Ab Dynamics plc (LON:ABDP), a designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry, announce its Interim Results for the six month period to 28 February 2017. CEO Tim Rogers talks to DirectorsTalk about its interim results, talks us through the highlights both financially and operationally, how the new facility is progressing and what it will mean for the company after completion and how the company is set for the second half of the financial year and onwards.
Financial Highlights
· Revenues increased 9% to £11.0m (H1 2016: £10.1m)
· Profit before tax, excluding share option costs, increased 9% to £2.5m (H1 2016: £2.3m)
· Increased capital expenditure of £2.6m (H1 2016: £0.3m) in line with management expectations
· Net cash at 28 February 2017 of £14.8m (H1 2016: £10.2m)
· Basic EPS adjusted for share option costs of £0.8m increased to 11.04p (H1 2016: 10.53p)
· Interim dividend increased 10% to 1.331p per ordinary share (H1 2016: 1.21p)
Operational Highlights
· Successful equity fundraising of £6 million to fund new product development and investment in supporting activities to drive growth
· Very strong demand for Guided Soft Targets following regulatory approval for their use in global Advanced Driver Assistance Systems (‘ADAS’) testing
· Demand for Driving Robots at an all time high
· Advanced Vehicle Dynamic Simulator project nearing commercialisation phase
· New factory build on target for late summer hand over
· Tim Rogers appointed as Chief Executive Officer
Tim Rogers, CEO of AB Dynamics Plc, commented: “We are very pleased to report on a solid first half of the financial year. We have a good forward order book for the remainder of 2017 and well in to next year which gives us confidence in meeting market expectations.
“The Group continues to invest in people, products and facilities, reaching a landmark of 100 employees. Separate commercial and business development teams have been established to create a group structure capable of supporting our large and growing customer base, whilst delivering new products and services to our customers.
“The Board is pleased to announce the increased dividend to shareholders of 1.331p per ordinary share which underlines the strength of the business and future prospects.”
