AB Dynamics reveals record revenues and profits
AB Dynamics plc, which manufactures advanced testing, simulation and measurement products to the global transport market, has reported record revenues and operating profits.
The Bradford-on-Avon company reported revenues increasing by 21 per cent, of which seven per cent was organic growth.
Revenues were £100.8 million, up from £83.2 million in 2022, and operating profits were £16.6 million, up from £13.7 million.
Track testing revenue grew by six per cent reflecting increases in robots and Advanced Driver Assistance (ADAS) platforms, and laboratory testing and simulation organic growth of 10 per cent driven by a strong performance at rFpro and delivery of SPMM systems. Total sector revenue growth of 74 per cent included the contribution from the acquisition of Ansible Motion in September 2022.
Operating highlights include the company winning a £1 million contract for delivery of a retrofit pedestrian detection system for construction machines for delivery during this year2024, illustrating the wide range of applications for its technology and the company said that trading in the year to date has been encouraging, supported by a solid order book which provides good visibility into the next year.
Dr James Routh, Chief Executive Officer said: "The Group has delivered a strong performance in FY 2023, demonstrating the benefits of the investment made in recent years in the commercial and operating capability of the business. The financial results show further strong progress, with record levels of revenue and operating profit and an improvement in operating margin. In parallel, the Group has further strengthened its platform for growth through both organic investments and acquisitions.
"We see significant opportunity in our core markets in automotive, which are supported by long-term structural and regulatory growth drivers, and are continuing to invest in new product development and technology. In addition, we are investing in new technologies to diversify the business into attractive adjacent markets through ABD Solutions.
"Trading in FY 2024Â has been encouraging, supported by a solid order book providing good visibility into the second half of the year. Whilst being mindful of timing of pipeline conversion and customer delivery schedules, the Board remains confident that the Group will make further financial and strategic progress and its expectations for FY 2024 are unchanged.
"Our market drivers both in our core business and in ABD Solutions remain strong. This backdrop, along with the Group's recent investments in capability and new products, provides confidence of delivering continued progress in 2024 and beyond."
