Autins shares drop as interim revenues hit by JLR cyber incident

(Sharecast News) - The share price of Autins Group dropped sharply on Tuesday after the automotive parts company's interim results were marred by the highly publicised cyber attack at JLR - its largest UK customer - which had a "material impact" on operations . A cyber attack at JLR led to the complete suspension of vehicle production over September - the last month of Autins' first half - with production having not resumed by the end of the reporting period.

The company, which makes acoustic and thermal insulation solutions for a variety of end-markets, said revenues fell 12.3% year-on-year to £8.59m over the six months to 30 September, though adjusted EBITDA jumped 4.65% to £0.65m helped by improved margins and cost control.

The loss before tax for the period was £0.59m, slightly better than the £0.79m loss reported last year.

Post period-end, JLR operations had resumed in October with volumes returning to normal during November, though a return to profitability in the second half will depend on the normalisation of demand from the carmaker, along with ongoing efficiency improvements, new business winds and cost management.

"While the immediate recovery in demand is encouraging, the board continues to monitor the position closely, including any potential delays or volume fluctuations in the second half of the financial year," Autins said.

The stock was down 14.3% at 9.0p by 1211 GMT.