Braveheart buys 1.93 million more Autins shares

26th Jun 2024 12:36

(Sharecast News) - Braveheart Investment Group announced the acquisition of an additional 1.93 million shares in its portfolio company Autins Group on Wednesday.

The AIM-traded firm said the purchases, made between 15 March and 25 June, were at an average price of 10.24p per share, totaling £197,600.

As a result, Braveheart now held a 26.95% stake in Autins.

Autins Group specialises in providing solutions for acoustic and thermal issues, particularly in the automotive sector.

The company's expertise had positioned it well to capitalise on the growing electric vehicle market, Braveheart said.

Autins' client list included manufacturers such as Jaguar Land Rover, Nissan, BMW, Aston Martin, Lotus, Lamborghini and Bentley, as well as leading tier-one automotive suppliers like Draexlmaier, Kasai, Treves, Novares, Mergon and Yangfeng.

For the financial year ended 30 September 2023, Autins reported a pre-tax loss of £1.04m on revenue of £22.7m.

Its net assets were valued at around £10.8m.

"The board continues to seek investment opportunities, both within its existing portfolio and from outside," the company said in its statement.

"The Braveheart board considers this investment to be a strategic investment and thus an important addition to the group's portfolio."

At 1102 BST, shares in Braveheart Investment Group were up 0.44% at 4.52p.

Reporting by Josh White for Sharecast.com.