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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Autins Group Plc | LSE:AUTG | London | Ordinary Share | GB00BD37ZH08 | ORD GBP0.02 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.00 | 12.00 | 14.00 | 13.00 | 13.00 | 13.00 | 0.00 | 07:49:45 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Motor Vehicle Part,accessory | 22.68M | -913k | -0.0167 | -7.78 | 7.1M |
TIDMAUTG
RNS Number : 9521D
Autins Group PLC
27 June 2023
27 June 2023
Autins Group plc
("Autins" the "Company" or the "Group")
Interim Results
Autins Group plc (AIM: AUTG), the UK and European based 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 six months ended 31 March 2023.
Financial Summary
-- Revenue increased by 15.4% to GBP10.84m (H1 22: GBP9.39m) -- Gross profit increased by 30.2% to GBP3.06m (H1 22: GBP2.35m) -- Gross margins increased by 3.1%pts to 28.2% (H1 22: 25.1%) -- EBITDA(1) was a profit of GBP0.34m (H1 22: GBP0.35m loss) -- Loss after tax of GBP0.90m (H1 22: loss of GBP1.38m) -- Loss per share of 1.65p (H1 22: loss of 2.83p) -- Operating cashflow was a GBP0.36m net inflow (H1 22: GBP0.36m net outflow) -- Net debt(2) excluding IFRS16 lease liabilities increased to GBP2.42m (H1 22: GBP1.03m) -- Cash and cash equivalents were GBP1.27m at the period end (H1 22 GBP2.78m) -- Group c ash headroom(3) was GBP3.50m (H1 22: GBP5.15m)
1: EBITDA is stated on an IFRS 16 basis.
2. Net debt is cash less bank overdrafts, loans, invoice discounting, hire purchase finance and excludes right of use lease liabilities .
3. Sum of net cash at bank and residual invoice financing capacity.
Operational Highlights
-- Significant financial benefits from price, material and cost improvements, adjustments to commercial contracts, and restructuring actions.
-- The supply chain to the UK automotive market is more stable, although s ales volumes were c.5% lower than the prior year.
-- Automotive sales in Germany are up 65% year on year including 2022 EV platform wins.
-- Flooring product sales were down 26% to GBP1.3m due to a slowdown in European construction activity.
-- Neptune retail sales continue to increase and are up 34% on H1 22 to GBP4.4m.
-- Gross profit increased primarily as a result of price, material and improved labour productivity which more than offset input cost pressures, leading to higher Group gross margins.
-- Overheads were largely consistent year on year, despite Germany adding a stock storage facility to assist growth.
-- EBITDA improved by GBP0.7m, which was mirrored by an equivalent improvement in operating cashflow year on year.
Gareth Kaminski-Cook, Chief Executive, said:
"I am pleased to report that we have seen a significant improvement in margins and a return to EBITDA profitability, during the first half of 2023.
We have worked closely with our customers over the past 18 months to recover the impact of increased input costs. Changes to our commercial contracts in all regions during the first six months of the year are now flowing to the bottom line. On top of this, actions taken in the period on headcount reductions, improved operational efficiencies and smarter material sourcing are all positively impacting performance. Whilst H2 2023 will see the full benefits of these actions they will be partially offset by recent workforce salary increases.
We were delighted to see our German automotive sales grow by 65% as project wins, primarily with Neptune for EVs, began production. The flooring market however has suffered as European construction activity weakened against a tougher economic background.
Whilst margins have improved, it is clear that the business now needs more volume. Although the automotive supply chains have stabilised somewhat, market recovery is expected to remain modest into the medium term. This is partly due to the economic backdrop, but also because of the limited number of new vehicle models being launched by our major customers at this time. The focus within the management team will continue to be on winning new business and managing costs and margins."
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) James Moat / Asha Chotai SEC Newgate Tel: 020 7653 9850 (Financial PR) Bob Huxford Molly Gretton
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, 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.
Overview
Group revenue in the period increased by GBP1.45m to GBP10.84m (H1 22: GBP9.39m), which, combined with other actions, led to an EBITDA improvement of GBP0.69m to GBP0.34m (H1 22: EBITDA loss of GBP0.35m).
Revenue in our automotive division improved in all three regions as supply chains appeared to stabilise, albeit UK automotive volumes reduced slightly. Germany benefited from new project starts, whilst the flooring business was negatively impacted by slower European construction activity.
Protracted efforts with all our customers to recover the increased input costs of the previous 12 months finally bore fruit with adjustments to almost all customer contractual arrangements. The business also undertook further restructuring actions and improved resourcing for key materials which cumulatively have contributed to improve the gross margin by 3.1%pts to 28.2% since the end of the last financial year.
Revenue
Revenue across the Group increased by 15.4% to GBP10.84m (H1 22: GBP9.39m) driven primarily by price and contract improvements and automotive recovery in Germany. Excluding some new contract wins, sales volumes declined from our key automotive customers in the UK and German flooring customers.
Sales through the European operations made up 40% of Group turnover, slightly up from H1 2022 at 37%, on the back of stronger performance in Germany.
Group automotive sales increased by 25% to GBP9.5m (H1 2022: GBP7.6m), driven primarily by price increases and strong growth in Germany.
Automotive revenue in the UK increased by 11% to GBP6.5m (H1 2022: GBP5.9m), with component revenue increasing by 11% and tooling remaining consistently low, as the OEMs continue to release very few new projects.
German automotive sales benefited from the start of new projects that were won in the previous years and more than compensated for the lower flooring sales that reflect the weak European construction market. As a result, German sales increased 25% to GBP3.7m (H1 22: GBP3.0m), with automotive sales up by 85% to GBP2.4m (H1 22: GBP1.3m), and flooring sales declining by 22% to GBP 1.3m (H1 22: GBP1.7m). Sweden automotive sales increased by 20% to GBP0.6m (H1 22: GBP0.5m).
Non-automotive sales were lower by 24% in H1 23at GBP1.4m (H1 22: GBP1.8m), driven by the drop in flooring demand described above. As a result, non-automotive sales now account for 13% of Group turnover, down from 19% in H1 22.
Sales concentration of our largest customer was 32.9% in H1 23, reducing from 38.3% last year, driven primarily by new projects in Germany. In the short to medium term, management would expect this concentration will revert back towards c.50% as UK automotive sales recover. Over the longer term, the sales concentration is expected to reduce as we develop demand from a larger customer base.
Gross margin
The collective actions taken to secure customer price increases, improve operational efficiencies and lower material purchasing costs have improved margins progressively since the end of the last financial year. Within this, labour productivity and restructuring actions have also added significantly to gross margin improvement. These actions have largely offset the significant input cost challenges from the previous year and restored margins.
We are now in a situation where the largest impact on our gross profit is the residual impact of low customer volumes flowing through the business that reduce the absorption of fixed production overhead costs.
EBITDA profit and operating loss
The reported H1 23 EBITDA profit of GBP0.34m improved by GBP0.7m year over year, (H1 22: EBITDA loss of GBP0.35m) and the reported operating loss was GBP0.65m (H1 22: loss of GBP1.1m). For both years the EBITDA and operating loss do not include any exceptional costs.
Joint venture
The Group's share of joint venture activities relates solely to Indica Automotive, a UK based foam conversion business.
Turnover at Indica Automotive decreased marginally to GBP0.91m (H1 22: GBP0.92m), with a loss after tax of GBP0.01m (H1 22: profit of GBP0.01m). The Group remains the largest customer of the joint venture, and the ratio of sales to the Group as a percentage of total sales has reduced from 73% to 52%.
Net finance expense
Net Finance expense for the period was consistent at GBP0.25m (H1 22: GBP0.26m) including IFRS 16 charges of GBP0.13m (H1 22 GBP0.14m). The interest element of hire purchase agreements is GBP0.01m (H1 22: GBP0.01m) with interest charged on bank borrowings of GBP0.11m (H1 22: GBP0.12m).
Taxation
Given the continuing economic conditions, none of the losses carried forward are recognised in deferred tax balances, consistent with the judgement made in September 2022. A tax credit of GBP0.01m (H1 22: GBP0.01m) has been recognised.
Dividends
The Board continues to believe that a suspension in dividend payments remains appropriate. As such, no interim dividend is proposed.
Net debt and financing
The Group ended the period with net debt (being the net of cash and cash equivalents and the Group's loans and borrowings, excluding right of use lease liabilities) of GBP2.42m (H1 22 GBP1.03m). Including GBP5.04m (H1 22 GBP5.25m) arising from IFRS 16 lease liabilities, the Group's net debt would be GBP7.46m (H1 22 GBP6.28m). Net debt has increased as a result of trading outflows. Cash and cash equivalents at the period end were GBP1.3m (H1 22: GBP2.8m).
In January 2023, the Company secured a further deferment of UK loan repayments until July 2023 from its primary lender and until the end of March 2024 from its secondary lender. At 31 March 2023, the Group's UK HSBC facilities provided up to GBP3.5m (H1 22: GBP3.5m) of invoice financing facility (subject to available accounts receivable balances). In addition, GBP0.5m (H1 22: GBP0.5m) of asset finance facilities are available, subject to covenant compliance. At the end of the period, none of the invoice financing facility had been utilised (H1 22: GBPnil) with GBP0.1m used from the asset finance facility (H1 2022: GBP0.4m). Group c ash headroom, being the sum of net cash at bank and residual invoice financing capacity, was GBP3.5m (H1 22 GBP5.1m). Currently, the HSBC term loan will re-commence quarterly payments of GBP146k in July 2023.
Capital expenditure
The Group invested GBP0.1m (H1 22: GBP0.1m) in its operating facilities during the period. The Group will commission new equipment in Germany during H2 with a value of c.GBP300k, which will replace old equipment and improve efficiency and capacity to meet growing demand.
Employees
In the UK, we have continued to focus on maximising employee engagement and retention. We continue to maintain a high visibility of senior management with staff through a combination of regular weekly cross functional planning meetings coupled with informal feedback "coffee" sessions. The banked hours scheme continues to be successful by providing surety of workers' income whilst customer demand patterns continue to be variable. We have continued to convert the majority of temporary staff positions to permanent roles to aid core team strength. Production pay rates have been increased by more than 8% and continue to exceed the national living wage. Overtime rates continue with strong premiums to improve net take home pay, with pay bandings related to multi-skilling and personal performance also being improved. Staff retention, excluding redundancies, has been in excess of 93% during the period.
Teamwork has improved over the last 18 months positively impacting productivity, quality, customer service and the net cost in the factories. This has been critically important during a period where availability of labour continues to be a key challenge for manufacturers, and it is pleasing to see that some former colleagues have chosen to return to Autins. Latterly we have introduced a bonus scheme for all UK operators to recognise when teams or individuals have directly and positively impacted margins.
The German and Swedish businesses both have very strong team cultures which benefit from strong leadership and stable, highly committed people.
Board
In May 2023, we announced that Andrew Burn had joined the Board as a Non-Executive Director.
Neil MacDonald will resign from the Board of Directors at the end of June 2023. We would like to thank him for his excellent service and wish him well for the future.
Going Concern
In approving these Interim Financial Statements, the Board has considered current trading, profit and cash flow forecasts and assessed existing borrowings and available sources of finance.
At the time of releasing our full year financial statements, forward looking profit, and cash flow projections for FY23, and FY24 were prepared and considered. As reported in January, our major UK lenders extended covenant waivers until the end of March 2024 and capital payment deferments were extended until July 2023 with our primary lender, and until at least April 2024 with our secondary lender.
Financial forecasts and related sensitivities, compared with the prevailing key customer demand schedules and forecasts, were assessed in detail in January 2023. These assessments were documented in detail in our FY22 audited financial statements.
UK sales volumes in H1 23 remained marginally below these forecasts, although EBITDA and cash performance remained above the targets presented to the UK lenders. The Board has assumed a slight improvement in revenues for H2 23, with further improvement and new wins expected in FY24. However, there remains uncertainty on the exact timing and sales improvement for the automotive market against the current backdrop of global supply chain considerations and continuously evolving vehicle platforms for which the technical specifications and likely production quantities are still to be reliably communicated.
Actions taken to protect gross margins against increases in energy, materials, and labour costs have been successful in restoring gross margins.
The Company will continue further covenant compliance and capital repayment review discussions with its two major lenders over the coming months for the period beyond March 2024. Reaching an appropriate outcome is required to ensure covenant compliance prevails beyond March 2024, albeit expected trading and existing facilities should allow loans to be serviceable for at least the next 12 month period. As at 20 June 2023, the last practicable date prior reporting date, the Group's liquidity cash headroom was in excess of GBP3.5m.
Having due regard to all the matters described above, the Board have a reasonable expectation that the Group will continue to have adequate resources to remain in operation for at least 12 months after the release of these financial statements. The Board has therefore determined to adopt the going concern basis in preparing these financial statements.
Outlook
The price increases and cost reductions secured during H1 23 were critical to protecting our financial position and improving our profitability, whilst we strive to bring additional volume across our asset base. We will continue this focus in H2 23.
The outlook for the automotive sector is improving but we expect our growth to be modest in the short term. In particular, our ability to increase volumes in the UK will be affected by the limited release of new vehicle models by key OEMs, coupled with few opportunities to switch existing product programmes away from incumbent suppliers.
The construction and building market activity is currently depressed due to weak global economies, but we would expect our flooring sales to recover once economic confidence rises across Europe.
Customers are requesting more environmentally friendly solutions and we have responded by expanding the proportion of our product offering that is either fully recyclable or made of recycled material. We have developed Neptune Green and Neptune-R, and also launched a trademarked encapsulation product SilentShell, specifically targeting NVH problems in electric vehicles. Feedback has been positive from our major customers, and this will form the backbone of our value proposition for future vehicles.
The focus of the management team will continue to be on winning new business and further improving costs and margins .
Interim Consolidated Income Statement
Unaudited Unaudited Audited Period Period Year Ended 1/10/22-31/3/23 1/10/21-31/3/22 30/09/22 Notes GBP'000 GBP'000 GBP'000 Revenue 2 10,843 9,392 18,873 Cost of sales (7,780) (7,039) (14,638) Gross profit 3,063 2,353 4,235 Other operating income - 21 28 Distribution and administrative expenses (3,711) (3,504) (7,247) Operating loss (648) (1,130) (2,984) Finance expense (253) (263) (542) Share of post-tax (loss)/profit of equity accounted joint ventures (6) 4 (26) Loss before tax (907) (1,389) (3,552) Tax credit 8 8 277 Loss after tax for the period (899) (1,381) (3,275) Earnings per share for loss attributable to the owners of the parent during the period Basic (pence) 3 (1.65)p (2.83)p (6.34)p ================ ================ ============= Diluted (pence) 3 (1.65)p (2.83)p (6.34)p ================ ================ =============
Interim Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited Period Period Year Ended 1/10/22-31/3/23 1/10/21-31/3/22 30/09/22 GBP'000 GBP'000 GBP'000 Loss after tax for the period (899) (1,381) (3,275) ----------------- ----------------- ------------------------------------ Other comprehensive expense: ----------------- ----------------- ------------------------------------ Items that may be reclassified subsequently to ----------------- ----------------- ------------------------------------ profit and loss: ----------------- ----------------- ------------------------------------ Currency translation differences (9) (17) (15) ----------------- ----------------- ------------------------------------ Other comprehensive expense ----------------- ----------------- ------------------------------------ for the period (9) (17) (15) ----------------- ----------------- ------------------------------------ Total comprehensive expense ----------------- ----------------- ------------------------------------ for the period (908) (1,398) (3,290) ----------------- ----------------- ------------------------------------
Interim Consolidated Statement of Financial Position
Unaudited Unaudited Audited As at 31/3/23 As at 31/3/22 As at 30/9/22 GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 8,477 9,390 8,949 Right-of-use assets 4,143 4,475 4,549 Intangible assets 2,937 2,991 2,987 Investments in equity-accounted joint ventures 68 103 74 Deferred tax asset - 95 - Total non-current assets 15,625 17,054 16,559 Current assets Inventories 1,999 2,107 2,669 Trade and other receivables 4,624 3,954 3,433 Cash in hand and at bank 1,273 2,775 1,786 Total current assets 7,896 8,836 7,888 Total assets 23,521 25,890 24,447 Current liabilities Trade and other payables 3,831 3,070 3,358 Loans and borrowings 848 384 860 Lease liabilities 785 830 825 Total current liabilities 5,464 4,284 5,043 Non-current liabilities Trade and other payables 102 108 105 Loans and borrowings 2,847 3,417 2,907 Lease liabilities 4,259 4,415 4,627 Deferred tax liability 22 39 30 Total non-current liabilities 7,230 7,979 7,669 Total liabilities 12,694 12,263 12,712 Net assets 10,827 13,627 11,735 Equity attributable to equity holders of the Company Share capital 1,092 1,092 1,092 Share premium account 18,366 18,366 18,366 Other reserves 1,886 1,886 1,886 Currency differences reserve (149) (142) (140) Accumulated losses (10,368) (7,575) (9,469) Total equity 10,827 13,627 11,735
Interim Consolidated Statement of Changes in Equity Unaudited
Currency Share premium Other differences Retained Total Share capital account reserves reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 October 2022 1,092 18,366 1,886 (140) (9,469) 11,735 Comprehensive expense for the period Loss for the period - - - - (899) (899) Other comprehensive expense - - - (9) - (9) Total comprehensive expense for the period - - - (9) (899) (908) At 31 March 2023 1,092 18,366 1,886 (149) (10,368) 10,827 Profit Currency and loss Share premium Other differences account Total Share capital account reserves reserve (adjusted) equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 October 2021 792 15,866 1,886 (125) (6,194) 12,225 Comprehensive expense for the period Loss for the period - - - - (1,381) (1,381) Other comprehensive expense - - - (17) - (17) Total comprehensive expense for the period - - - (17) (1,381) (1,398) Contributions by and distributions to owners Shares issued in the period (note 4) 300 2,700 - - - 3,000 Share issue expenses (note 4) - (200) - - - (200) Total contributions by and distributions to owners 300 2,500 - - - 2,800 At 31 March 2022 1,092 18,366 1,886 (142) (7,575) 14,169 The balance sheet has been adjusted at 1 October 2021 and at 31 March 2022, increasing accumulated losses and trade payables by GBP542,000, to reflect the prior year adjustment reported in the 30 September 2022 financial statements. Currency Share premium Other differences Retained Total Share capital account reserves reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 October 2021 792 15,866 1,886 (125) (6,194) 12,225 Comprehensive expense 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 and distributions to owners Shares issued in the period (note 4) 300 2,700 - - - 3,000 Share issue expenses (note 4) - (200) - - - (200) Total contributions by and distributions to owners 300 2,500 - - - 2,800 At 30 September 2022 1,092 18,366 1,886 (140) (9,469) 11,735
Interim Consolidated Statement of Cash Flows
Unaudited Unaudited Audited Period Period Year ended 1/10/22-31/3/23 1/10/21-31/3/22 30/09/22 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Loss after tax (899) (1,381) (3,275) Adjustments for: Income tax (8) (8) (277) Finance expense 253 263 542 Depreciation of property, plant and equipment 543 340 884 Depreciation of right-of-use assets 384 377 831 Amortisation of intangible assets 81 81 163 Share of post-tax loss/(profit) of equity accounted joint ventures 6 (4) 26 360 (332) (1,106) (Increase)/decrease in trade and other receivables (1,250) (360) 261 Decrease/(increase) in inventories 670 326 (236) Increase/(decrease) in trade and other payables 518 (32) 255 Cash flows from operations 298 (398) (826) Income taxes received 59 37 291 Net cash flows from/(used in) operating activities 357 (361) (535) Investing activities Purchase of property, plant and equipment (82) (123) (219) Purchase of intangible assets (75) (30) (112) Dividend received from equity accounted joint venture - 20 20 Net cash used in investing activities (157) (133) (311) Financing activities Interest paid (245) (255) (527) Proceeds from issue of shares - 3,000 3,000 Share issue expenses paid - (200) (200) Loan issue costs paid - - (3) Repayment of loans (17) (100) (108) Repayment of hire purchase liabilities (61) (44) (87) Payment of lease liabilities (385) (366) (688) Net cash flows (used in)/from financing activities (708) 2,035 1,387 Net (decrease)/increase in cash and cash equivalents (508) 1,541 541 Cash and cash equivalents at beginning of period 1,786 1,238 1,238 Exchange losses on cash and cash equivalents (5) (4) 7 Cash and cash equivalents at end of period (all cash balances) 1,273 2,775 1,786
Notes to the Interim Consolidated Financial Information
1. Accounting policies
Description of business
Autins Group plc is a public limited company domiciled in the United Kingdom and quoted on AIM, a market operated by the London Stock Exchange. The principal activity of the Group is the design, manufacture, and supply of acoustic and thermal insulation solutions. The address of the registered office is Central Point One, Central Park Drive, Rugby, Warwickshire, CV23 0WE.
Basis of preparation
In preparing these interim financial statements, the Board have considered the impact of any new standards or interpretations which will become applicable for the FY23 Annual Report and Accounts which deal with the year ending 30 September 2023 and there are not expected to be any changes in the Group's accounting policies compared to those applied at 30 September 2022.
A full description of those accounting policies are contained within our FY22 Annual Report and Accounts which are available on our website ( Autins FY22 ARA ).
This interim announcement has been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards issued by the International Accounting Standards Board, as adopted by the United Kingdom as effective for periods beginning on or after 1 January 2022.
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.
This unaudited consolidated interim financial information has been prepared in accordance with IFRS as adopted by the United Kingdom. The principal accounting policies used in preparing the interim results are those the Group expects to apply in its financial statements for the year ending 30 September 2023.
The financial information does not contain all of the information that is required to be disclosed in a full set of IFRS financial statements. The financial information for the six months ended 31 March 2023 and 31 March 2022 is unreviewed and unaudited and does not constitute the Group's statutory financial statements for those periods.
The comparative financial information for the full year ended 30 September 2022 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying its report and did not contain a statement under section 498(2)-(3) of the Companies Act 2006.
The financial information in the Interim Report is presented in Sterling, the Group's presentational currency.
Basis of consolidation
The consolidated financial statements present the results of the Company and its subsidiaries (the "Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date.
Operating segments
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the management team including the Chief Executive, Chief Financial Officer and Chairman.
The Board considers that the Group's activity constitutes one primary operating and one separable reporting segment as defined under IFRS 8. Management consider the reportable segment to be Automotive NVH. Revenue and profit before tax primarily arises from the principal activity based in the UK. All material assets are based in the UK. Management reviews the performance of the Group by reference to total results against budget.
The total profit measure is operating (loss)/profit as disclosed on the face of the consolidated income statement. No differences exist between the basis of preparation of the performance measures used by management and the figures in the Group financial information
2 Revenue Unaudited Unaudited Audited Period Period Year ended 1/10/22-31/3/23 1/10/21-31/3/22 30/09/22 GBP'000 GBP'000 GBP'000 Revenue arises from: Component sales 10,791 9,283 18,577 Sales of tooling 52 109 296 10,843 9,392 18,873
Segmental information
The Group currently has one main reportable segment in each year/period, 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 have not had a significant impact on the Group result. In H1 FY23 and in FY22 with a continuing subdued automotive market, a majority of the other revenue arises from acoustic flooring sales.
Measurement of operating segment profit or loss, assets and liabilities
The accounting policies of the operating segments are the same as those applied by the Group in the FY22 annual report and accounts.
The Group evaluates performance on the basis of operating (loss)/profit.
1/10/22-31/3/23 Automotive Others Total NVH GBP'000 GBP'000 GBP'000 Group's revenue per Consolidated Statement of Comprehensive Income 9,468 1,375 10,843 Depreciation of property, plant and equipment 543 - 543 Depreciation of right-of-use assets 384 - 384 Amortisation 81 - 81 Segment operating loss (626) (22) (648) Finance expense (253) Share of post tax loss of equity accounted joint venture (6) Group loss before tax (907) As at 31/3/23 Automotive Others Total NVH GBP'000 GBP'000 GBP'000 Additions to non-current assets 157 - 157 Reportable segment assets 23,453 - 23,453 Investment in joint ventures 68 - 68 Total Group assets 23,521 - 23,521 Reportable segment liabilities/ total Group liabilities 12,694 - 12,694
Segmental information (continued)
1/10/21-31/3/22 Automotive Others Total NVH GBP'000 GBP'000 GBP'000 Group's revenue per Consolidated Statement of Comprehensive Income 7,577 1,815 9,392 Depreciation of property, plant and equipment 340 - 340 Depreciation of right-of-use assets 377 - 377 Amortisation 81 - 81 Segment operating (loss)/profit (1,214) 84 (1,130) Finance expense (263) Share of post tax profit of equity accounted joint venture 4 Group loss before tax (1,389) As at 31/3/22 Automotive Others Total NVH GBP'000 GBP'000 GBP'000 Additions to non-current assets 153 - 153 Reportable segment assets 25,787 - 25,787 Investment in joint ventures 103 - 103 Total Group assets 25,890 - 25,890 Reportable segment liabilities/ total Group liabilities 12,263 - 12,263
Segmental information (continued)
Automotive Year Ended NVH Others 30/9/22 Total GBP'000 GBP'000 GBP'000 Group's revenue per Consolidated Statement of Comprehensive Income 15,271 3,602 18,873 Depreciation of property, plant and equipment 884 - 884 Depreciation of right-of-use assets 831 - 831 Amortisation 163 - 163 Segment operating(loss)/profit (2,968) (16) (2,984) Finance expense (542) Share of post-tax loss of equity accounted joint venture (26) Group loss before tax (3,552) Automotive As at 30/9/22 NVH Others Total GBP'000 GBP'000 GBP'000 Additions to non-current assets 1,036 - 1,036 Reportable Segment assets 24,373 - 24,373 Investment in joint venture 74 - 74 Total Group assets 24,447 - 24,447 Reportable segment liabilities/ Total Group liabilities 12,712 - 12,712
Reporting of external revenue by location of customers is as follows:
Unaudited Unaudited Audited Period Period Year ended 1/10/22-31/3/23 1/10/21-31/3/22 30/09/22 GBP'000 GBP'000 GBP'000 United Kingdom 6,170 5,531 10,570 Germany 3,252 2,764 5,917 Sweden 366 311 645 Other European 1,050 771 1,706 Rest of the World 5 15 35 10,843 9,392 18,873 3 Earnings per share Unaudited Unaudited Audited Period Period Year Ended 1/10/22-31/3/23 1/10/21-31/3/22 30/09/22 GBP'000 GBP'000 GBP'000 Loss used in calculating basic and diluted earnings per share (899) (1,381) (3,275) Weighted average number of GBP0.02 shares for the purpose of: * basic earnings per share ('000) 54,601 48,832 51,683 * diluted earnings per share ('000) 54,601 48,832 51,683 Basic and diluted earnings per share (pence) (1,65)p (2.83)p (6.34)p
Loss per share is calculated based on the share capital of Autins Group plc and the earnings of the Group for all periods. There are options in place over 2,523,648 ordinary shares at 31 March 2023 with vesting dependent on meeting a combination of EBITDA and share price targets over the period to September 2023. These options were anti-dilutive at the period end but may dilute future earnings per share.
4 Share capital
In December 2021, 15,000,000 additional GBP0.02 ordinary shares were issued at 20 pence each. Net proceeds of GBP2,800,000 arose after incurring issue expenses of GBP200,000. This resulted in an increase in the nominal value of share capital of GBP300,000 and an increase of GBP2,500,000 in the share premium account net of the issue expenses. The total number of ordinary shares in issue since December 2022 is 54,600,984.
5 Taxation
The tax credit for the period reflects only the deferred tax related to amortisation of intangible assets. Given the continuing economic conditions, losses carried forward are not yet recognised in deferred tax balances, consistent with the judgement made at 30 September 2022.
6 Interim Report
A copy of the Interim Report will be available on the Company's website: www.autins.com .
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END
IR UNANROUUNUAR
(END) Dow Jones Newswires
June 27, 2023 02:00 ET (06:00 GMT)
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