Hi, here's the usual placeholder article for use in the morning.

Just a quick reminder - I'm only really interested in commenting on small caps which have issued trading updates or results statements on the day.  Regards, Paul.

Good morning! Thank you for the reader comments today, requesting me to look at particular companies. Thank you also for mainly keeping them on topic - i.e. small caps, which have issued trading updates or results statements. I don't comment on day-to-day share price movements, just to be clear, only on significant announcements.

Ab Dynamics (LON:ABDP)

Share price: 732p (down 4.0% today)
No. shares: 19.2m
Market cap: £140.5m

Final results - for year ended 31 Aug 2017.

The company is;

... a designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry

There's a very good recent video here, of ABDP management presenting at a ShareSoc growth company seminar, which is well worth watching.

As you can see from the Stockopedia graphs below, there's been a good progression in sales & profits. However, the PER has become very warm now - see the 4th graph below - the PER has inflated considerably. A lofty PER may not be sustainable, and very much requires continued out-performance. This looks a small company for £140m market cap. So I'm approaching today's results with an initial view that this share might possibly be too expensive after big rises? It's almost 5-bagged since Jan 2015.


My fears are already receding, as the highlights section below shows strong growth;


Outlook comments - light on specifics, but the order book & visibility comments are reassuring;

Since its formation in 1982, Anthony Best Dynamics has gone through many changes to establish itself as a market leader in its targeted segments within the automotive R&D market. Our customers remain very active in introducing Advanced Driver Assistance Systems and in the development of semi and fully autonomous vehicles.
Our order book is at a record level and we have visibility into the third quarter of our new financial year. Alongside our enhanced facilities and the potential of our new product pipeline, the Board remains confident…

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