AGM Statement

RNS Number : 1306Y

AB Dynamics PLC

12 January 2022

 

12 January 2022

AB Dynamics plc

("AB Dynamics", the "Company" or the "Group")

AGM trading update and contract award

AB Dynamics plc (AIM: ABDP), the designer, manufacturer and supplier of advanced testing, simulation and measurement products and services to the global transport market, issues the following trading update, to coincide with the Company's Annual General Meeting taking place later today.

Current trading and outlook

The Board is pleased to report that trading during the first four months of FY2022 remained consistent with its expectations as at the time of the full year results, on 24 November 2021.

Whilst the current operating environment still presents challenges in relation to supply chain disruption, inflation and labour availability, underlying demand conditions in our key international markets and customer activity levels both remain positive. The Group continues to make good progress in the execution of its strategy and the Board's expectations for the year are unchanged.

ABD Solutions contract award

AB Dynamics is pleased to announce that ABD Solutions has been awarded its first development contract, by an industrial equipment supplier in Japan, for a driverless retrofit solution for mining vehicles. The contract, while not financially significant at £1.1m for delivery over eighteen months, will provide the opportunity to validate the technology for this application.

Financial position

The balance sheet remains strong with net cash at 31 December 2021 of £27.4m (31 December 2020: £32.9m, 31 August 2021 £22.3m) , underpinning the Group's investment plans.

Interim results date

The Group will report its interim results for the six months ended 28 February 2022 on 27 April 2022.

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
Tulchan Communications	0207 353 4200
James Macey White Matt Low Laura Marshall

The person responsible for arranging the release of this information is David Forbes, Company Secretary.

 

END

 

 

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