Full Year Trading Update and Notice of Results

RNS Number : 5777B

AB Dynamics PLC

07 October 2015

 

7th October 2015

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

Full Year Trading Update and Notice of Results

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 final results for the twelve months ended 31 August 2015.

The Group has performed well in 2015 and the Board expects to report revenues and profits materially ahead of market forecasts.

As announced on 12 February 2015, ABD had conditionally been awarded a grant of up to £2.3m from the UK Government's Regional Growth Fund ("RGF"). Having now received the Final Grant Offer Letter, which contains revised requirements from the earlier draft conditional offer letter, the Board has determined that these additional requirements are over burdensome and it would not be in the best interests of the Group and its shareholders to proceed with the grant and accordingly the offer has been declined.

As a result of the robust financial position and sound operational performance of the business, the Board is confident that, notwithstanding declining the grant, the Group has sufficient funds to facilitate its expansion plans for meeting increasing global demand which include building the new facility.

Tim Rogers, Managing Director of AB Dynamics, commented:

"The Group has performed well in the period with continued growth in revenues and profits and we have a strong order book that takes us into the new-year with confidence. Construction of the new facility should start in Q1 2016 with completion expected by the Q2 2017 bringing the increase in capacity necessary to meet the growing demand for our products"

Notice of Results

ABD will be announcing its Final Results for the twelve months ended 31 August 2015 on Thursday 12 November 2015.  

The management of ABD will be hosting a presentation for analysts on the day of results at 9:30am at the offices of Newgate, Sky Light City Tower, 50 Basinghall Street, London, EC2V 5DE. Analysts who wish to attend the presentation should register their interest with Helena Bogle, contactable at [e-mail] or 020 7680 6563.

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
Panmure Gordon (Broker) Dugald J. Carlean Karri Vuori	0207 886 2500
Newgate (PR) Adam Lloyd Tim Thompson Helena Bogle	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 70 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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