REG - AB Dynamics PLC - AGM Statement

Ab DynamicsAnnouncement

12/01/2022 07:00

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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 £1.1m 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 £27.4m
(31 December 2020: £32.9m, 31 August 2021 £22.3m), 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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