Pre-Close Trading Update

RNS Number : 3762A

AB Dynamics PLC

19 February 2014

 



19 February 2014

AB Dynamics plc
("ABD" or the "Group" )

Pre-Close Trading Update

AB Dynamics plc (AIM: ABDP), the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry, is pleased to announce a trading update in advance of its interim results for the six months ended 28 February 2014.

Trading is in line with market expectations and the Group has seen an excellent performance in its "Track Testing Systems" offering, which has benefitted from the recent investments made in staff and product development.  We have also seen significant revenue growth from existing clients as well as a number of new client wins. Overseas growth has continued and the Group has located an engineer in Japan to support its customers in the region.

As highlighted at the time of our final results in November, we hope to recommend the payment of a dividend in the year ending 31 August 2014.

As announced on 13 February, Wiltshire Council's Strategic Planning Committee has formally resolved to grant planning permission for a mixed use development on land south west of Kingston Farm, Bradford on Avon to include the Group's proposed new purpose built factory. Formal planning permission is subject to completion of negotiations on an agreement under Section 106 of the Town and Country Planning Act 1990 between Wiltshire Council and developer of the site.

The Group's new facility, which is now scheduled to open in early 2016, will enable ABD to satisfy its growing order book. ABD has maintained a strong balance sheet with no net debt and good cash generation which positions it well to develop the new facility as well as take advantage of other corporate opportunities that may present themselves.

Tim Rogers, Managing Director of AB Dynamics, commented:

"The Group has performed well in the first half of the year with growth in product offering, customers and revenues. A strong order book gives the Board confidence in a successful outcome for the year as a whole."

Notice of Results

ABD expects to announce interim results for the 6 month period ended 28 February 2014 in the week commencing Monday 28 April 2014.

For further information please contact:

AB Dynamics plc Tim Rogers, Managing Director Tony Best, Chairman	01225 860 200
Cairn Financial Advisers LLP (Nomad) Tony Rawlinson Avi Robinson	0207 148 7900
Charles Stanley Securities Limited (Broker) Dugald J. Carlean Karri Vuori	0207 149 6000
Newgate Threadneedle (PR) Josh Royston Heather Armstrong Caroline Evans-Jones	0207 653 9850

Overview of AB Dynamics plc

ABD is a leading designer, manufacturer and provider of advanced testing and measurement products for vehicle suspension, brakes and steering to the global automotive research and development sector. The Group was founded in 1982 and listed on AIM in May 2013. The Group is headquartered in Bradford on Avon employing approximately 50 staff. ABD currently supplies all of the top twenty automotive manufacturers, including Honda, Toyota, Ford and Volkswagen, who routinely use the Group's products to test vehicle safety and dynamics.

 

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