Automotive supplier reveals first-half loss

Posted on 16 Jul 2017 and read 610 times
Automotive supplier reveals first-half lossWarwickshire-based automotive supplier Autins Group (www.autins.co.uk), whose long-serving chief executive quit in February after it emerged that the firm had over-estimated the strength of its business, has announced an operating loss of £0.28 million for the first half of the year (compared with a profit of £0.35 million for the first half of 2016).

The group saw 30% wiped off the value of the business in February when chief executive Jim Griffin resigned after it emerged that a major customer’s decision to revise its volumes was likely to lead to materially lower results than expected.

The group, which manufactures specialist insulation materials (predominantly for the automotive and rail sectors) and counts Bentley, Jaguar Land Rover, Honda and VW Group among its customers, said that its revenues in the six months to March 31 — £12.25 million — were 14.7% higher than a year ago (£10.68 million).

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