Award of £2.3m Regional Growth Fund grant

RNS Number : 6770E

AB Dynamics PLC

12 February 2015

 



12 February 2015

A B Dynamics plc

Award of £2.3m Regional Growth Fund grant

AB Dynamics plc (AIM: ABDP) (the "Company"), the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry is pleased to announce that - subject to due diligence - the Company has been awarded a grant of up to £2.3m from round 6 of the UK Government's Regional Growth Fund. This award is being officially announced today by Baroness Kramer at the Company's Head Office at Bradford on Avon.

Along with the Company's existing funds, the grant will facilitate the Group's expansion to meet increasing global demand. As already announced planning is well advanced for the construction of a new special purpose building to enable the Group's design, development and manufacturing functions to be brought together in a single location. The Group's management also plan to use the funds to expand its workforce of highly skilled engineers and technicians and to enter a new phase of R&D expanding on current skills to address new markets.  

The grant will be drawn down in a staged manner over the lifetime of these projects and is subject to the Company meeting specific qualified targets.

Tim Rogers, Managing Director of AB Dynamics commented:

"We are delighted to have been awarded this grant, which was the result of a successful bid process undertaken by the company, together with invaluable support from the community and local government agencies."

For further information please contact:

AB Dynamics plc	01225 860 200
Tim Rogers, Managing Director
Tony Best, Chairman
Cairn Financial Advisers LLP (Nomad)	020 7148 7900
Tony Rawlinson
Avi Robinson
Charles Stanley Securities Limited (Broker)	020 7149 6000
Dugald J. Carlean
Karri Vuori
Newgate (PR)	020 7653 9850
Tim Thompson
Adam Lloyd

 

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