Shares in the lightweight components maker Autins Group plunged this morning after the company downgraded its expectations for the second half of the financial year.
Autins Group, which specialises in supplying acoustic and thermal insulation solutions, saw its shares plummet 36.5 per cent to 52p in late-morning trading, down from 82p when the markets closed last night.
Read more: UK car manufacturing sees April boost
A growing pressure on prices for its UK customers such as Jaguar Land Rover and weaker volume demand were both cited as reasons for the company issuing its bleak profit warning, with the Rugby-based company now expecting its second half performance "to remain broadly similar to the first".
Read more: Manufacturing growth streak continues in spite of investment clouds
Adam Attwood, non-executive chairman of Autins Group, said: "The investments made in the past year have enabled us to make good progress to ensure we can deliver sustainable growth. We have built a strong pipeline of quoted opportunities whilst winning good business for future year models across major targeted OEMs. This diversification across UK and Europe underpins our strategy and positions us for a bright future.”
He added: “However, before this new business can come into live production, we have near-term challenges with lower demand in the UK constraining our current financial performance."
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