Autins Group, the London-listed insulation specialist, announced that it has experienced a significant increase in gross profits for fiscal 2023. The company attributes this growth to its strong sales momentum in the latter half of the year and anticipates further expansion in the current fiscal year.
Sales Performance and Outlook
Autins Group expects to report sales of £22.5 million ($27.3 million) for the year ending on September 30th, marking a substantial 20% rise from the previous fiscal year's figure of £18.8 million. The growth in sales was primarily driven by a 7.5% increase in second-half sales, amounting to £11.7 million. The company's ability to secure new business opportunities has also contributed to its success.
Gross Profit and Margin Recovery
The insulation specialist predicts that its gross profit will have surged by approximately 55% to reach £6.5 million. This growth can be attributed to both increased revenue and a commendable margin recovery of 6.5 percentage points, bringing the figure to 28.9%.
Earnings and Future Prospects
Autins Group is looking forward to reporting a significant turnaround in its earnings before interest, depreciation, and amortization (EBITDA) for fiscal 2023. The company expects to swing to a profit of £1.0 million, compared to a loss of £1.1 million in the previous year.
Moreover, with a positive outlook for the automotive market's recovery, Autins Group foresees further growth in both sales and EBITDA for fiscal 2024.
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