LONDON (ShareCast) - (ShareCast News) - Designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, Autins Group, posted an update on trading for the year to 30 September on Wednesday.
The AIM-traded firm said following its successful IPO in August, it continued to see progress with the integration of its Swedish and German divisions which became wholly owned subsidiaries as part of the IPO process.

In line with the group's strategic objectives, the board said a number of senior hires have been made and it was particularly pleased that Joshua Kimberling joined the senior management team as group sales director in November.

It said he will be joined by a head of European sales who will focus on developing the automotive and non-automotive sectors in mainland Europe.

The board was also further strengthening the central finance and administrative functions to better support the anticipated growth of the group.

Significant development had also been made with Neptune, the group's lightweight, high performance material, with full production capability expected prior to the end of 2016.

Neptune, which Autins claimed is ideally placed to meet the automotive industry's demand for innovation, is now approved by seven automotive OEMs, having recently secured an additional European OEM.

In addition, the group has acquired a leading global Tier 1 supplier of convertible roofs to the automotive sector as a customer, which the board said illustrated its approach to supplying OEMs alongside their ongoing process of new material evaluation and approval.

Interest in Neptune from a number of non-automotive sectors had also grown considerably during the year and across a range of areas, including for potential use in modular housing.

The board anticipated that this non-automotive interest will continue to build through 2017, particularly with the benefit of the new and more focused sales resource.

Since the IPO, Autins said it has exercised its right with Iksung to licence a high performance, three layer material, to be marketed as Ozone, which will bring a lightweight high performance sound barrier material to the automotive sector, complementing the Neptune sound absorbing material.

The group was already piloting applications and testing with OEMs.

Autins also reported that its R&D and commercial test facility, Autins Technical Centre, secured its first automotive customer and work continued towards it securing full industry UKAS accreditation during late 2017.

Following Brexit and the associated depreciation in sterling, the board said it remains alert to risk and opportunity, monitoring both the costs and sources of supply of raw materials to protect margins.

The group expected to publish its preliminary results for the financial year to 30 September in February.

"The board is delighted with the quality and breadth of our new shareholders who supported our very successful flotation," said chief executive Jim Griffin.

"Alongside this, significant investment in the Group has been made in 2016in support of growth in 2017 and beyond."

Griffin said the board's focus for the year ahead is to pursue the group's growth opportunities in line with Autins' three pillars of expertise in specialist component manufacturing, specialist materials manufacturing, and innovation and research.

"In this way, the board intends that Autins will offer a growing and broader range of high quality products and competencies in supply capability across multiple sectors."

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