Autins has reported an AGM update, which highlights sales volumes thus far in H1’22 have been similar with that of H2’21. This can be attributed to the ongoing sectoral headwinds and the well documented global semi-conductor shortages. The ever changing backdrop, characterised by rising energy/commodity prices and reduced OEM output, means timing of recovery has been delayed. Despite this, AUTG’s medium term prospects remain positive; retail demand for cars is strong and the group is making headway on its EV/diversification strategy. For now, our forecasts remain withdrawn, pending early evidence of an automotive market recovery. Looking ahead, we believe the foundations in place position the group favourably as macro headwinds abate and the group reduces its reliance on the auto sector.
