Business
Trading and COVID-19 Update
Trading and COVID-19 Update.
About this update from Autins Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 9398H\n Autins Group PLC\n 30 March 2020\n \n \n \n 30th March 2020\n \n Autins Group plc\n \n \n (the \"Company\" or the \"Group\")\n \n \n Trading and COVID-19 Update\n \n \n Autins Group plc (AIM: AUTG), a leading designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, is pleased to confirm that the operating performance of the Group in the first five months of the financial year until the end of February 2020 has been ahead of management expectations and much improved compared to the same period last year. This has been driven by significant improvements in operational efficiencies and better overhead cost control. All three operating countries have been EBITDA positive and the company continues to win significant new business.\n However, the recent escalation in the COVID-19 virus crisis has led to plant shutdowns across the European automotive sector, including PSA, Volkswagen, Fiat, BMW and JLR. As a result, the Board anticipates significantly reduced demand for its products for the foreseeable future. Accordingly, the Board has already taken proactive action in all our facilities. These mitigating actions include a reduction in staff overheads, reducing employee working hours and addressing operating costs to preserve cash and manage working capital. In line with government guidance, we have facilitated appropriate home working and other protective measures. We have furloughed most of our employees and significantly reduced the operating capacity of our manufacturing facilities in line with the anticipated reduction in demand. We will serve existing demand and, where it makes business sense, respond to enquiries and manage important on-going projects. The Group management team continues to maintain contact with all customers to ensure that Autins is prepared to meet, as adequately as possible, expected changes in demand.\n The health and safety of all our employees will remain of paramount importance. \n We are encouraged by the financial measures recently announced by the UK Government and will actively pursue all avenues in order to support and protect the Group and our employees. We have already engaged with our principal bank and applied for CBILS funding. W...