LONDON, June 30, 2026, 13:16 BST
- Autins traded at 13p on the bid and 16p on the offer, up 1.44p, or 9.93%. Quotes were updated at 11:46 BST.
- Autins’ market cap on AIM stood at £8.70 million, which was lower than its net assets of £9.31 million, according to AJ Bell.
- Autins Group posted a FY26 profit after tax of £162,000, its first yearly profit since 2017, as gross margin increased to 36.2%.
- The board is forecasting FY29 revenue at £27 million with profit after tax of £1.9 million. That gives the company a market value equal to around 4.6 times its projected profit.
Autins Group Plc (LON:AUTG) traded higher Tuesday after posting its first annual profit since 2017. Still, even with today’s move, the company’s market cap is below its audited net asset figure. The London market was open at press time, with the LSE trading from 0800 to 1630 BST on June 30.
Fidelity quoted Autins up 1.44p, or 9.93%, with a sell price at 13p and a buy price at 16p. AJ Bell put the trade high at 15.94p, with volume at 125,339 shares. The year high stood at 16p and the year low at 4.275p.
The market isn’t pricing Autins as a clean growth stock yet, which makes the valuation gap important. AJ Bell has put the company’s market value at £8.70 million, while net assets stood at £9.31 million as of March 31. Management is targeting profit after tax of £0.8 million for FY27, £1.4 million for FY28 and £1.9 million for FY29.
| Valuation marker | Figure | Read-through |
|---|---|---|
| Market value / FY26 net assets | 0.93x | Shares still trade under book |
| Market value / FY26 revenue | 0.49x | Still a low sales multiple after profits return |
| Market value / FY27 PAT guide | 10.9x | Heavily weighted to H2 numbers |
| Market value / FY28 PAT guide | 6.2x | Needs contracts to ramp |
| Market value / FY29 PAT guide | 4.6x | Big payoff only if targets delivered |
Size and liquidity are the sticking points. Only 125,339 shares traded on Tuesday, a value of about £18,000 at the last close of 14.5p. AJ Bell’s recent trades listed a 50,000-share block at 13.78p and another at 14.111p, then a small lot at 15.94p.
Autins reported FY26 revenue down at £17.6 million, compared with an unaudited 12-month FY25 figure of £19.3 million. Gross margin before non-underlying items jumped to 36.2% from 32.1%. Adjusted EBITDA rose to £2.4 million from £1.4 million on the same 12-month basis.
| Operating measure | FY26 | 12M FY25 | Change |
|---|---|---|---|
| Revenue | £17.6 mln | £19.3 mln | -8.7% |
| Gross margin before non-underlying items | 36.2% | 32.1% | +410 bps |
| Adjusted EBITDA | £2.4 mln | £1.4 mln | +71.4% |
| PAT before non-underlying items | £0.2 mln | -£1.2 mln | Back to profit |
Autins CEO Andy Bloomer said the company “returned to net profitability for the first time since 2017” and started FY27 with “promising momentum.” CFO Desislav Dimitrov said the profit was “a major step forward.” Investegate
The board held to its FY27 revenue target of £22 million and £0.8 million profit after tax, saying these are set to land heavier in the second half given the current order book. FY28 guidance was also held at £26 million revenue and £1.4 million profit after tax. The board introduced new FY29 guidance, with revenue set at £27 million and profit after tax at £1.9 million.
Customer concentration is still the key risk keeping the multiple down. In FY26, a UK customer brought in £4.78 million, or 27.1% of revenue. One German customer accounted for £1.89 million, or 10.7%. Autins said no other customers made up more than 10% of group sales.
The company recorded £534,000 in non-underlying charges related to a cyber-attack at its biggest customer, with the costs divided between cost of sales and admin expenses. That was more than triple the £162,000 statutory profit after tax.
| FY26 revenue by customer location | Revenue | Share of group |
|---|---|---|
| United Kingdom | £8.83 mln | 50.1% |
| Germany | £4.02 mln | 22.8% |
| Other European | £3.88 mln | 22.0% |
| Sweden | £0.67 mln | 3.8% |
| Rest of world | £0.23 mln | 1.3% |
The balance sheet is carrying less old debt than last year, but cash is still tight. Autins said it finished paying off the CBILS loan in June 2026 and cleared the previous MEIF loan in May. There’s a new £1.0 million MEIF II loan running to March 2030 with no covenants. Cash stood at £574,000 as of March 31. Net debt, not counting IFRS16 leases, came to £1.6 million, and £698,000 was out on invoice discounting.
