AB Dynamics reports strong half-year results
Automotive testing, simulation and measurement technology specialist AB Dynamics reported first-half revenue growth of 30 per cent to £49 million in its interim results posted yesterday (Tuesday).
The Bradford on Avon-based firm said operating profit grew 37 per cent in the six months ended February 28, to £7.8 million.
Its track testing revenue grew 13 per cent, reflecting increases in robots and advanced driver-assistance system platforms, while laboratory testing and simulation revenue increased 99 per cent, driven by a strong performance at simulation software subsidiary rFpro.
Highlights from the period included a £1 million contract for delivery of a retrofit pedestrian detection system for construction machines for delivery during FY 2024.
Dr James Routh, Chief Executive Officer said: "The Group has delivered a strong financial and operational performance in the first half of the year, with growth in the core business as well as progress in the development of ABD Solutions and in our simulation business with the acquisition of Ansible Motion.
"Against the backdrop of ongoing external challenges in relation to supply chain disruption and wider economic uncertainty, the Group has delivered growth in revenue, operating profit and operating margins.
"We have also continued to invest in all areas of the business, supporting improved capability as well as our ambitious growth plans.
"We see significant opportunity in our core markets within automotive, which are supported by long-term structural and regulatory growth drivers.
"We are continuing to invest in new product development and technology whilst also investing in innovative technologies to diversify the business into attractive adjacent markets through ABD Solutions.
"Despite the risk of short-term volatility relating to global macroeconomic conditions and timing of order intake, 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 in achieving the Board's expectations during the second half of 2023 and delivering further progress in the years beyond."
