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Autins Group revenues rise but margins fall sharply

Acoustic and thermal insulation solutions provider Autins Group revealed Wednesday adjusted pre-tax profit rose in the six months through March, but the company warned that it was unlikely to improve performance in the second half.

For the six months to 31 March, adjusted profit rose to £0.41m from £0.35m the prior period as revenue increased by 29.4% to £15.86m but gross margins fell to 26.9% from 34.4%.

The tooling segment held back revenue growth somewhat after revealing revenue more than halved to £0.29m for the period, from £0.76m the prior. That was offset, however, by stronger component revenue growth of 35.4%.

Gross profit rose 1.5% to £4.27m from £4.20m.

The company maintained its interim of 0.4p per share.

The company warned of stagnant second-half performance, which would likely match first-half performance amid expectations for lower levels of supply required from some of its major UK customers.

'We had previously provided guidance that we expected a significant weighting to the second half of 2018. However, visibility to current volumes now indicates lower levels of supply required from some of our major customers in the UK and, therefore, our second half performance is likely to remain similar to the first,' said Adam Attwood, Chairman.

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