Tony Best, Non-Executive Chairman of AB Dynamics, commented:
“I am pleased to be able to report that the Group has delivered another record year of revenue and adjusted profit. Our customers remain very active in introducing ever more complex ADAS equipment into their vehicles and in the development of semi- and fully-autonomous vehicles.
I am also particularly delighted to welcome Dr. James Routh as our new Chief Executive Officer. James joins the Group from Diploma PLC where he was responsible for the International Seals businesses outside North America. James has a track record of delivering strong growth, both organically and through carefully selected, value-enhancing acquisitions.
Despite our very strong growth, order intake has continued to run ahead of sales and this has provided the Group with a healthy order book into our new financial year and, as usual, visibility into our third quarter. Against this pleasing backdrop, our progress continues to require ever greater investment in systems and our operational capability to ensure that we are fully capable of supporting current and future growth. In the coming year, we expect to make further investment in new product development, marketing, service and support, our growing overseas footprint and, of course, our people, whose skills and energy remain so important to our future success. Inevitably this investment will provide some constraint to our operating margin, but the Board remains confident that, under the leadership of our new CEO, we are well positioned to deliver a year of solid progress.”
AB Dynamics plc (LON:ABDP), the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry, today announced its final results for the year ended 31 August 2018.
Financial highlights
· Revenue increased 51% to £37.05m (FY17: £24.57m)
· Reported profit before tax increased 78% to £7.95m (FY17: £4.47m)
· Profit before tax* increased 45% to £8.61m (FY17: £5.94m)
· Cash flow from operations increased by £7.8m to £9.9m (FY17: £2.1m)
· Basic EPS increased 74% to 36.29p (FY17: 20.83p), Diluted EPS increased 70% to 35.03p (FY17: 20.56p)
· Proposed final dividend increased 10% to 2.20p per ordinary share (FY17: 2.00p)
· Strong balance sheet with net cash of £15.94m as at 31 August 2018 (31 August 2017: £9.62m)
* Adjusted to exclude non-cash charges in respect of share options of £0.659m (FY17: £1.465m)
Operational Highlights
· Dr. James Routh appointed CEO, with effect from 1 October 2018
· AB Dynamics Europe GmbH facility established and operational
· Received first order for Advanced Driving Simulator (aVDS) to be delivered in FY19
· First orders received for new LaunchPad ADAS (Advanced Driver Assistance System) platform
· Demand for track testing products continues at an all-time high
· Strong forward order book, providing visibility into Q3 FY19
