Last checked at 21 Mar 2023 07:00
21 March 2023
AB Dynamics plc
Half year trading update and notice of results
AB Dynamics plc ("AB Dynamics", the "Company" or the "Group"), the designer, manufacturer and supplier of advanced testing, simulation and measurement products to the global transport market, issues the following trading update for the six month period ended 28 February 2023.
Current trading and outlook
Trading for the first six months of the year was encouraging, with overall performance in line with the Board's expectation. The Group has seen continued good momentum across both of its Track testing and Laboratory testing and simulation divisions, benefitting from strengthened operational and commercial infrastructure within the business. Further progress has also been made in developing the ABD Solutions offering.
The Group has a solid order book, providing good visibility into the second half of the year and the integration of Ansible Motion is progressing as planned. Whilst mindful of ongoing supply chain disruption and wider economic uncertainty, the Board remains confident that the Group will make further financial and strategic progress this year, with its expectations for FY 2023 performance remaining unchanged.
Financial position
The balance sheet remains robust with net cash at 28 February 2023 of £21.3m (28 February 2022: £27.7m, 31 August 2022: £29.2m), after payment of the initial £16.0m cash consideration for the acquisition of Ansible Motion in September 2022.
Notice of results
The Group will report its interim results for the six months ended 28 February 2023 on 25 April 2023. The management team will be hosting a presentation for analysts on the day of the results. Anyone wishing to attend the presentation should register their interest with Teneo at abdynamics@teneo.com or 0207 353 4200. A presentation will also be provided on the Investor Meet Company platform on 26 April 2023 at 9am. Anyone wishing to attend should register their interest via https://www.investormeetcompany.com/ab-dynamics-plc/register-investor.
Enquiries:
AB Dynamics plc | 01225 860 200 |
Dr James Routh, Chief Executive Officer | |
Sarah Matthews-DeMers, Chief Financial Officer | |
Peel Hunt LLP | 0207 418 8900 |
Mike Bell Ed Allsopp
| |
Teneo | 0207 353 4200 |
James Macey White | |
Matt Low | |
The person responsible for arranging the release of this information is David Forbes, Company Secretary.