ABDP.GB AB Dynamics plc

TIDMABDP

RNS Number : 1306Y

AB Dynamics PLC

12 January 2022

12 January 2022

AB Dynamics plc

("AB Dynamics", the "Company" or the "Group")

AGM trading update and contract award

AB Dynamics plc (AIM: ABDP), the designer, manufacturer and supplier of advanced testing, simulation and measurement products and services to the global transport market, issues the following trading update, to coincide with the Company's Annual General Meeting taking place later today.

Current trading and outlook

The Board is pleased to report that trading during the first four months of FY2022 remained consistent with its expectations as at the time of the full year results, on 24 November 2021.

Whilst the current operating environment still presents challenges in relation to supply chain disruption, inflation and labour availability, underlying demand conditions in our key international markets and customer activity levels both remain positive. The Group continues to make good progress in the execution of its strategy and the Board's expectations for the year are unchanged.

ABD Solutions contract award

AB Dynamics is pleased to announce that ABD Solutions has been awarded its first development contract, by an industrial equipment supplier in Japan, for a driverless retrofit solution for mining vehicles. The contract, while not financially significant at GBP1.1m for delivery over eighteen months, will provide the opportunity to validate the technology for this application.

Financial position

The balance sheet remains strong with net cash at 31 December 2021 of GBP27.4m (31 December 2020: GBP32.9m, 31 August 2021 GBP22.3m) , underpinning the Group's investment plans.

Interim results date

The Group will report its interim results for the six months ended 28 February 2022 on 27 April 2022.

Enquiries:

 
 AB Dynamics plc                            01225 860 200 
 Dr James Routh, Chief Executive 
  Officer 
  Sarah Matthews-DeMers, Chief Financial 
  Officer 
 
 Peel Hunt LLP                              0207 418 8900 
 Mike Bell 
  Ed Allsopp 
 
 Tulchan Communications                     0207 353 4200 
 James Macey White 
  Matt Low 
  Laura Marshall 
 

The person responsible for arranging the release of this information is David Forbes, Company Secretary.

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January 12, 2022 02:00 ET (07:00 GMT)

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