TIDMAUTG
RNS Number : 3239O
Autins Group PLC
31 January 2023
31 January 2023
Autins Group plc
(the "Company" or the "Group")
Full Year Results
Autins Group plc (AIM: AUTG), the UK and European manufacturer
of the patented Neptune melt-blown material and specialist in the
design, manufacture and supply of acoustic and thermal insulation
solutions, announces its results for the financial year ended 30
September 2022 ("FY22").
Financial Overview
-- Revenue decreased by 19.5% to GBP18.9 million (FY21: GBP23.4 million)
-- Gross profit decreased by 33% to GBP4.2 million (FY21: GBP6.3 million)
-- Reported EBITDA decreased with a loss of GBP1.2 million
(FY21: EBITDA profit of GBP1.1 million)
-- Cash outflow from operations with a loss of GBP0.5 million (FY21: GBP1.0 million inflow)
-- Operating loss increased to GBP3.0 million (FY21: loss of GBP0.7 million)
-- Reported loss after tax increased to GBP3.3 million (FY21: loss of GBP1.1 million)
-- Loss per share increased to 6.34 pence (FY21: loss of 2.74 pence)
-- Adjusted net debt(1) reduced to GBP2.0 million (FY21: GBP2.7 million)
FY22 Operational Highlights
-- The revenue reduction reflected ongoing supply chain issues
in the automotive industry primarily related to global
semiconductor shortages.
-- Neptune sales remained stable at GBP7.1 million (FY21: GBP7.1
million). Flooring sales were lower at GBP3.4 million for the year
(FY21: GBP4.7 million), caused by the exclusion of initial launch
stock sales that benefitted FY21 and a softening of construction
markets.
-- Gross margin reduced to 22.4% (FY21: 27.0%). The onset of the
Ukraine war and global economic factors affected energy, material
and transport prices. Labour rates were also impacted, albeit
operational and productivity improvements partially offset
this.
-- UK EBITDA reduced in line with sales. Germany continued to
generate a positive EBITDA of GBP0.3 million (FY21 GBP0.9 million)
despite seeing a downturn in sales at GBP6.6 million (FY21 GBP7.5
million). Sweden EBITDA remained consistent at GBP0.2 million.
-- Cashflow primarily reflected the trading loss, being
partially offset by R&D tax credit claims, with largely neutral
working capital movements.
-- Net Debt [1] decreased due to a placing of new shares in
December 2021 that raised GBP3.0 million (gross) and which offset
cash absorption during the year.
Post Period Review
-- The Group has taken and secured significant profit and
cashflow improvement actions since the reporting date. These
include contractual improvements which improve customer pricing,
materials purchasing, further headcount restructuring and other
cost downs. In isolation, the cumulative impact of these
improvements would be to reduce the annualised run rate of net
losses by in excess of GBP2.5m (although there are other factors
which may impact on the Group's overall performance in the current
year, perhaps materially so). Nonetheless, FY23 Q1 actual
performance shows an unaudited EBITDA of GBP0.1m positive, being a
marked improvement over FY22.
-- The Board are pleased to report that further support from
both of the Group's lenders, in the form of further payment
deferments until at least July 2023, and covenant waivers until
March 2024 have been confirmed.
1. Cash less bank overdrafts, invoice discounting and hire
purchase finance, excluding IFRS16 lease liabilities.
Gareth Kaminski-Cook, Chief Executive, said:
" This was a difficult year for everyone supplying the
automotive industry. Semi-conductor challenges, the war in Ukraine
and cost inflation all contributed to lower demand and a squeeze on
margins. However, since year-end we have secured price increases
and cost restructuring that have returned the business to a small
EBITDA profit for Q1.
"We will continue to diversify the business by leveraging the
superior properties of Neptune and our two new 100% recyclable
solutions for the EV market, Neptune-R and Silentshell. With
ongoing support from shareholders, underlying improvements in our
operating costs and innovative new products, we look forward with
confidence to capturing the benefits of a future market recovery .
"
For further information please contact:
Autins Group plc
Gareth Kaminski-Cook, Chief Executive Via SEC Newgate
Kamran Munir, CFO
Singer Capital Markets Tel: 020 7496 3000
(Nominated Adviser and Broker)
Sandy Fraser / Asha Chotai
SEC Newgate Tel: 020 7653 9850
(Financial PR)
Bob Huxford
Max Richardson
About Autins
Autins is a UK and continental Europe based industrial materials
technology business that specialises in the design, manufacture,
and supply of acoustic and thermal products. Its key markets are
automotive, flooring, office furniture and commercial vehicles
where it supplies products and services to more than 160 customer
locations across Europe.
Autins is the UK and European manufacturer of the patented
Neptune melt-blown material and specialises in the design,
manufacture, and supply of acoustic and thermal insulation
solutions .
Chairman's Statement
Overview
FY22 has been a very challenging period which has seen the Group
incur increased operating losses. We have worked tirelessly to
adjust our operating model to provide long term sustainability and
ensure that we are well placed to benefit from a future recovery of
the European automotive market.
The trading environment for Autins in FY22 has been very
difficult and disrupted. Automotive production continued to be
constrained by the global shortage of semi-conductors. It had been
anticipated that supply of semi-conductors would improve in the
second half of 2022, but supply constraints remained, resulting in
reduced production throughout the period at our key customers.
However, end-user demand has remained strong with OEMs reporting
good order books.
In H2 FY22, our markets have also been subjected to high
inflationary pressures both for raw materials and labour. We have
responded by taking significant restructuring actions in the UK and
have agreed commercial arrangements with the majority of our
customers shortly after our year end, which has positively impacted
gross margins and EBITDA.
Financial performance
Group sales in the second half of the year were GBP9.5m, 3% down
on the equivalent prior year period (H2 21: GBP9.7m). Overall Group
sales for FY22 were down 19.5% to GBP18.9m (FY21: GBP23.4m).
Automotive component sales in the UK continued to be negatively
affected by semi-conductor shortages reducing the output of key OEM
customers. In Germany, there was growth in automotive component
sales as a result of new business wins, but overall sales reduced
to GBP6.6m (FY21: GBP7.5m) due to a reduction in flooring sales.
Sales in Sweden were broadly equivalent year on year.
Gross margin reduced to 22.4% (FY21: 27.0%). Gross margin was
impacted partially by increased operational inefficiencies due to
lower customer volumes at short notice but mainly, in the second
half of the year, by increases in raw material and staff costs that
could not immediately be recovered by price increases. However, as
mentioned above, actions concluded after the year end have now
improved gross margins.
The operating loss for the Group was GBP3.0m (FY 21: loss of
GBP0.7m).
Net debt (excluding IFRS 16 debt) decreased to GBP2.0m (FY21:
GBP2.7m) and cash and cash equivalents increased to GBP1.8m (FY21:
GBP1.2m). This is due to a placing of new shares in December 2021
that raised GBP3.0m (gross) and which offset cash absorption during
the year.
Post year end, the Group has also negotiated waivers of its
banking covenants to March 2024 and further deferrals of capital
payments until at least July 2023.
People
Our staff have yet again been fantastic. Their commitment and
resilience during this difficult trading period has been inspiring
and I would like to personally thank them all for their hard work
during the year.
We are committed to remaining a competitive employer and have
responded to changing requirements in our local labour markets,
particularly at the lower pay levels, to ensure we retain talent,
reward loyalty and maintain motivation in our staff. Our senior
management team continue to actively engage with our entire
workforce to ensure that we live our corporate "One Team"
value.
When we have had to react to market conditions, we have tried to
do so fairly and respectfully.
There were no salary increases for the Board in the year,
reflecting the operational cost control that we have had to deliver
throughout the business.
Environmental, Social and Governance
Our commitment and investment to lower the environmental impact
of our products has continued in FY22. We have developed two fully
recyclable NVH products: Silentshell(R) (an encapsulation solution
for electric vehicles) was launched in 2022; and, Neptune-R (a
fully recyclable version of our Neptune material which delivers
substantially the same levels of acoustic benefit as our existing
Neptune product) will be launched in the new financial year. These
are major milestones for the Group and will support our customers'
need to meet their environmental objectives.
We have made great progress in reducing our carbon footprint
post year end. We have changed our energy provision for our German
and UK operations to 100% renewable sources. This is forecast to
reduce our carbon footprint by more than 80% in FY23 and beyond.
This complements the environmentally friendly energy sourcing that
was already in place for our Swedish operations.
The Board remains committed to robust corporate governance and
risk management to ensure the delivery of our strategic ambitions
and the financial health of the Group. We apply the Quoted
Companies Alliance Corporate Governance Code (the "QCA Code"). The
Board continues to operate with only two independent non-executive
directors. We consider this appropriate in the short term and in
keeping with the cost mitigation measures that have been applied to
all staffing costs in the year.
Neil MacDonald has informed the Board that he intends to step
down from the Board as soon as an appropriate successor is
identified and in post. We have initiated a process to find Neil's
replacement and I would very much like to thank Neil for his
considered contributions at our Board meetings over the past few
years.
We also remain committed to increasing the number of independent
non-executive directors on the Board as soon as appropriate in the
recovery cycle.
Dividend
No final dividend is proposed.
The Board will continue to monitor net earnings, gearing levels
and expected capital requirements with a view to reinstating a
progressive dividend policy at the appropriate time.
Outlook
The restructuring measures and commercial agreements implemented
after the year end have had an immediate, positive effect and
stemmed the operating losses that the Group incurred in FY22. In Q1
FY23, the Group delivered a small unaudited EBITDA profit of
GBP0.1m, which is a marked improvement on FY22.
However, trading conditions continue to be difficult. Automotive
sales will remain subdued due to the continuing impact of a
constrained supply of semi-conductors globally. Demand in our
non-automotive markets has slowed due to recessionary
pressures.
As a Group, we continue to invest in new product development and
look forward to the positive impact that our new recyclable
products will have on our business. Retail demand for cars remains
good and we expect a positive recovery in automotive sales once the
supply issues for semi-conductors are resolved. The Board believes
that the improved operating position of the Group provides a
platform to benefit from sales growth in the medium term.
Adam Attwood
Chairman
Chief Executive Officer's Review
Our materials and solutions contribute to a quieter, safer,
cleaner and more energy-efficient world.
Autins is an industry-leading designer, manufacturer and
supplier of acoustic and thermal management solutions. We apply our
expertise in material technologies to solve complex and challenging
problems to create better and more comfortable environments in a
range of industry applications including automotive, flooring,
workspace solutions and commercial vehicles. We manufacture a range
of technical materials, including our own patented material,
Neptune, in our facilities in the UK, Germany and Sweden, making us
a local European partner.
Challenging market conditions reduced demand and drove
inflationary cost pressures
The supply chain challenges and semi-conductor shortages which
emanated from the Covid crisis only worsened during this financial
year. Predictions for improved semi-conductor availability in H2 22
did not materialise and the Ukraine war put additional pressure on
supply chains into the automotive sector and created a global
energy crisis with associated significant energy cost
inflation.
As a result, Group sales reduced by 19.5% to GBP18.9m. Combined
with higher input cost inflation on labour, transport, materials
and energy, this drove down margins and resulted in an EBITDA loss
of GBP1.2m compared with a GBP1.1m profit the previous year.
Anticipating a difficult year, we approached shareholders during
the first quarter and successfully gained support for an equity
raise of GBP3m (gross) to support the business.
In addition, we have fought all year for price increases with
mixed results until shortly after our year end when most of our
customer base accepted sensible revisions. Post year end we
continue to pursue additional increases with some more success
recorded.
In late summer 2022, OEMs advised that market recovery would be
unlikely to happen until the end of next year, spurring us to
implement additional overhead cost reduction actions.
The combined impact of the pricing, contract and restructuring
actions described will contribute significant improvements to
performance in 2023.
Germany and our Neptune technology outperform the automotive
markets
It is worth noting that our Germany auto sales growth of 13%,
driven by new wins, has outperformed the German auto market which,
according to the European Automobile Manufacturers' Association
(ACEA), declined 7% this year. Neptune sales were stable year on
year and so performed relatively well as new project wins came to
fruition especially on electric platforms.
Sales from the European operations were 40% of the Group
turnover of which flooring accounted for half.
A modest number of automotive wins with new customers have been
achieved throughout the year which will contribute to revenue in
2023.
Demand for NVH solutions forecast to grow
Whilst the modest improvement in car sales next year of 7%
across Europe and 8% in UK will be a very welcome reversal of sales
trends, the increasing demand for more NVH solutions in cars is
most relevant to the future fortunes of Autins. Fortune Business
insights estimates, consistent with other sources, growth in NVH
demand to be in the region of a 6% CAGR until 2028.
As we see car ownership models change, the emergence of
autonomous solutions and growth of low-emission drive trains will
present an even greater emphasis on the user experience within the
vehicle. Concepts show us cabins that are becoming workspaces,
areas of entertainment or even rest. To this end the user
experience will shift from an operator of a vehicle to that of a
passenger or consumer of technology. So, the focus is moving to
refine the vehicle for the consumer. At Autins, we are focused on
products that will allow this refinement from day one and ensure
that as the industry moves forward, we offer best in class
solutions to meet the NVH requirements of the OEMs and in so doing
our offering is becoming ever more relevant to the future car
market.
Commitment to develop 100% recyclable solutions and to reduce
our carbon footprint
Last year, I described how we "intend to be at the forefront of
developing solutions" to meet the trend to electric vehicles and
environmentally friendly products. We are now seeing a greater and
more consistent desire by our customers to have "greener" products
and suppliers that take ESG seriously and so I am delighted to
advise that we have developed two 100% recyclable solutions.
"Silentshell" is a 100% recycled encapsulation product, designed
to contain noise and heat at source for numerous application areas
in electric vehicles. It is already released and is being evaluated
by European automotive customers.
The second development is Neptune-R, a 100% recyclable version
of Neptune which offers essentially the same levels of performance
and will be launched in early 2023.
I am also pleased to confirm that at year end we have converted
all energy sourcing to renewable sources which, compared to the
previous year, is forecast to improve our daily carbon footprint of
the Group by 84% in FY23.
Looking forward
The Autins team have again shown tremendous resilience and
determination to achieve price increases in the toughest
circumstances, maintain all existing contracts and customers,
whilst also retaining all key staff during sensitive restructuring
actions.
We will continue to diversify the business by leveraging the
superior properties of Neptune and our new product developments,
Neptune-R and Silentshell.
With the support from shareholders, underlying improvements in
our operating costs and innovative new products, we are able to
look forward with confidence to capture the benefits of a future
market recovery.
Gareth Kaminski-Cook
Chief Executive Officer
Financial Review
Rebuilding the future business platform against challenging
global fundamentals
Overview
Revenues decreased by 19.5% to GBP18.9m year on year as
automotive sector supply disruption worsened. EBITDA decreased in
line with sales to a loss of GBP1.2 million for FY22. The Ukraine
war and global economic dynamics added inflationary pressure to
input costs, mainly in the areas of materials, energy and labour.
This in turn further eroded profitability and cashflow in H2 FY22,
despite Group revenues being marginally higher than H1 FY22.
Furlough claims had effectively ceased in FY22 being GBP0.02m,
compared with FY21 at GBP0.65m. The equity placing in December 2021
improved net debt to GBP2.0m at the year end, which was lower than
the FY21 closing value of GBP2.7m. There was only a small repayment
of debt during FY22 because repayment waivers were in effect for
most of the year. Group cash headroom at the end of FY22, including
the undrawn invoice finance facility, was GBP3.7m.
A number of restructuring and profit improvement actions were
planned and commenced during H2 FY22 and were substantively
completed post year end. This includes workforce restructuring,
cost reduction, including material improvements, and contractual
improvements, including price increases. A banked hours system has
been running since October 2021 to help optimise labour efficiency
and worker pay stability despite demand volatility. This has proven
to be successful, and its use has been extended to help cover
customer shutdown periods. The combined impact of completed actions
has an annualised improvement run rate profitability in excess of
GBP2.5m (before considering other material factors that may impact
the Group's overall performance in FY23, perhaps materially so),
and this has improved post year end trading significantly.
Although Groupwide sales do remain narrowly behind internal
forecasts, gross profit, cost management, EBITDA and cashflow
performance are in line with forecasts reviewed with our two major
lenders. FY23 Q1 EBITDA, prepared on a consistent basis, was a
small profit of GBP0.1m. Cash headroom reduced slightly to GBP3.5m
at the end of December 2022 (September 2022: GBP3.7m) reflecting
the near breakeven EBITDA and some minimal capital expenditure in
equipment intended to improve operating performance. The Group
continues to hold strategic buffer stocks to help guard against
supply disruption and also smooth factory production against short
term demand call off volatility. Post year end, we have obtained
further banking support from both of our major lenders, with
covenant waivers extended until March 2024 and capital payment
deferments extended until at least July 2023.
Revenue
Automotive revenues remained disrupted throughout FY22, with the
UK and Sweden being the most impacted. In the UK, although month to
month volatility remained prevalent, the rolling 3 month average
remained at around GBP1m per month, except for the month of
September 2022 where there was a sharp unexpected shortfall in
semiconductor supply at a key customer. As noted above, there has
been some revenue improvement and stability since the year end.
During the year tooling revenues also declined in line with OEM new
product activity. UK non-automotive revenues, mainly in office
pods, also began to level off despite some initial promise as
customers re-thought their home and office working patterns
following the pandemic restriction changes.
Sweden revenues remained consistent at GBP1.1m (FY21: GBP1.1m),
with some new product wins offsetting some declining products.
Germany continued to see contract growth in its automotive business
at GBP3.2m (FY21: GBP2.8m). Flooring revenues in Germany reduced to
GBP3.4m (FY21: GBP4.7m), albeit some of this reflected less
requirement for launch stocks.
Underlying Neptune production and revenues remained stable. UK
external sales were lower in line with general market trends,
however new customer wins in Germany meant that overall volumes
slightly increased, with external sales values at component level
forming an increased proportion of total Group revenues.
Gross margin
Automotive margins declined across the Group to 22.4% (FY21:
27.0%). This was the net result of a combination of factors
including long term competitive and fixed pricing within automotive
contracts, against a backdrop of adverse cost inflation. Materials,
inbound transport and energy costs were impacted by prevailing
global economic factors. This had knock-on consequences for labour
rates at a time when the labour market was already tight given the
general reduction in worker availability after Brexit. Volume
reductions further exacerbated this by reducing the absorption of
fixed production overheads, albeit there was very limited partial
offset from continuous operational efficiency actions, including
those in Neptune manufacturing processes.
UK Automotive margins declined by an average of 6.4% in FY22
from the combined impact of low volumes and input costs continually
increasing over the financial year. As noted above, furlough was
significant in FY21 at GBP0.65m, which equated to 5.8% of gross
margin for the UK. Labour productivity improvements and the use of
a flexible banked hours labour management approach did have a
favourable impact and largely offset labour rate increases. Sweden
managed to successfully maintain gross margin, despite volume
reductions, through ongoing cost reduction initiatives.
German automotive sales increased 13% despite tough industry
conditions, driven by overall contract growth. However, the new
contracts were predicated on aggressive fixed pricing, which
diluted margins in favour of higher total gross profit. Increased
input costs further worsened this position. Gross margins on German
flooring applications are consistent with mainstream automotive
margins. However, given that the follow-on costs are primarily
sales commissions with very few additional operational costs to
serve, the net EBITDA margins from flooring remain significantly
additive.
During the year, the Group initiated a number of price and
contractual improvement actions, and post year end had made
significant progress (as noted above), with further discussions
ongoing. Combined with further materials improvements and
restructuring actions this improved gross margins by c.7% in Q1
FY23, making them closer to pre-pandemic levels. This has been
pivotal in rebuilding the trading platform for the future.
EBITDA and operating profit
FY22 EBITDA fell significantly to a loss of GBP1.2 million
(FY21: EBITDA profit GBP1.1 million). EBITDA is stated on a
consistent IFRS16 basis. The reported statutory operating loss was
GBP3.0million (FY21: operating loss of GBP0.7 million),
representing a worsening of GBP2.3 million. A detailed review of
fixed assets in the prevailing economic and lower volume trading
environment resulted in GBP0.2m of additional depreciation being
charged against plant and machinery.
UK EBITDA decreased to a loss of GBP1.7m (FY21: GBP0.0m).
Germany EBITDA was GBP0.3 million profit (FY21: GBP0.9 million).
Sweden revenues were consistent with the prior year and yielded a
consistent EBITDA of GBP0.2 million profit (FY21: GBP0.2 million).
These stated measures exclude the impact of management recharges
into Europe and apply Group plc costs entirely against the UK
entities only, this is consistent with prior years.
As noted above there was a significant reduction in UK furlough
income. There were no other significant financial support grants
during the year, except a modest contribution of GBP0.02m to energy
saving LED lighting (FY21: GBPnil).
The Board acknowledges that these are alternative measures of
performance and are not GAAP (nor are they intended to be) but are
used to help illustrate underlying business performance and are
informative to users of the accounts.
Exceptional items and prior year adjustment
There were no exceptional costs charged in FY22 (FY21: GBPnil).
To be consistent with analysts' measure of the Group's performance,
amortisation of GBP0.2 million (FY21: GBP0.2 million) in relation
to acquired intangible assets recognised as a result of the Group's
conversion to IFRS at IPO (having previously been held as
non-amortising goodwill) should be excluded to provide an adjusted
operating profit. Accordingly, the adjusted operating loss,
allowing such amortisation, would be GBP2.8 million (FY21: loss
GBP0.5 million).
During the year, a detailed review of intercompany account
reconciliations stemming back several years was conducted by the
company. This has led to some of the historic balances being
written off, including a prior year adjustment as per note 5.
Joint venture
The Group's joint venture, Indica Automotive, is an acoustic
foam conversion business based in Northampton that supplies
components into the Group's UK operations (who remain the largest
customer) as well as its own automotive customer base. The joint
venture continues to leverage access to lower cost material and
finished component sources provided by its other parent, Indica
Industries PV based in India.
Indica Automotive's turnover decreased by 29% to GBP1.7 million
(FY21: GBP2.4 million), given an equivalent impact on them from
semiconductor supply constraints reducing their end customer
demand. Further margin and overhead cost control actions were taken
by management, albeit sales overheads were increased to expand the
sales organisation for future growth; and new contracts were won
which helped offset the base contract reductions. The EBITDA for
the year was a loss of GBP0.04m (FY21: EBITDA profit of
GBP0.23m).
Currency
The Group's overseas operations and certain key raw material
suppliers require the Group to trade in currencies other than
Sterling, its base currency. During the year, operational
transactions were conducted in US Dollar, Swedish Krona and Euro
and the retranslation of the results of the German and Swedish
operations were affected by currency fluctuations. The key raw
materials for Neptune production are currently imported from South
Korea with transactions conducted in US Dollars. The Group has
taken steps to mitigate this risk by establishing alternative
sources for non-patented product which could then also be
transacted in alternative currencies. The Group also has Euro based
purchases for materials and production, including equipment. As
Euro sales continued to proportionately increase from our German
business, this allowed us to self manage relative balances in
British Pounds, Euros and US Dollars.
The Group continues to benefit from natural hedging, arising
from its structure and trading balances, which means that the
Group's result in both FY22 and FY21 has only been impacted in a
limited way as a result of currency translations.
The Group held no forward currency contracting arrangements at
either year-end. Transactions of a speculative nature are, and will
continue to be, prohibited. As Neptune grows management will
continue to monitor the Group's US Dollar exposure and its impact
on the Group's results. Where the frequency and quantum of
purchases can support active currency management, we will consider
implementing a formal hedging strategy.
Net finance expense
The finance expense remained consistent at GBP0.5 million (FY21:
GBP0.5 million), and under IFRS 16 includes GBP0.3 million of
financing charges derived primarily from property rental expenses.
Bank interest at GBP0.2 million (FY21: GBP0.2 million) is derived
almost entirely from the CBILS and MEIF term loans. The Group's
MEIF term loan is at a coupon rate of 7.5% and remained fully drawn
during FY22, with no capital repayments having been made under
agreed extension terms. The CBILS 6 year term loan had a balance of
GBP1.9 million outstanding at 30 September 2022 (FY21: GBP2.0
million), and was converted to a fixed interest rate of 4.69% with
effect from 8(th) October 2022 (FY21: 3.99% above base rate).
The primary UK invoice financing facility was largely undrawn
during FY22. Our strategy to optimise working capital, includes
special focus on debtor collections coupled with maintaining a
timely payment cycle to trade creditors. Inventory continued to be
rationalised where possible; however, the investment in c.GBP0.5
million of strategic buffer stocks continues primarily for Far East
raw materials supplies and some finished goods buffer stocks to
satisfy short cycle customer demand. Sweden periodically used its
modest overdraft facilities during FY22, ending the year with no
borrowings (FY21: GBP0.02 million). Our key Far East suppliers
continued to extend direct open credit to the Group throughout
FY22, and so trade finance was not required. Car and equipment
finance leases further reduced in FY22, as payments were made to
term agreements with no renewals, which reduced interest costs
slightly to GBP0.02 million (FY21: GBP0.02 million).
An analysis of the net finance expense is presented in note
3.
Taxation
The effective tax rate in the year was below that expected based
on current UK corporation tax levels. Given the quantum of losses
compared to expected profitability in the next two years, the Group
has not recognised the majority of current year losses as a
deferred tax asset. The balance sheet asset has been reviewed and,
although considered to be supportable based on the Group's expected
future trading, has been adjusted to GBPzero for prudence.
The Group's technical and R&D teams have, as in prior years,
continued to enhance materials applications, improve processes and
develop new products. The post pandemic automotive industry
dynamics and ongoing semiconductor supply chain disruption mean
that significant net losses continue to remain available.
Accordingly, the Group strategy remains to utilise losses to obtain
actual R&D tax credit cash refunds to maximise liquidity. An
R&D tax credit claim will be submitted for FY22 in the usual
course. R&D claims for the years ended September 2019 and
September 2020 were submitted in FY21 with initial repayment having
been received on time. This latter claim was resubmitted with an
optimised loss position yielding a further GBP0.25m of cash refund
during FY22. The R&D tax credit claim for FY21 was also
submitted and cash refund received to the value of GBP0.06m.
R&D activities continue and this, together with recognition and
use of available brought forward losses when profitability
increases, will mean that the effective tax rate will remain below
the UK statutory level for the short to medium term with an
unrecognised deferred tax asset of GBP2.12 million in the UK (FY21:
GBP0.95 million).
The Group's German subsidiary has largely utilised its
historical tax losses during FY22, which may result in a degree of
tax at a higher rate on future profits in Germany, whilst brought
forward taxable losses available in Sweden will, in the short term,
at least partially offset their expected trading profits. The Group
has a further GBP0.06 million (FY21: GBP0.03 million) unrecognised
tax asset in respect of Swedish tax losses.
Earnings per share
Loss per share was 6.34 pence (FY21: Loss per share 2.74 pence)
reflecting the increased loss in the year. The weighted average
number of shares was 51,683,793 in the year (FY20: 39,600,984)
allowing for the new issue of ordinary shares in the December 2021
equity placing. Calculations of earnings per share and the
potential dilution arising from the senior management share option
scheme in future periods are presented in note 4.
Dividends
The Board are not proposing a final dividend for the current
year (FY21: GBPnil) and no interim dividend was paid (FY21:
GBPnil).
Net debt and working capital
The Group ended the year with net debt of GBP2.0 million (FY21:
GBP2.7 million) excluding the IFRS16 calculated lease liabilities
of GBP5.5 million (FY21: GBP5.6m) as disclosed in the
reconciliation of movements in cash and financing liabilities
below.
No additional borrowing facilities were obtained or utilised
during the year. Of the CBILS loan GBP0.1 million was repaid during
the year with a balance of GBP1.9 million outstanding at the year
end. Hire Purchase liabilities were reduced to GBP0.1 million
(FY21: GBP0.2m). Accordingly, total debt was reduced by GBP0.2
million.
The Group has continued to optimise working capital during the
year, which has been described above. Special focus remains on
timely collection of trade debtors and timely payment of trade
creditors. Far East purchases are obtained on open credit terms
from the respective suppliers. The Group continues to hold
c.GBP0.5m of strategic buffer stocks.
Going concern
The Board have concluded, on the basis of current and forecast
trading and related expected cash flows and available sources of
finance, that it remains appropriate to prepare these financial
statements on the basis of a going concern.
As we reported in the prior year annual report and accounts, the
Group completed an equity placing with gross proceeds of GBP3.0
million (GBP2.8 million net) in December 2021, primarily with the
participation and support of its existing shareholders. In
addition, dual lender support was obtained in the form of loan
repayment deferments until January 2023 and covenant waivers until
March 2023. These related to the outstanding UK CBILS and MEIF term
loans.
Given the challenging trading circumstances experienced in FY22,
the Group has taken a series of actions which in isolation (as
noted above) have significantly improved EBITDA (and so cashflow)
in excess of GBP2.5m per annum. Having held further discussions and
presented updated forward forecasts, incorporating significantly
improved actual performance, the Group has successfully obtained
further banking support confirmations from its two primary lenders.
Covenant waivers are now extended until March 2024, and there is
further easement on the timing of capital repayments until at least
July 2023.
As at 27 January 2023, shortly before the reporting date, the
prevailing cash headroom for the Group remained in excess of GBP3.5
million (January 2022: GBP5.0 million, September 2022: GBP3.7m).
This includes undrawn balances on the UK invoice financing
facility, which had in excess of GBP2.5 million available, with its
operational limit currently agreed at GBP3.5 million against
relevant trade receivables. Group net debt at the end of FY23 Q1
was GBP2.7m (September 2022: GBP2.0m), and actual Group bank cash
was GBP1.1m (September 2022: GBP1.8m). Our transactional banking
and invoice financing facilities with our primary lender have an
annual review date that is currently in March of every year. These
are critical to our cash headroom position and the Board expects
the facilities to be renewed on near to similar terms.
Whilst Groupwide sales do remain narrowly behind FY23 management
forecasts, margins and costs have been favourable; accordingly
EBITDA and cashflow performance are in line with the forecasts
reviewed with both major lenders. FY23 Q1 actual EBITDA was
narrowly positive at GBP0.1m, representing a significant
improvement over FY22.
In undertaking their assessment of the future prospects for the
Group, the Directors have prepared trading and cash flow forecasts
for the period to 31 March 2024 for the purpose of assessing the
going concern basis of preparation, with further forecasts going
out to 30 September 2024. These take into consideration the current
and expected future impacts from industry conditions, reduced
customer demand, semiconductor supply recovery timelines, and also
have regard to the committed business and general enquiry levels
from existing customers. The Directors have also considered the
impact of current and future demand levels for new vehicles, the
migration to EVs and publicly available forward looking market
information regarding market sizes and dynamics. These forecasts
have been compared, together with considering a range of material
but plausible downside sensitivities, to the available bank
facilities and the related covenant requirements. Notwithstanding
the agreed deferments, the residual loan repayments and interest
costs are expected to be adequately covered by the combination of
operating cash generation over the forecast period and the Group's
prevailing liquidity headroom derived from its currently available
facilities. These should accommodate all reasonably foreseeable
cash flow requirements, with further flexibility also available to
reduce operating costs, should the need arise, or flex other
payment structures to manage the cash position.
The most sensitive factor impacting the forecast period, and the
continued availability of the current facilities, is ensuring that
liquidity remains reliably positive for the Group, albeit the Board
has set a minimum liquidity target of GBP0.4 million. In the next
financial year, achievement of this minimum required UK (and group)
liquidity target, without significant further unplanned cost or
efficiency improvements, is predicated on minimum UK revenue levels
(prior to price increases) of GBP11.0 million in FY23 and GBP13.4
million in FY24. These revenue levels compare with UK revenues of
GBP11.8m in FY22, GBP14.3 million in FY21, GBP16.8 million in FY20
and GBP21.3 million in FY19. New business continues to be won and,
accordingly, the Board are confident that the sales and liquidity
targets can be met.
The Board continues to review the Group's banking and funding
arrangements with a view to ensuring that they remain appropriate
for the planned growth within mainland Europe.
Acquisitions, goodwill and intangible assets
There were no acquisitions made in the year, nor any adjustment
to fair values attributed to previous transactions.
The Board, acknowledging that this is a further year of reported
losses and that the Group's current market capitalisation is
currently less than the Group's net assets, has reviewed the
carrying value of goodwill and other intangible assets held at 30
September 2022 (both existing and generated in the year) by
reference to discounted cashflow forecasts for separately
identifiable cash generating units. These forecasts consider Board
approved budgets, and medium-term IHS industry data where
appropriate considering an assessment of likely future revenue
growth.
Having considered the assumptions, headroom and a range of
reasonable sensitivities the Board are able to conclude that the
carrying values remain recoverable.
Capital expenditure
Additions to tangible fixed assets were GBP0.2 million (FY21:
GBP0.4 million) in the year with no significant single items
acquired. The Group continues to benefit from investment in
equipment in recent years and therefore has capacity to address
current demand levels. Planning for additional investments designed
to improve operational performance is ongoing and the Board expects
expenditure to be incurred on an ongoing basis in FY22 in support
of further operational gains.
Research and development costs of GBP0.11 million (FY21: GBP0.03
million) have been capitalised in the period as the Board considers
they meet the Group's stated policy for recognition of internally
generated assets. The costs are focused on a range of projects
designed to further enhance the Group's current materials and
product ranges and improve production capabilities to derive volume
or cost reduction benefits.
Financial risk management
Details of our financial risk management policies are disclosed
in the Annual Report.
Kamran Munir
Chief Financial Officer
Consolidated income statement
For the year ended 30 September
2022 202 2 2021
Note GBP000 GBP000
Revenue 1 18,873 23,431
Cost of sales (14,638) (17,103)
Gross profit 4,235 6,328
Other operating income 28 649
Distribution expenses (501) (604)
Administrative expenses (6,746) (7,063)
Operating loss 2 (2,984) (690)
Finance expense 3 (542) (542)
Share of post-tax (loss)/profit
of
equity accounted joint ventures (26) 53
Loss before tax (3,552) (1,179)
Tax credit 277 95
Loss after tax for the year (3,275) (1,084)
Earnings per share for loss
attributable to the owners
of the parent during the year
Basic (pence) 4 (6.34)p (2.74)p
Diluted (pence) 4 (6.34)p (2.74)p
======== ========
All amounts relate to continuing operations.
Consolidated statement of comprehensive income
For the year ended 30 September
2022 2022 2021
GBP000 GBP000
Loss after tax for the year (3,275) (1,084)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Currency translation differences (15) 2
Total comprehensive expense
for the year (3,290) (1,082)
Consolidated statement of financial position
As at 30 September 2022 2022 2021 2020
GBP000 GBP000 GBP000
as adjusted as adjusted
(note 5) (note 5)
Non-current assets
Property, plant and equipment 8,949 9,636 10,082
Right-of-use assets 4,549 4,876 5,001
Intangible assets 2,987 3,059 3,322
Investments in equity-accounted
joint ventures 74 120 147
Deferred tax asset - 95 149
Total non-current assets 16,559 17,786 18,701
Current assets
Inventories 2,669 2,433 1,938
Trade and other receivables 3,433 3,630 4,339
Cash and cash equivalents 1,786 1,262 2,974
Total current assets 7,888 7,325 9,251
Total assets 24,447 25,111 27,952
Current liabilities
Trade and other payables 3,358 3,126 3,693
Loans and borrowings 860 719 1,027
Lease liabilities 825 842 917
Total current liabilities 5,043 4,687 5,637
Non-current liabilities
Trade and other payables 105 111 117
Loans and borrowings 2,907 3,248 3,847
Lease liabilities 4,627 4,794 4,970
Deferred tax liability 30 46 74
Total non-current liabilities 7,669 8,199 9,008
Total liabilities 12,712 12,886 14,645
Net assets 11,735 12,225 13,307
Equity attributable to
equity
holders of the company
Share capital 1,092 792 792
Share premium account 18,366 15,866 15,866
Other reserves 1,886 1,886 1,886
Currency differences reserve (140) (125) (127)
Profit and loss account (9,469) (6,194) (5,110)
Total equity 11,735 12,225 13,307
Consolidated statement of changes in equity
For the year ended 30 September 2022
Share Cumulative
currency
Share
Share premium Other differences Profit and Total
loss account
capital account reserves reserve loss equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Equi
------- ------- -------- ----------- ------------- -------
At 30 September 2021 (as adjusted
- note 5) 792 15,866 1,886 (125) (6,194) 12,225
Comprehensive income for the
year
Loss for the year - - - - (3,275) (3,275)
Other comprehensive income (15) - (15)
- - -
------- ------- -------- ----------- ------------- -------
Total comprehensive expense for
the year - - - (15) (3,275) (3,290)
Contributions by owners
Shares issued in the year (net
of expenses) 300 2,500 - - - 2,800
------- ------- -------- ----------- ------------- -------
At 30 September 2022 1,092 18,366 1,886 (140) (9,469) 11,735
------- ------- -------- ----------- ------------- -------
Share Cumulative
Share currency
Share premium Other differences Profit and Total
loss account
capital account reserves reserve loss equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Equi
------- ------- -------- ----------- ------------- -------
At 30 September 2020 (as adjusted
- note 5) 792 15,866 1,886 (127) (5,110) 13,307
Comprehensive income for the
year
Loss for the year - - - (1,084) (1,084)
Other comprehensive income - - - 2 - 2
Total comprehensive expense for
the year - - - 2 (1,084) (1,082)
At 30 September 2021 (as adjusted
- note 5) 792 15,866 1,886 (125) (6,194) 12,225
------- ------- -------- ----------- ------------- -------
Consolidated statement of cash flows
For the year ended 30 September 2022
2022 2021
GBP000 GBP000
Operating activities
Loss after tax (3,275) (1,084)
Adjustments for:
Income tax (277) (95)
Finance expense 542 542
Non-cash element of other income
Depreciation of property, plant and
equipment 884 788
Depreciation of right-of-use assets 831 825
Loss on disposal of tangible fixed
assets - 25
Amortisation of intangible assets 163 282
Share of post-tax profit of equity
accounted joint ventures 26 (53)
(1,106) 1,230
Decrease in trade and other receivables 261 725
Increase in inventories (236) (515)
Increase/(decrease) in trade and
other payables 255 (538)
280 (328)
Cash (used in)/generated from operations (826) 902
Income taxes received/(paid) 291 92
Net cash flows from operating activities (535) 994
Investing activities
Purchase of property, plant and equipment (219) (405)
Purchase of intangible assets (112) (30)
Proceeds from disposal of tangible
fixed assets - 8
Dividend received from equity-accounted
for joint venture 20 80
Net cash used in investing activities (311) (347)
Financing activities
Interest paid (527) (380)
Proceeds from issue of shares 3,000 -
Share issue expenses paid (200) -
Loan issue expenses paid (3) -
Bank loans repaid (108) (753)
Principal paid on lease liabilities (688) (951)
Hire purchase agreements repaid (87) (108)
Net cash generated from/(used in)
financing activities 1,387 (2,192)
Net increase/(decrease) in cash and
cash equivalents 541 (1,545)
Cash and cash equivalents at beginning
of year 1,238 2,820
Foreign exchange movements 7 (37)
Cash and cash equivalents at end
of year 1,786 1,238
======== ========
2022 2021
GBP000 GBP000
Cash and cash equivalents comprise:
Cash balances 1,786 1,262
Bank overdrafts - (24)
-------- ---------
1,786 1,238
======== =========
Reconciliation of movements in net cash/financing
liabilities
Year ended 30 September Opening Cash flows Non-cash Closing
2022 GBP000 GBP000 movements GBP000
GBP000
Cash and cash equivalents
Cash balances 1,262 517 7 1,786
Bank overdrafts (24) 24 - -
-------- ----------- ----------- --------
1,238 541 7 1,786
Financing liabilities
Bank loans (3,714) 103 (14) (3,625)
Hire purchase liabilities (229) 87 - (142)
Lease liabilities (5,636) 987 (803) (5,452)
-------- ----------- ----------- --------
(9,579) 1,176 (816) (9,219)
(8,341) 1,717 (809) (7,433)
-------- ----------- ----------- --------
Year ended 30 September Opening Cash flows Non-cash Closing
2021 GBP000 GBP000 movements GBP000
GBP000
Cash and cash equivalents
Cash balances 2,974 (1,675) (37) 1,262
Bank overdrafts (154) 130 - (24)
--------- ----------- ----------- --------
2,820 (1,545) (37) 1,238
Financing liabilities
Bank loans (4,383) 753 (84) (3,714)
Hire purchase liabilities (337) 108 - (229)
Lease liabilities (5,887) 1,221 (970) (5,636)
--------- ----------- ----------- --------
(10,607) 2,082 (1,054) (9,579)
(7,787) 537 (1,091) (8,341)
--------- ----------- ----------- --------
Material non-cash transactions
Financing liabilities include lease liabilities, primarily in
respect of property leases, following the adoption of IFRS 16 from
1 October 2019. Additions of GBP534,000 net of foreign exchange
movements of GBP30,000 are shown in non-cash movements together
with financing charges of GBP299,000 (2021: GBP705,000 of additions
net of foreign exchange movements of GBP5,000 together with
financing charges of GBP270,000).
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 of the requirements of the
Companies Act 2008, 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 years ended 30 September 2022
or 2021 but is derived from those accounts. Statutory accounts for
the year ended 30 September 2021 have been delivered to the
Registrar of Companies and those for the year ended 30 September
2022 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 year end 30 September 2022 and 30
September 2021 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
International Accounting Standards in conformity with the
requirements of the Companies Act 2006 for periods beginning on or
after 1 October 2021 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.
After Brexit, the UK will continue to apply International
Accounting Standards in conformity with the requirements of the
Companies Act 2006.
1. Revenue and segmental information
Revenue analysis
2022 2021
GBP000 GBP000
Revenue, recognised at a point in
time, arises from:
Sales of components 18,577 23,084
Sales of tooling 296 347
18,873 23,431
======= =======
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, mainly flooring and
other non-automotive sales) in the prior year, 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). Automotive remained the only significant segment in
the year although the German subsidiary has developed and
maintained acoustic flooring sales to offset some of the impact of
the depressed automotive market.
The Group's non-automotive revenues, mainly acoustic flooring,
is included within the others segment.
Segmental analysis for the year ended 30 September 2022
Automotive Others 2022
NVH GBP000 Total
GBP000 GBP000
Group's revenue per consolidated
statement of comprehensive income 15,271 3,602 18,873
Depreciation 1,715
Amortisation 163
Segment operating loss (2,968) (16) (2,984)
Finance expense (542)
Share of post-tax loss of equity
accounted joint ventures (26)
Group loss before tax (3,552)
========
Additions to non-current assets 1,036 - 1,036
Reportable segment assets 24,373 24,373
Investment in joint ventures 74
Reportable segment assets/total
Group assets 24,373 24,447
Reportable segment liabilities/total
Group liabilities 12,712 12,712
=========== ======== ========
Segmental analysis for the year ended 30 September 2021
Automotive Others 2021
NVH GBP000 Total
GBP000 GBP000
Group's revenue per consolidated
statement of comprehensive income 18,659 4,772 23,431
Depreciation 1,613 -
Amortisation 235 47
Segment operating (loss)/profit (971) 281 (690)
Finance expense (542)
Share of post-tax profit of equity
accounted joint ventures 53
Group loss before tax (1,179)
========
Additions to non-current assets 1,140 - 1,140
Reportable segment assets 24,991 - 24,991
Investment in joint ventures 120
Reportable segment assets/total
Group assets 25,111
Reportable segment liabilities/total
Group liabilities 12,886 12,886
=========== ======== ========
Revenues from one UK customer in FY22 total GBP6,673,000 and
GBP2,287,000 of revenue arose from another European customer (FY21:
one customer GBP9,991,000 and GBP2,968,000 of revenue arose from
another 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
2022 2021
GBP000 GBP000
United Kingdom 10,570 13,680
Sweden 645 680
Germany 5,917 6,753
Other European 1,706 2,318
Rest of the World 35 -
18,873 23,431
The only material non-current assets in any location outside of
the United Kingdom are GBP788,000 (2021: GBP900,000) of fixed
assets and GBP519,000 (FY21: GBP540,000) of goodwill in respect of
the Swedish subsidiary. GBP491,000 (FY21: GBP233,000) of cash
balances were held in Germany which has been partly utilised to
repay intercompany debt owed to a UK group company.
2. Loss from operations
The operating loss is stated after charging/(crediting):
2022 2021
GBP000 GBP000
Foreign exchange (gains)/losses (8) 105
Depreciation of property, plant
and equipment 884 788
Depreciation of right-of-use
assets 831 825
Amortisation of intangible assets 163 282
Cost of inventory sold 13,652 15,663
Reversal of impairment of trade
receivables - (83)
Government job retention scheme
income - (649)
Research and development expenditure 12 16
Other government assistance and
grants (28) -
Employee benefit expenses 6,273 6,499
Lease payments (short term leases
only) 123 109
Auditors' remuneration:
Fees for audit of the Group 69 90
In the current economic and trading environment, with sales
volumes also being lower than prior years, a detailed review of
fixed assets has been conducted considering remaining economic
life, utilisation rates, and potential disposal values. This has
resulted in GBP181,000 of additional depreciation being charged
against plant and machinery, which is included in the figures
above.
3. Finance expense
2022 2021
GBP000 GBP000
Bank interest 208 236
Amortisation of loan issue costs 15 14
Right-of-use asset financing charges 299 270
Interest element of hire purchase agreements 20 22
542 542
=== ========
4. Earnings per share
2022 2021
GBP000 GBP000
Loss used in calculating basic and
diluted EPS (3,275) (1,084)
Number of shares
Weighted average number of GBP0.02
shares for the purpose of basic earnings
per share ('000s) 51,683 39,601
Weighted average number of GBP0.02
shares for the purpose of diluted
earnings per share ('000s) 51,683 39,601
Earnings per share (pence) (6.34)p (2.74)p
Diluted earnings per share (pence) (6.34)p (2.74)p
========= =========
Earnings per share have been calculated based on the share
capital of Autins Group plc and the earnings of the Group for both
years. There are options in place over 2,523,648 (FY21: 2,523,648)
shares that were anti-dilutive at the year end but which may dilute
future earnings per share.
5. Prior year adjustment
The group carried out a detailed reconciliation and review of
the intercompany loan and trading balances at the year end which
identified a number of differences in treatment between the UK net
debtor balances and overseas subsidiary net liabilities to the UK
group companies, as well as omissions in the posting of
intercompany transactions in earlier years. As the total difference
of GBP542,000 represents a material change to the 30 September 2020
and 2021 statement of financial position, a prior year adjustment
has been recorded in accordance with IAS 8 'Accounting Policies,
Changes in Accounting Estimates and Errors'.
This results in an increase in trade payable liabilities and in
the accumulated losses in reserves of GBP542,000 as at both 30
September 2020 and 2021. Reported net assets of GBP13,849,000 and
GBP12,767,000 have reduced to GBP13,307,000 and GBP12,225,000
respectively. There was no impact to the Income statement results
for both FY22 and FY21 from making these adjustments.
6. Annual report and accounts
The annual report and accounts will be posted to shareholders
shortly and 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 Tuesday 28 March 2023
commencing at 11.00am.
1 Cash less bank overdrafts, invoice discounting and hire
purchase finance, excluding IFRS16 lease liabilities.
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January 31, 2023 02:00 ET (07:00 GMT)
Autins (LSE:AUTG)
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Autins (LSE:AUTG)
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