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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 |
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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