AB Dynamics plc (LON:ABDP), a designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry, is pleased to announce its final results for the year ended 31 August 2017.
Financial highlights
· Revenue increased 20.0% to £24.6m* (2016: £20.5m)
· Adjusted operating profit increased 26.2% to £5.9m (2016: £4.7m)**
· Adjusted fully diluted EPS increased by 22.5% to 28.28p (2016: 23.09p)**
· Final dividend of 2.00p per ordinary share, 3.331p for the year up 10% (2016: 3.025p)
· Strong balance sheet with net cash of £9.6m (2016: £10.4m)***
* The adoption of IFRS 15 for revenue recognition has resulted in the deferral of approximately £1m of revenue from 2017 into 2018
** Adjusted to exclude share option costs of £1.5m (2016: £0.3m)
*** After capital expenditure of £8.0m (2016: £1.6m) and £6.0m (net) equity fundraising in December 2016
Operational Highlights
· Completing the move into new £8.4m state of the art factory and offices
· Demand for Driving Robots and Guided Soft Targets at an all-time high
· Advance Drive Assistance Systems (“ADAS”) market continues to show strong growth as OEMs develop vehicle capabilities
· Conducting demonstrations of new advanced Vehicle Dynamic Simulator (“aVDS”) as project moves towards commercial production
· Record order book providing visibility into Q3 FY2018
· Oversubscribed equity fundraising in December 2016, to support development of new products and services, new facilities and enhanced routes to market
Tim Rogers, CEO of AB Dynamics Plc, commented: “AB Dynamics has made considerable progress in the last financial year, with significant growth seen in both revenue and adjusted operating profit.
I am pleased to report a healthy forward order book with automotive OEM’s continuing to advance their ADAS and autonomous vehicle programmes. This supportive backdrop, reinforced by regulatory change, has enabled the Group to build a strong order book that provides good forward visibility.
We have an extremely capable and dedicated team at AB Dynamics and I am very proud of what we have achieved over the last five years. We are continuing to invest in new products, our people and our processes, and the Group remains focused on the future business opportunities within our marketplace.
I believe there is a solid platform for the next phase of the Group’s development and growth, and I wish the next Chief Executive every success in taking the Group forward.
I am very proud of what the Group has achieved since its IPO in 2013 and would like to thank our customers, employees and shareholders for their support over the last four years. I believe that the next Chief Executive of AB Dynamics has a fantastic foundation on which to build on and I wish them and the Company every success in the future. We will look to update the market on this recruitment shortly.”
