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Automotive insulation products maker Autins reported narrower half-year losses as on higher revenue and cost cuts.
For the year ended 30 September 2021, pre-tax losses narrowed to £1.1 million from £1.7 million year-on-year as revenue increased 8.9% to £23.4 million.
Sales in its core automotive business declined in the second half of the year compared to H1 due to a 'reduction in vehicle production by OEMs caused by the global shortage of semi-conductors,' th ecompany said.
Looking ahead, the company said it expected 'improvement in the supply of semiconductors during the second half of 2022 but, due to our financial year end date, this is likely to have a limited impact on FY22 automotive sales.'