors have concluded that, based on current and forecast trading, the annual cash flow forecasts, and the available sources of finance, that it is appropriate to prepare these financial statements on the going concern basis.

The Directors have prepared trading and cash flow forecasts through to 31 March 2027.

The trading forecasts take into consideration:

·    the current and expected demand schedules from the Group's key automotive customers, changes in expected demand for flooring products in Germany and the levels of enquiries for new business;

·     the impact of current and future expected demand levels for new vehicles, the migration to EVs and publicly available forward looking market information on market sizes and dynamics; and

·     the current cost structure of the Group and an allowance for known increases and reductions including various projects to improve efficiency in the production and procurement processes.

The key sensitivities in the trading forecasts are automotive revenue levels, end market vehicle sales mix and the timing of orders placed by customers. These sensitivities have been factored into the forecasts.

The cash flow forecasts are derived from the trading forecasts and include the repayment of loans in accordance with the agreements with the lenders, further details of which are provided below. The cash flow forecasts also assume that working capital is managed in line with the commercial agreements and provide a contingency.

The facilities available to the Group comprise a UK invoice finance facility of up to £3.5 million and combined overdraft facilities in Germany and Sweden of £0.2 million, none of which are currently drawn. As at 31 May 2025, shortly before the reporting date, the cash headroom, including the undrawn facilities was £2.8 million. The minimum cash headroom, comprising cash at bank and available facilities, in the forecasts for a period of 12 months from the date of signing these financial statements is £1.4 million in January 2026, following the full repayment of the MEIF term loan.

As at 31 March 2025, the Group had:

·      a UK CBILS loan of £0.9 million;

·      a MEIF loan of £1.0 million; and

·      a German Government loan of £0.2 million.

The UK CBILS loan is repayable in quarterly instalments of £146,154 through to July 2026. A revised facility agreement was signed in relation to this loan in July 2024 which included covenants in relation to minimum EBITDA levels, minimum levels of cash at bank plus available facilities (liquidity) and maximum net leverage (total debt, excluding IFRS 16 liabilities, as a multiple of EBITDA), which are measured quarterly. The forecasts demonstrate that in the period of at least 12 months from signing these financial statements the covenants are fully complied with.

A revised facility agreement was also signed in July 2024 in relation to the MEIF loan, which schedules full repayment of the loan by 31 January 2026. This facility does not include any covenants.

The German Government loan is repayable in quarterly instalments of £8,000 through to 2030.

2.   Revenue and segmental information

Revenue analysis

	18 months ended 31 March 2025 £000	Year ended 30 September 2023 £000
Revenue arises from:
Sales of components	30,891	22,513
Sales of tooling	215	166
	31,106	22,679

Segmental information

The Group currently has one main reportable segment in each year, 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. These segments have no material identifiable assets or liabilities.

Factors that management used to identify the Group's reportable segments

The Group's reportable segments are strategic business units that offer different products and services.

Measurement of operating segment profit or loss

The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies.

The Group evaluates performance on the basis of operating profit/(loss) before exceptional items. Automotive remained the only significant segment in the period.

The Group's non-automotive revenues are included within the others segment.

Segmental analysis for the 18 months ended 31 March 2025

	Automotive NVH £000	Others £000	2025 Total £000
Group's revenue per consolidated statement of comprehensive income	29,424	1,682	31,106
Depreciation	2,704
Amortisation	228
Segment operating loss before exceptional items	(670)	(59)	(729)
Exceptional costs			(280)
Finance income			20
Finance expense			(724)
Group loss before tax			(1,713)
Additions to non-current assets	2,724	-	2,724
Reportable segment assets/total Group assets	22,241	-	22,241
Reportable segment liabilities/total Group liabilities	13,068	-	13,068

Segmental analysis for the year ended 30 September 2023

	Automotive NVH £000	Others £000	2023 Total £000
Group's revenue per consolidated statement of comprehensive income	20,074	2,605	22,679
Depreciation	1,712
Amortisation	199
Segment operating loss	(687)	(59)	(746)
Finance expense			(501)
Profit on disposal of joint venture interest			201
Share of post-tax loss of equity accounted joint ventures			5
Group loss before tax			(1,041)
Additions to non-current assets	1,225	-	1,225
Reportable segment assets/total Group assets	24,256		24,256
Reportable segment liabilities/total Group liabilities	13,441		13,441

Revenues from one UK customer in the period ended 31 March 2025 total £10,890,000 and £5,190,000 of revenue arose from two other European customers (FY23: one customer £7,658,000 and £3,800,000 of revenue arose from two other European customer). This largest customer purchases goods from Autins Limited in the United Kingdom and there are no other customers which account for more than 10% of total revenue.

External revenues by location of customers

			18 months ended 31 March 2025 £000	Year ended 30 September 2023 £000
United Kingdom			17,757	12,832
Sweden			1,111	709
Germany			6,737	6,434
Other European			5,332	2,595
Rest of the World			169	109
			31,106	22,679

The material non-current assets outside of the United Kingdom at 31 March 2025 are £1,108,000 (30 September 2023: £892,000) of fixed assets including right-of-use assets and £493,000 (30 September 2023: £488,000) of goodwill in respect of the Swedish subsidiary, together with £1,218,000 of fixed assets including right-of-use assets (30 September 2023: £564,000) in Germany. £270,000 (30 September 2023: £268,000) of cash balances are held in Germany and £211,000 in Sweden (2023: £107,000) with the cash partly utilised to repay intercompany debt owed to a UK group company.

3.    Operating loss

The operating loss is stated after charging/(crediting):

				18 months ended 31 March 2025 £000		Year ended 30 September 2023 £000
Foreign exchange losses			4		43
Depreciation of property, plant and equipment			1,125		889
Depreciation of right-of-use assets			1,579		817
Amortisation of intangible assets			228		199
Cost of inventory sold			19,973		14,910
Impairment of trade receivables			42		72
Research and development expenditure			102		11
Other government assistance and grants			(9)		(6)
Employee benefit expenses			9,238		6,210
Lease payments (short term leases only)			92		164
Auditors' remuneration:
Fees for audit of the Group			85		70

Exceptional costs in the 18 months ended 31 March 2025 relate to the payments of salaries to the former CEO and CFO during their notice periods and recruitment costs for the new CEO .

4.    Finance income and expense

	18 months ended 31 March 2025 £000	Year ended 30 September  2023 £000
Finance income
Bank interest receivable	20	-
Finance expense
Bank interest payable	242	200
Amortisation of loan issue costs	13	16
Right-of-use asset financing charges	446	265
Interest element of hire purchase agreements	23	20
	724	501

5.   Loss per share         

	18 months ended 31 March 2025 £000		Year ended 30 September  2023 £000
Loss used in calculating basic and diluted EPS	(1,664)	(913)
Number of shares
Weighted average number of £0.02 shares for the purpose of basic earnings per share ('000s)	54,601	54,601
Weighted average number of £0.02 shares for the purpose of diluted earnings per share ('000s)	54,601	54,601
Loss per share (pence)	(3.05)p	(1.67)p
Diluted loss per share (pence)	(3.05)p	(1.67)p

Loss per share has been calculated based on the share capital of Autins Group plc and the loss of the Group for both periods.

6.    Annual report and accounts

The annual report and accounts will be available to members of the public at the Company's registered office at Central Point One, Central Park Drive, Rugby, CV23 0WE and on the Company's website  www.autins.co.uk/investors .

7.    Annual General Meeting

The Annual General Meeting of Autins Group plc will be held at the Company's main offices at Central Point One, Central Park Drive, Rugby, Warwickshire, CV23 0WE on 17 September 2025 commencing at 10:30am.

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FR EANKDALKSEFA