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ABDP Ab Dynamics Plc

1,685.00
-25.00 (-1.46%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ab Dynamics Plc LSE:ABDP London Ordinary Share GB00B9GQVG73 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -25.00 -1.46% 1,685.00 1,700.00 1,710.00 1,730.00 1,705.00 1,730.00 37,089 16:35:25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Engineering Services 100.77M 10.99M 0.4797 35.54 390.46M

AB Dynamics PLC Interim Results (1829D)

25/04/2017 7:00am

UK Regulatory


Ab Dynamics (LSE:ABDP)
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TIDMABDP

RNS Number : 1829D

AB Dynamics PLC

25 April 2017

25 April 2017

AB Dynamics plc

("ABD" or the "Company" or the "Group")

Interim Results for the 6 months ended 28 February 2017

AB Dynamics plc (AIM:ABDP), a designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry, is pleased to announce its Interim Results for the six month period to 28 February 2017.

Financial Highlights

   --      Revenues increased 9% to GBP11.0m (H1 2016: GBP10.1m) 
   --      Profit before tax, excluding share option costs, increased 9% to GBP2.5m (H1 2016: GBP2.3m) 

-- Increased capital expenditure of GBP2.6m (H1 2016: GBP0.3m) in line with management expectations

   --      Net cash at 28 February 2017 of GBP14.8m (H1 2016: GBP10.2m) 
   --      Basic EPS adjusted for share option costs of GBP0.8m increased to 11.04p (H1 2016: 10.53p) 
   --      Interim dividend increased 10% to 1.331p per ordinary share (H1 2016: 1.21p) 

Operational Highlights

-- Successful equity fundraising of GBP6 million to fund new product development and investment in supporting activities to drive growth

-- Very strong demand for Guided Soft Targets following regulatory approval for their use in global Advanced Driver Assistance Systems ('ADAS') testing

   --      Demand for Driving Robots at an all time high 
   --      Advanced Vehicle Dynamic Simulator project nearing commercialisation phase 
   --      New factory build on target for late summer hand over 
   --      Tim Rogers appointed as Chief Executive Officer 

Tim Rogers, CEO of AB Dynamics, commented:

"We are very pleased to report on a solid first half of the financial year. We have a good forward order book for the remainder of 2017 and well in to next year which gives us confidence in meeting market expectations.

"The Group continues to invest in people, products and facilities, reaching a landmark of 100 employees. Separate commercial and business development teams have been established to create a group structure capable of supporting our large and growing customer base, whilst delivering new products and services to our customers.

"The Board is pleased to announce the increased dividend to shareholders of 1.331p per ordinary share which underlines the strength of the business and future prospects."

For further information please contact:

 
 AB Dynamics plc 
  Tim Rogers, Chief Executive 
  Officer 
  Tony Best, Non-executive       01225 860 
  Chairman                        200 
 Cairn Financial Advisers 
  LLP (Nomad) 
  Tony Rawlinson                 0207 213 
  Liam Murray                     0880 
 Cantor Fitzgerald Europe 
  (Broker) 
  David Foreman                  0207 894 
  Phil Davies                     7000 
 IFC Advisory (PR) 
  Tim Metcalfe 
  Graham Herring                 0203 053 
  Heather Armstrong               8671 
 

Chief Executive's and Chairman's Statement

We are pleased to report on a successful first half of the financial year for AB Dynamics. A strong commercial performance across our business platforms have resulted in profit before tax (excluding share option costs of GBP0.8m) for the half year to 28 February 2017, of GBP2.5 million (H1 2016: GBP2.3 million) an increase of 9% and revenues of GBP11.0 million (H1 2016: GBP10.1 million) an increase of 9% over the prior year's first half. Cash at the period end was GBP14.8 million (H1 2016: GBP10.2 million).

The Group sees strong demand for its products and services, notably from sales of its Guided Soft Targets (GST), which have uniquely benefited from obtaining approvals from both of the key vehicle safety organisations in Europe (EuroNCap) and the US (NHTSA) for vehicle ADAS testing. This gives our customers access to a genuinely global testing platform which seamlessly integrates with the Company's other Track Testing products for development of ADAS and next generation autonomous vehicles.

Favourable currency conditions and further improvements to our manufacturing infrastructure and supply side have also helped maintain our operating margin, adjusted for share option charges, at 22%.

The Company continues to invest and expand its design, manufacturing and customer support capacity. Separate commercial and business development teams have been established to create a group structure capable of supporting our large and growing customer base, whilst delivering new products and services to our customers.

The new facility is targeted to come on line in late summer freeing up valuable manufacturing space and creating necessary product development areas required to create the new laboratory test equipment that will drive the Company's growth.

As mentioned previously the building will improve significantly the working environment and bring our UK operations together again under one roof, creating the necessary headroom for future growth. The investment in the new factory will be funded entirely from the Group's cash resources over the next six months as the build programme gathers momentum.

Towards the end of 2016 we successfully completed an equity fundraising of GBP6 million enabling us to embark upon a number of new product development programmes including the Advanced Vehicle Dynamic Simulator, a Driver in Loop Simulator developed in collaboration with Williams WAE which is nearing the commercialisation phase. Other laboratory test machinery is in development, together with a raft of new Track Testing Robot upgrades and enhancements already introduced this year to provide support to the businesses in which we are the largest supplier.

The Company has seen an increase in demand for its track testing products and together with its forward order book has secured a sales pipeline for the remainder of this financial year and well into the next. Looking ahead, the Company continues to invest and develop new products and technologies which will secure the Company's future.

We are pleased to announce that the Directors are declaring an interim dividend of 1.331p per ordinary share. The ex-dividend date will be 4 May with a record date of 5 May and payment date 19 May 2017.

 
 Anthony Best              Tim Rogers 
  Non-executive Chairman    Chief Executive Officer 
  24 April 2017             24 April 2017 
 

AB Dynamics plc

Unaudited consolidated statement of comprehensive income

for the six months ended 28 February 2017

 
                                          Unaudited      Unaudited        Audited 
                                           6 months       6 months           Year 
                                              ended          ended          ended 
                                        28 February    29 February      31 August 
                                               2017           2016           2016 
                                                GBP            GBP            GBP 
                               Notes 
 
 Revenue                                 11,001,085     10,108,702     20,472,244 
 Cost of sales                          (8,302,273)    (7,070,977)   (14,296,445) 
 
 Gross profit                             2,698,812      3,037,725      6,175,799 
 Administrative expenses                (1,030,824)      (786,865)    (1,635,977) 
 Fair value (losses) 
  / gains in respect 
  of foreign currency 
  forward contracts                        (59,241)       (33,428)      (161,145) 
 Operating profit                         1,608,747      2,217,432      4,378,677 
 Net finance income 
  and (costs)                                43,010         45,084         72,643 
 
 Profit before taxation                   1,651,757      2,262,516      4,451,320 
 Income tax expense                       (430,923)      (437,837)      (576,935) 
 
 Profit after taxation 
  and total comprehensive 
  income for the period                   1,220,834      1,824,679      3,874,385 
 
 Earnings per share-Basic        2            6.65p         10.53p         22.25p 
 Earnings per share-Diluted      2            6.61p         10.27p         22.25p 
 

AB Dynamics plc

Unaudited consolidated statement of financial position

for the six months ended 28 February 2017

 
                                        Unaudited      Unaudited        Audited 
                                      28 February    29 February      31 August 
                                             2017           2016           2016 
                                              GBP            GBP            GBP 
 
 ASSETS 
 NON-CURRENT ASSETS 
 Property, plant and equipment          5,181,045      1,959,887      2,695,097 
 Deferred tax assets                            -        138,235              - 
 
                                        5,181,045      2,098,122      2,695,097 
 
 CURRENT ASSETS 
 Inventories                            3,780,447      2,949,435      3,191,642 
 Trade receivables                      3,121,141      2,836,729      2,601,857 
 Other receivables, deposits 
  and prepayments                       1,285,884        638,905      1,006,657 
 Amount owing by contract 
  customers                             1,205,473        550,805      1,285,922 
 Derivative financial instruments               -            315              - 
 Taxation                                       -              -        148,992 
 Cash and cash equivalents             14,776,087     10,145,882     10,404,523 
 
                                       24,169,032     17,122,071     18,639,593 
 
 TOTAL ASSETS                          29,350,077     19,220,193     21,334,690 
 
 EQUITY AND LIABILITIES 
 Called up share capital                  191,119        173,344        177,646 
 Share premium account                  8,579,264      2,540,711      2,590,267 
 Reconstruction reserve              (11,284,500)   (11,284,500)   (11,284,500) 
 Merger relief reserve                 11,390,000     11,390,000     11,390,000 
 Retained earnings                     16,347,092     12,483,120     14,643,035 
 
 TOTAL EQUITY ATTRIBUTABLE 
  TO OWNERS OF 
  THE COMPANY AND TOTAL EQUITY         25,222,975     15,302,675     17,516,448 
 
 NON-CURRENT LIABILITIES 
 Deferred tax liabilities                  53,648              -        118,946 
 
 CURRENT LIABILITIES 
 Trade and other payables               3,856,571      3,571,362      3,608,862 
 Derivative financial instrument           58,165              -         90,434 
 Provision for taxation                   158,718        346,156              - 
 
                                        4,073,454      3,917,518      3,699,296 
 
 TOTAL LIABILITIES                      4,127,102      3,917,518      3,818,242 
 
 TOTAL EQUITY AND LIABILITIES          29,350,077     19,220,193     21,334,690 
 

AB Dynamics plc

Unaudited statement of changes in equity

for the six months ended 28 February 2017

 
                            Share       Share       Merger   Reconstruction     Retained        Total 
                          capital     premium       relief          reserve      profits       equity 
                                                   reserve 
                              GBP         GBP          GBP              GBP          GBP          GBP 
 At 31 August 
  2016                    177,646   2,590,267   11,390,000     (11,284,500)   14,643,035   17,516,448 
 
 Share based 
  payment expense               -           -            -                -      805,649      805,649 
 
 Profit after 
  taxation and 
  Total comprehensive 
  Income for 
  the financial 
  year                          -           -            -                -    1,220,834    1,220,834 
 
 Dividend paid                  -           -            -                -    (322,426)    (322,426) 
 
 Issue of shares, 
  net of share 
  issue costs              13,473   5,988,997            -                -            -    6,002,470 
 
 At 28 February 
  2017                    191,119   8,579,264   11,390,000     (11,284,500)   16,347,092   25,222,975 
 
 At 31 August 
  2015                    173,344   2,540,711   11,390,000     (11,284,500)   10,830,329   13,649,884 
 
 Share based 
  payment Expense               -           -            -                -        3,237        3,237 
 
 Deferred Tax 
  on Share Options              -           -            -                -      110,892      110,892 
 
 Profit after 
  taxation and 
  Total comprehensive 
  Income for 
  the financial 
  year                          -           -            -                -    1,824,679    1,824,679 
 
 Dividend paid                                                                 (286,017)    (286,017) 
 
 At 29 February 
  2016                    173,344   2,540,711   11,390,000     (11,284,500)   12,483,120   15,302,675 
 
 At 31 August 
  2015                    173,344   2,540,711   11,390,000     (11,284,500)   10,830,329   13,649,884 
 
 Share based 
  payment expense               -           -            -                -      273,405      273,405 
 
 Deferred Tax 
  on Share Options              -           -            -                -    (168,387)    (168,387) 
 
 Profit after 
  taxation and 
  Total comprehensive 
  Income for 
  the financial 
  year                          -           -            -                -    3,874,385    3,874,385 
 
 Tax impact 
  of exercised 
  Share Options                 -           -            -                -      329,066      329,066 
 
 Dividend paid                                                                 (495,763)    (495,763) 
 
 Issue of shares, 
  net of share 
  issue costs               4,302      49,556            -                -            -       53,858 
 
 At 31 August 
  2016                    177,646   2,590,267   11,390,000     (11,284,500)   14,643,035   17,516,448 
 

AB Dynamics plc

Unaudited cash flow statement

for the six months ended 28 February 2017

 
                                          Unaudited      Unaudited       Audited 
                                           6 months       6 months          Year 
                                              Ended          Ended         Ended 
                                        28 February    29 February     31 August 
                                               2017           2016          2016 
                                                GBP            GBP           GBP 
 
 Cash flow from operating 
  activities 
  Profit before taxation                  1,651,757      2,262,516     4,451,320 
 
 Adjustments for:- 
 Depreciation of property, 
  plant and equipment                       125,533        105,342       277,695 
 Loss on sale of property, 
  plant and equipment                         4,242            391         2,336 
 Finance income and costs                  (32,270)         33,428             - 
 Interest income                           (43,010)       (45,084)      (72,643) 
 Share based payment                        805,649          3,237       273,405 
 
 Operating cash flows, before 
  working capital changes                 2,511,901      2,359,830     4,932,113 
 
 Decrease/(increase) in inventories       (588,804)      (407,731)     (649,939) 
 Decrease/(increase) in trade 
  and other receivables                   (718,061)        564,338     (303,657) 
 (Decrease)/increase in other 
  payables                                  247,710        481,875       519,375 
 Fair value loss/(gain) on 
  derivative instruments                          -              -       124,178 
 
 Cash flow (used in) / from 
  operations                              1,452,746      2,998,312     4,622,070 
 Interest received                           43,010         45,084        72,643 
 Income tax paid                          (188,513)      (241,034)     (568,314) 
 
 Net cash flow (used in) 
  / from operating activities             1,307,243      2,802,362     4,126,399 
 
 Cash flow used in investing 
  activities 
 Purchase of property, plant 
  and equipment                         (2,615,723)      (338,271)   (1,608,527) 
 Sale of property, plant 
  and equipment                                   -              -       360,748 
 
 Net cash flow used in investing 
  activities                            (2,615,723)      (338,271)   (1,247,779) 
 
 Cash flow used in financing 
  activities 
 Dividends paid                           (322,426)      (286,017)     (495,763) 
 Proceeds from issue of share 
  capital, net of share issue 
  costs                                   6,002,470              -        53,858 
 
 Net cash flow from/(used 
  in) financing activities                5,680,044      (286,017)     (441,905) 
 
 Net (decrease) / increase 
  in cash and cash equivalents            4,371,564      2,178,074     2,436,715 
 Cash and cash equivalents 
  at beginning of period                 10,404,523      7,967,808     7,967,808 
 
 Cash and cash equivalents 
  at end of period                       14,776,087     10,145,882    10,404,523 
 

AB Dynamics plc

Notes to the unaudited interim report

for the six months ended 28 February 2017

   1.         Basis of preparation 

The Company is a public limited company limited by shares and incorporated under the UK Companies Act. The Company is domiciled in the United Kingdom and the registered office and principal place of business is Holt Road, Bradford upon Avon, Wiltshire, BA15 1AJ.

The principal activity is the specialised area of design and manufacture of test equipment for vehicle suspension, steering, noise and vibration. The company also offers a range of services which include analysis, design, prototype manufacture, testing and development.

The interim financial information has been prepared in accordance with the basis of the accounting policies set out in the annual report and accounts for the year ended 31 August 2016, which have been prepared in accordance with International Financial Reporting Standards as adopted for use by the European Union. The interim accounts are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The same accounting policies, presentation and methods of computation have been followed in this unaudited interim financial information as those which were applied in the preparation of the Group's annual statements for the year ended 31 August 2016, upon which the auditors issued an unqualified opinion, and which have been delivered to the registrar of companies.

The interim financial information has been drawn up using accounting policies and presentation expected to be adopted in the Group's full financial statements for the year ended 31 August 2017. Any new standards that will be adopted in full for the first time in the year-end financial statements did not have a material impact on this interim financial information.

The interim financial information for the six months ended 28 February 2017 was approved by the Board on 24 April 2017.

The Directors are declaring an interim dividend of 1.331p per ordinary share. The ex-dividend date will be 4 May, the record date 5 May and the payment date 19 May 2017.

   2.         Earnings per share 

The calculation of earnings per share is based on the following earnings and number of shares:

 
                                     Unaudited      Unaudited      Audited 
                                      6 months       6 months         Year 
                                         ended          ended        Ended 
                                   28 February    29 February    31 August 
                                          2017           2016         2016 
                                           GBP            GBP          GBP 
 
 Profit after tax attributable 
  to owners of the Company           1,220,834      1,824,679    3,874,385 
 
 Weighted average number 
  of shares 
 Basic                              18,351,725     17,334,406   17,414,329 
 Diluted                            18,472,797     17,772,645   17,414,329 
 
 Earnings per share 
 Basic                              6.65 pence          10.53        22.25 
                                                        pence        pence 
 Diluted                            6.61 pence          10.27        22.25 
                                                        pence        pence 
 
   3.             Analysis of revenue by geographical area and major customers 

Revenues attributable to individual foreign countries are as follows:

 
 
                                 Unaudited     Unaudited       Audited 
                                  6 months      6 months          Year 
                                     ended         ended         ended 
                                  February      February        August 
                                      2017          2016          2016 
                                       GBP           GBP           GBP 
 
   United Kingdom                  405,771        86,993       379,418 
 Rest of the European Union      2,908,371     3,209,516     6,241,564 
 North America                   2,449,020     1,145,398     3,099,983 
 Rest of the World               5,237,923     5,666,795    10,751,279 
                              ------------  ------------  ------------ 
                                11,001,085    10,108,702    20,472,244 
                              ------------  ------------  ------------ 
 

There were no material non-current assets located outside the United Kingdom.

Revenues are derived from the following:

 
 
 Revenue from sale 
  of goods                     8,844,552    7,837,098   15,612,065 
 Revenue from construction 
  contracts                    2,156,533    2,271,604    4,860,179 
                             -----------  -----------  ----------- 
                              11,001,085   10,108,702   20,472,244 
                             -----------  -----------  ----------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

April 25, 2017 02:00 ET (06:00 GMT)

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