Autins Share Discussion Threads

[wasp8] 04/3/2024 08:04

And I'm nit sure they'd get it away at even 2p to be honest

[wasp8] 04/3/2024 08:03

CEO change so here come a load of exceptional costs and a period where the big institutional investors need to understand him.

Also - given the shocking performance how has the Chairman survived?

[onjohn] 04/3/2024 07:18

he 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 26 February 2024, shortly before the reporting date, the cash headroom, including the undrawn facilities is £3.7 million (30 September 2023: £4.1 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 £1.0 million in March 2025, following the full repayment of the MEIF term loan.

As at 30 September 2023, the Group had:
• a UK CBILS loan of £1.7 million;
• a MEIF loan of £1.5 million; and
• a German Government loan of £0.2 million.
The UK CBILS loan is repayable in quarterly instalments of £146,154 through to 2026. A revised facility agreement was signed in relation to this loan on 29 February 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 and minimum debt service (EBITDA as a multiple of debt service costs, excluding the IFRS 16 debt service cost and the MEIF term loan repayment), which is measured annually. The forecasts demonstrate that in the period of 12 months from signing these financial statements the covenants are fully complied with.
A revised facility agreement was also signed on 29 February 2024 in relation to the MEIF loan, which schedules full repayment of the loan by 31 December 2024. This facility does not include any covenants.


Bit 😒 meh

Not much cash left will need 5p placement

[wasp8] 29/9/2023 18:44

Sold the JV which was low cost and made money...

That is just odd. Suggest there has been a bust up somewhere...

[charo] 27/6/2023 07:30

Another substantial loss.

[charo] 12/6/2023 09:22

Agree expect poor results.

[wasp8] 11/4/2023 12:07

Nah - they never do one. And the half year will be right at the end of June to keep it lost in the summer news. Plus no guidance on half year so they can't be materially off to do another profit warning.

More "hoped improvements", "increased gross margin" and other nonsense incoming.

Wonder if they can produce compliant accounts this time? The full year ones were full of errors and spelling mistakes - auditors asleep at the wheel as well!

[charo] 24/3/2023 12:31

Half year update due.They must know if losses continue.

[charo] 08/2/2023 11:21

Admin costs out of control.CONSOLISATION REQUIRED. Executive costs 30% too high.If shareholders don't act soon it will be too late.

[wasp8] 02/2/2023 00:11

Wow - that's a train wreck. Chairman has been there well over a decade and the business is going backwards. Surely he has to go? And any other CEO giving those results on the back of promised improvements on the raises would have been bulleted long ago.

I'd hoped for green shoots. There is nothing in there to give you that. Even the much heralded flooring work has gone backwards!

[charo] 01/2/2023 19:22

Garbage results with a profits warning for current year wrapped in.Dustbin.

[wasp8] 21/10/2022 14:06

Just up - looks like a bit of broker sweeping in the background to clear someone up.

[charo] 19/10/2022 12:13

Where are the details of sale and purchase of this notifiable transaction????

[charo] 18/10/2022 11:38

Trade shown of 2250000 sale at 7p,why not on screen and needs announcement???

[charo] 18/10/2022 11:13

Vastly overpaid.

[wasp8] 10/10/2022 23:21

Just a mess. Amd with interest rates coming up and JLR still stuttering this doesn't look good....

[mach100] 10/10/2022 19:27

Oh dear. Calamitious update. Cash position is precarious. Must be swinging cuts on the way. Looks a busted flush.

[wasp8] 25/8/2022 13:18

Or - material and wage inflation double digit and a hungry OEM. Not sure they're strong enough to resist that and will get squeezed. And do we think JLR are a winner here?

I'm holding in hope, but buying feels a long way off for now....

[mach100] 28/6/2022 18:50

Think it is now a buying opportunity once again. Huge enquiries as evidenced today and when the market turns the after-burners will be on. Lots of bad news in the price and I intend to accumulate again for when times are rosier. Placing cash not spent at least so the risk of going bust is not hanging over the company. Buy.

[wasp8] 22/11/2021 14:13

Wow - another placing. Another £3m. Just how much cash are they burning here?

Very very tempted to cut and run I have to say.

[mach100] 25/8/2021 13:42

Afternoon Wasp. I managed to press the sell button at last today on 85% of holdings. I am worried about the chip shortage and the mothballing of production by car companies which seems to be in every paper I read. The auto side represents a substantial portion of AUTG's business as you have pointed out in the past. There could be possible breaches of covenant in September and they flagged in the last update the chip issue anyway as having already affected H2 so i can only see a deterioration. If McGrease can't provide milkshakes I am sceptical for the rest of industry. Should my doomsday scenario come to fruition I intend to buy back in though I expect it will be risky. I just don't want to be kicking myself for not acting decisively to what I see before me.

[mach100] 22/8/2021 21:30

Ian Griffiths to Step Down as A Non-Executive Director of Autins Group plc
02/16/2021 | 02:01am EDT

Autins Group plc announced that Ian Griffiths has notified the Board of his intention to step down as a Non-Executive Director of the Company at the next AGM on 12 March 2021. So they are aware.

Joshua K only chipped a few weeks ago tbf. Still sloppy!

Of more concern is the shortage of computer chips in the auto industry about which I am seeing many newspaper stories. This shortage was something Autins had hoped would unwind in the summer. Troubling.

[wasp8] 15/8/2021 23:15

And more comedy IR and attention to detail (lack of).

Ian Griffiths still on the website in "our Team" - director filing of his resignation late at Co's House.

And Josh Kimberling the "Group Sales Director" has just popped up at Unipart - still on the website and no mention by the Company....

What's going on?