Autins has issued its full year trading update highlighting an H2 FY22 EBITDA loss of c. £1m (H1 FY22 loss £0.35m). Whilst second half revenues have been broadly similar to H1 at c. £9.4m there has been a marked shortfall against expectations in the last quarter of the year. The Group’s major customer is noted to be experiencing production line disruption due to restricted availability of semi-conductors and this situation is not expected to improve until the end of H1 FY23. In addition, input cost inflation has continued to impact gross margins. Urgent action is being taken to reduce costs further and management has also concluded a number of key commercial discussions that together will significantly reduce losses in the short term. This will allow the Group to continue to explore additional restructuring options as management looks to trade through to the higher automotive volumes that it needs to deliver positive EBITDA and operationally geared recovery.
