REG - AB Dynamics PLC - Half-year Report
23/04/2025 07:00
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RNS Number : 7419F AB Dynamics PLC 23 April 2025
23 April 2025
AB Dynamics plc
Unaudited interim results for the six months ended 28 February 2025
"A strong start to delivering our growth plan"
AB Dynamics plc (AIM: ABDP, the 'Company', or the 'Group'), the designer,
manufacturer and supplier of advanced testing, simulation and measurement
products to the global transport market, is pleased to announce its interim
results for the six-month period to 28 February 2025 (the 'Period').
H1 2025 H1 2024
£m £m
Revenue 58.0 52.3 +11%
Gross margin 60.2% 58.3% +190 bps
Adjusted EBITDA(1) 12.9 10.6 +22%
Adjusted operating profit(1) 10.8 8.9 +21%
Adjusted operating margin(1) 18.6% 17.0% +160 bps
Statutory operating profit 6.7 5.5 +22%
Adjusted cash flow from operations(1) 9.3 11.3 -18%
Net cash 27.2 29.1
Pence Pence
Adjusted diluted earnings per share(1) 37.0 30.9 +20%
Statutory diluted earnings per share 21.9 18.0 +22%
Interim dividend per share 2.80 2.33 +20%
(1)Before amortisation of acquired intangibles, acquisition related charges,
and exceptional items. A reconciliation to statutory measures is given in the
Alternative Performance Measures section of the Half Year Review.
Financial highlights
· Revenue increased by 11% reflecting strong growth across all
three sectors, with market and customer activity levels remaining positive
through the period
· Operating margin expansion, up 160bps to 18.6%, as a result of a
combination of a full year effect of operational improvements, operating
leverage and revenue mix
· Adjusted diluted EPS was up 20% to 37.0p (2024: 30.9p) as the
increase in operating profit was partially offset by an increase in the Group
effective tax rate from 18% to 20%
· Net cash at period end was £27.2m (2024: £29.1m) after
investing £3.5m in the acquisition of Bolab Systems GmbH ('Bolab')
· Interim dividend of 2.80p per share (2024: 2.33p per share), an
increase of 20%, reflecting the Board's confidence in the Group's financial
position and prospects
Operational and strategic highlights
· New product development continues at pace and in line with the
technology roadmap for the testing products and simulation markets, alongside
development of ABD Solutions' core technology for niche mining applications
· As part of a larger project with a major automotive OEM the first
units of a new automated mileage accumulation solution, which were enabled by
ABD Solutions' technology, were delivered in the first half
· The Group acquired Bolab, a niche supplier of automotive power
electronics testing solutions, with the integration progressing as planned
· The Group made a strong start to delivering the medium-term
growth plan which we articulated in November 2024, which in summary targets:
o Organic growth of 10% per year across core markets, supported by
regulatory tailwinds and rapid technology change, with a significantly
strengthened and scalable operational and commercial platform
o Further margin expansion to 20% target through operating leverage, supply
chain improvements and operational efficiencies
o Strong cash generation that provides scope for further value-enhancing
investment
o The opportunity beyond automotive markets presented by ABD Solutions,
transitioning from technology development to commercialisation
Current trading and outlook
· Trading in the first half of FY 2025 has been strong, and our
solid order book at half year provides good visibility into the second half of
our financial year
· The extent and rapid evolution of recent changes in international
trade policies and market dynamics are unprecedented, making precise
quantification of direct and indirect impacts challenging
· The Group's direct exposure to the most significant increases in
tariffs announced to date is likely to be limited but the more general
inflationary impacts of increasing global tariffs and possible indirect
effects will be kept under review and mitigated where possible through price
increases
· The Group's geographic diversification and critical nature of its
market-leading products and services have created a highly resilient platform
that is well-positioned to support customers navigating these dynamic market
conditions
· Whilst being mindful of a potential slowdown in timing of
pipeline conversion due to the wider macroeconomic disruption, the Board
expects to deliver adjusted operating profit for FY 2025 in line with current
expectations(2)
· Future growth prospects remain supported by long-term structural
and regulatory growth drivers in active safety, autonomous systems and the
automation of vehicle applications
There will be a presentation for analysts this morning at 9.00am at Stifel
offices, 150 Cheapside, London EC2V 6ET. Please contact abdynamics@teneo.com
if you would like to attend.
A presentation will also be provided on the Investor Meet Company platform on
24 April 2025 at 9.00am. Anyone wishing to attend should register their
interest
via https://www.investormeetcompany.com/ab-dynamics-plc/register-investor
(https://www.investormeetcompany.com/ab-dynamics-plc/register-investor) .
Commenting on the results, Dr James Routh, Chief Executive Officer said:
"The Group has made a strong start to delivering the medium-term growth plan
which we articulated in November 2024.
"We see significant opportunity in our core markets in automotive, which are
supported by long-term structural and regulatory growth drivers, and are
continuing to invest in new product development and technology. In addition,
we are starting to see the benefit of the investment in innovative
technologies to diversify the business through our technology accelerator, ABD
Solutions, with the first revenues seen in H1 2025.
"Trading in the first half of FY 2025 has been strong, supported by a solid
order book, providing good visibility into the second half of the financial
year.
"The extent and rapid evolution of recent changes in international trade
policies and market dynamics are unprecedented, making precise quantification
of direct and indirect impacts challenging. The Group's direct exposure to the
most significant increases in tariffs announced to date is likely to be
limited, but the more general inflationary impacts of increasing global
tariffs and possible indirect effects will be kept under review and mitigated
where possible through price increases.
"The Group's geographic diversification and critical nature of its
market-leading products and services have created a highly resilient platform
that is well-positioned to support customers navigating these dynamic market
conditions. Whilst being mindful of a potential slowdown in timing of pipeline
conversion due to the wider macroeconomic disruption, the Board remains
confident that the Group will make further financial and strategic progress
this year.
"With strong trading momentum entering the second half and improving margins,
the Board expects to deliver adjusted operating profit for FY 2025 in line
with current expectations(2)."
(2) The Company is aware of eight analysts publishing independent research.
The Company compiled analyst expectations for the year ended 31 August 2025 is
for a mean adjusted operating profit of £22.4m.
Enquiries:
AB Dynamics plc 01225 860 200
Dr James Routh, Chief Executive Officer
Sarah Matthews-DeMers, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Joint Broker) 0207 894 7000
Mike Bell
Ed Allsopp
Stifel Nicolaus Europe Limited (Joint Broker) 0207 710 7600
Matthew Blawat
Orme Clarke
Teneo 0207 353 4200
James Macey White
Matt Low
The person responsible for arranging the release of this information is David
Forbes, Company Secretary.
About AB Dynamics plc
AB Dynamics is a leading designer, manufacturer and supplier of advanced
testing, simulation and measurement products to the global transport market.
AB Dynamics is an international group of companies headquartered in Bradford
on Avon. AB Dynamics currently supplies all the top automotive manufacturers,
Tier 1 suppliers and service providers, who routinely use the Group's products
and services to test and verify vehicle safety systems and dynamics.
Half Year Review
Group overview
The Group has delivered a strong performance in the first half of the year, in
line with the value creation plan set out in November 2024.
The Group continued to deliver against its strategic priorities by launching
new products, developing its simulation software offering to drive recurring
revenues and delivering on its diversification plans. The Group also expanded
its presence in the testing products market with the acquisition of Bolab in
the period.
Market overview
The automotive sector continues to experience structural and regulatory
changes driving rapid unprecedented evolution, creating the following positive
market drivers for the Group:
· The ongoing societal need for improvements in road safety in all
regions is driving the rapid development and regulation of active safety,
Advanced Driver Assistance Systems ('ADAS') and increasing levels of
autonomous systems
· The global challenge of climate change is driving a long term
transition towards electric vehicles ('EVs'), hybrids and the development of
other alternative powertrains
· New entrants into the automotive market, particularly in EVs and
autonomy, have placed pressures on traditional automotive OEMs to accelerate
their development of new technologies which require more complex testing and
simulation
Notwithstanding these long-term structural growth drivers, the automotive
sector is being forced to adapt quickly to both industry and macroeconomic
events, which have created more volatility and uncertainty in the near term:
· A slower rate of adoption of EVs than anticipated within a number
of significant markets
· Disruption to production volumes for some European automotive
OEMs, due to the success of new entrants in winning market share in certain
geographies
· The recent US-led introduction of international trade tariffs has
created uncertainty and operational complexity that has the potential to delay
customer investment decisions in the near term, with the longer term impacts
as yet undetermined
As a global market leading supplier of critical technology products and
services, with a broad international footprint, the Group has an inherently
resilient profile leaving it well placed to manage effectively through any
short-term market headwinds:
· OEMs need to remain fully committed to investing in R&D,
arguably more now than ever given the heightened levels of competition as each
OEM needs to respond to the evolving industry dynamics and their own specific
footprint challenges
· OEMs need AB Dynamics' testing products and services for
development of vehicles and certification of active safety systems across all
types of powertrains
· The Group is a leader in all key global markets and, with 145
customers, its broad customer base and geographic mix of revenue means it is
largely agnostic to the success or failure of individual OEMs
· The Group's simulation capabilities enable OEMs to accelerate the
efficiency and speed of development by allowing customers to test in a virtual
environment
· In the medium term the Group's international manufacturing and
assembly footprint gives it operational flexibility to react to changes in
automotive market and international trade dynamics
The macroeconomic situation is evolving and the Group continues to keep the
situation and its response under review.
Financial performance in the period
The Group delivered revenue growth of 11% to £58.0m, with increases across
all three sectors.
Gross margin was 60.2%, up 190 bps on H1 2024 due to a full year effect of
operational improvements, operating leverage and revenue mix.
Group adjusted operating profit increased by 21% to £10.8m. The adjusted
operating margin increased to 18.6% (H1 2024: 17.0%), as a result of the
increase in sales volumes and an improved gross margin.
Adjusted earnings before interest, tax, depreciation and amortisation
('EBITDA') increased by 22% to £12.9m (H1 2024: £10.6m). Adjusted EBITDA
margin was 22.2% (H1 2024: 20.3%), an increase of 190 bps.
Adjusted net finance costs were £0.1m (H1 2024: £0.1m).
Adjusted profit before tax was £10.7m (H1 2024: £8.8m). The Group adjusted
tax charge totalled £2.1m (H1 2024: £1.6m), an adjusted effective tax rate
of 20% (H1 2024: 18%).
Adjusted diluted earnings per share was 37.0p (H1 2024: 30.9p), an increase of
20%, reflecting the increase in operating profit offset by a higher tax rate.
Statutory operating profit increased by 22% to £6.7m and after net finance
costs of £0.4m (H1 2024: £0.4m), statutory profit before tax was up 24% from
£5.1m to £6.3m. The statutory tax charge was £1.2m (H1 2024: £0.9m),
resulting in statutory basic earnings per share of 22.2p (H1 2024: 18.2p). A
reconciliation of statutory to underlying non-GAAP financial measures is
provided below. The adjustments to operating profit of £4.1m comprise £3.1m
of amortisation of acquired intangibles, £0.5m of ERP development costs and
£0.5m of acquisition related costs (H1 2024: £3.4m comprising £3.0m of
amortisation of acquired intangibles, £0.3m of ERP development costs and
£0.1m of acquisition costs). The £0.3m adjustment to the interest charge (H1
2024: £0.3m) relates to the unwind of the discount on the deferred contingent
consideration for Venshure Test Services ('VTS') and Bolab. The tax impact of
these adjustments was a credit of £0.9m (H1 2024: £0.7m credit).
The net cash position at the period end was £27.2m (29 February 2024:
£29.1m, 31 August 2024: £28.6m) underpinning a robust balance sheet and
providing the resources to fund the acquisition of Bolab and continue the
Group's investment programme. Adjusted operating cash of £9.3m (H1 2024:
£11.3m) was impacted by the timing of customer deliveries over Chinese New
Year, which resulted in a higher trade receivables balance that was converted
into cash after the period end. Cash conversion over the last 12 months was
98% of adjusted EBITDA, and the rolling three-year average was 109%,
demonstrating that the ongoing focus on working capital improvements is
delivering long-term, sustainable positive results.
The order book at 28 February 2025 was £42.1m (H1 2024: £41.3m, 31 August
2024: £30.3m), with £31.4m for delivery in the second half of the year.
This, combined with orders received since the period end and additional
sources of recurring revenue such as renewals of licences, provides good
visibility of expected second half revenue. The proportion of recurring and
service-based revenue was 44% in the first half of the year (FY 2024: 45%).
Sector review
Sector split of revenue
H1 2025 H1 2024
£m £m
Testing products 37.5 34.9 +7%
Testing services 9.1 7.5 +21%
Simulation 11.4 9.9 +15%
58.0 52.3 +11%
Testing products
The Group's testing products are used on proving grounds, test tracks and in
the laboratory to evaluate the performance of vehicle active safety systems,
autonomous technologies, EVs, vehicle durability, vehicle dynamics and
electronics testing.
Testing products revenue of £37.5m was up 7% against H1 2024 revenue of
£34.9m with growth in driving robots and the contribution of Bolab offset by
lower Suspension Parameter Measuring Machine ('SPMM') sales.
Strong growth in Asia Pacific and North America was offset by a decrease in
activity in Europe. Global New Car Assessment Program ('NCAP') testing
requirements for ADAS have been increasing rapidly with further growth
expected. Euro NCAP's recently published protocols for 2026 will add new tests
through an extended layer creating higher speed and more challenging
scenarios. The standard tests and new extended range take the number of test
scenarios to over 1,000. While Euro NCAP is currently the most stringent, it
is expected that other NCAPs will move towards adoption of these stricter
standards. New tests for commercial vehicles offer further opportunities for
market expansion.
High value SPMM sales are individually material and revenue recognition is
impacted by timing of delivery. While there were no SPMM sales during H1,
orders have been received for two units which will contribute to revenue in
the second half of FY 2025 and FY 2026.
The Group continues to invest in new product development in the testing
products sector in order to meet forthcoming regulatory requirements and to
ensure we retain our market leadership in testing technology.
Testing services
Testing services includes revenue from the Group's test facility in
Bakersfield, USA, where testing of ADAS systems and vehicle dynamics is
performed on behalf of OEMs, technology developers and government agencies.
VTS, based in Michigan, USA, performs laboratory-based mileage accumulation
testing as well as assessment of EV powertrain and battery performance.
In China, the Group provides on-road vehicle testing services for the
assessment of all aspects of vehicle performance, particularly focusing on EV
performance, charging capability and vehicle connectivity. Tenders have been
submitted for the renewal of these long-term contracts for delivery in FY 2026
and beyond.
This sector saw significant growth of 21% to £9.1m (H1 2024: £7.5m) in
advance of new regulatory requirements in the US, with cross selling
opportunities facilitated by strong customer relationships.
Simulation
The Group provides both physical simulators and advanced, physics-based
simulation software. Simulators are used by both automotive manufacturers and
motorsport teams to accurately represent the real world using the rFpro
software, coupled with state-of-the-art motion platforms and static driving
simulators to assist in development of new vehicles and improve performance.
Simulation revenue increased by 15% to £11.4m (H1 2024: £9.9m) driven by
higher simulator motion platform sales in the period, as prior year revenue
was more heavily weighted to the second half. High value motion platform sales
are individually material and two further contract wins are assumed in H2
revenue expectations.
Progress on our strategy
The Group continues to make good progress against its organic led growth
strategy, supplemented with value enhancing acquisitions.
The structural drivers from which the Group benefits, namely vehicle
development cycles, safety regulation and trends in new mobility, including
active safety, autonomy and connected vehicle technology, provide tailwinds
for growth over the long term alongside resilience against the more
challenging near-term dynamics in the automotive industry.
Products and innovation
The Group has expanded its testing product offering with new products such as
the Soft Bicycle 360 that was launched during the period. Market led new
product development continues to be a core focus of the Group's capital
allocation policy to ensure that our customers' needs are met, while
regulatory requirements and the number and complexity of test scenarios
increase.
Capability and capacity
The investment in the Group's infrastructure, people and processes over the
last five years built the foundations for accelerating profitable growth,
which has been demonstrated by the margin expansion seen during the period.
Operational improvements, facilitated by our new ERP system, have reduced
customer lead times and improved product quality, which have both helped to
expand and protect market share in the competitive automotive sector. Further
opportunities for standardisation of products and simplification of supply
chain are being pursued to improve capability and capacity further.
Acquisitive growth
Acquisitions have been, and will continue to be, a significant part of the
overall strategy. On 25 September 2024, the Group acquired Bolab, a niche
supplier of automotive power electronics testing solutions, based in Germany.
Bolab supplies low-voltage and high-voltage equipment for testing automotive
sub-systems and components for conventional, hybrid and EVs.
The initial consideration was €3.9m (£3.3m), which comprised €4.5m
(£3.8m) of cash consideration paid on completion plus €0.5m (£0.4m)
retained against potential warranties, less the working capital adjustment of
€1.1m (£0.9m) following completion in line with the closing mechanism
agreed in the sale and purchase agreement.
Contingent consideration of up to €6.0m (£5.0m) will become payable in cash
across two tranches for the two years following completion, subject to meeting
certain performance criteria for each year. The acquisition supports the
expansion of the Group's capabilities in the testing products business and
provides further alignment with the structural growth drivers in the sector.
There is a promising pipeline of potential value enhancing and strategically
compelling acquisition opportunities and with net cash of £27.2m at period
end, the Group has sufficient resources to take advantage of opportunities
that arise, particularly in the event that current market volatility is
reflected in target valuations.
Service and support
The Group has expanded its software suite during the period with the release
of over 600 new pre-defined test scenarios, enabling customers to
significantly increase the efficiency of testing. In addition, the Group has
been developing its simulation software offering with the launch of AV
Elevate, a fully integrated simulation solution for ADAS and AV development.
International footprint
Through selective acquisitions in different locations and the targeting of key
geographies through its regional sales offices, the Group's international
footprint has continued to grow. Our broad customer base and leadership
positions in key regional markets give rise to an attractive geographic mix of
revenue, which has helped to reduce any adverse impact of the current
volatility in the automotive industry to date. Looking ahead, our
international footprint and improved operational capability provides
optionality over future manufacturing and assembly locations which will enable
us to optimise our approach to future developments in both the automotive
sector and trade economics.
Diversification
As part of the objective to diversify into adjacent markets, ABD Solutions
continues to make significant progress in its mission to add automated
solutions to existing vehicle fleets in a faster and more cost effective way.
A number of opportunities for niche mining applications for the robotic
automation retrofit system, Indigo Drive, are in progress. Initial production
units have also been delivered of the retrofit human form recognition system,
InVu, which provides an AI driven solution to industry mandated safety
requirements for construction vehicles, using rFpro simulation software for
training of the AI system.
As part of a larger project with a major automotive OEM, ABD Solutions has
also provided enabling technology into a new automated mileage accumulation
solution with initial revenues delivered during the first half.
Alternative performance measures
In the analysis of the Group's financial performance and position, operating
results and cash flows, alternative performance measures are presented to
provide readers with additional information. The principal measures presented
are adjusted measures of earnings including adjusted operating profit,
adjusted EBITDA, adjusted operating margin, adjusted profit before tax,
adjusted earnings per share and adjusted cash flow from operations.
The interim report includes both statutory and adjusted non-GAAP financial
measures, the latter of which the Directors believe better reflect the
underlying performance of the business and provide a more meaningful
comparison of how the business is managed and measured on a day-to-day basis.
The Group's alternative performance measures and KPIs are aligned to the
Group's strategy and together are used to measure the performance of the
business and form the basis of the performance measures for remuneration.
Adjusted results exclude certain items because if included, these items could
distort the understanding of the performance for the year and the
comparability between the periods.
Comparatives are provided alongside all current period figures. The term
'adjusted' is not defined under IFRS and may not be comparable with similarly
titled measures used by other companies. All profit and earnings per share
figures in this interim report relate to underlying business performance (as
defined above) unless otherwise stated.
A reconciliation of adjusted measures to statutory measures is provided below:
H1 2025 H1 2024
Adjusted Adjustments Statutory Adjusted Adjustments Statutory
EBITDA (£m) 12.9 (1.0) 11.9 10.6 (0.4) 10.2
Operating profit (£m) 10.8 (4.1) 6.7 8.9 (3.4) 5.5
Operating margin 18.6% (7.0%) 11.6% 17.0% (6.5%) 10.5%
Finance expense (£m) (0.1) (0.3) (0.4) (0.1) (0.3) (0.4)
Profit before tax (£m) 10.7 (4.4) 6.3 8.8 (3.7) 5.1
Tax expense (£m) (2.1) 0.9 (1.2) (1.6) 0.7 (0.9)
Profit after tax (£m) 8.6 (3.5) 5.1 7.2 (3.0) 4.2
Diluted earnings per share (pence)
37.0 21.9 30.9 18.0
Cash flow from operations (£m) 9.3 (1.0) 11.3 (0.3) 11.0
8.3
The adjustments comprise:
H1 2025 H1 2024 Cash flow impact H1 2025 Cash flow impact H1 2024
£m £m £m £m
Amortisation of acquired intangibles 3.1 3.0 - -
ERP development costs 0.5 0.3 0.5 0.3
Acquisition related costs 0.5 0.1 0.5 -
Adjustments to operating profit 4.1 3.4 1.0 0.3
Acquisition related finance costs 0.3 0.3 - -
Adjustments to profit before tax 4.4 3.7 1.0 0.3
Foreign currency exposure
The Group faces currency exposure on its foreign currency transactions and
with significant overseas operations, also has exposure to foreign currency
translation risk. The Group maintains a natural hedge whenever possible to
transactional exposure by matching the cash inflows and outflows in the
respective currencies.
On a constant currency basis, revenue would have been £0.9m higher than
reported at £58.9m and adjusted operating profit would have been £0.2m
higher than reported at £11.0m, as the US dollar, the Euro and Yen weakened
against sterling compared to H1 2024. Constant currency revenue growth was 13%
and growth in operating profit was 24%.
Organic revenue growth at constant currency was 8% when excluding results from
VTS and Bolab in the period.
Dividends
The Board has declared an interim dividend of 2.80p per ordinary share (H1
2024: 2.33p), an increase of 20%, which will be paid on 16 May 2025 to
shareholders on the register on 2 May 2025.
A final dividend of 5.30p per share was paid on 31 January 2025 in respect of
the year ended 31 August 2024 totalling £1.2m. The Board recognises that
dividends continue to be an important component of total shareholder returns,
balanced against maintaining a strong financial position and intends to pursue
a sustainable and growing dividend policy in the future having regard to the
development of the Group.
Summary and Outlook
The Group has made a strong start to delivering the medium-term growth plan
which we articulated in November 2024.
We see significant opportunity in our core markets in automotive, which are
supported by long-term structural and regulatory growth drivers, and we are
continuing to invest in new product development and technology. In addition,
we are starting to see the benefit of the investment in innovative
technologies to diversify the business through our technology accelerator, ABD
Solutions, with the first revenues delivered in H1 2025.
Trading in the first half of FY 2025 has been strong, supported by a solid
order book, providing good visibility into the second half of the financial
year.
The extent and rapid evolution of recent changes in international trade
policies and market dynamics are unprecedented, making precise quantification
of direct and indirect impacts challenging. The Group's direct exposure to the
most significant increases in tariffs announced to date is likely to be
limited, but the more general inflationary impacts of increasing global
tariffs and possible indirect effects will be kept under review and mitigated
where possible through price increases.
The Group's geographic diversification and critical nature of its
market-leading products and services have created a highly resilient platform
that is well-positioned to support customers navigating these dynamic market
conditions. Whilst being mindful of a potential slowdown in timing of pipeline
conversion due to the wider macroeconomic disruption, the Board remains
confident that the Group will make further financial and strategic progress
this year.
With strong trading momentum entering the second half and improving margins,
the Board expects to deliver adjusted operating profit for FY 2025 in line
with current expectations(2).
(2) The Company is aware of eight analysts publishing independent research.
The Company compiled analyst expectations for the year ended 31 August 2025 is
for a mean adjusted operating profit of £22.4m.
Directors' Responsibility Statement
The Directors confirm that this condensed consolidated half year financial
information has been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting' as adopted by the United Kingdom,
and that the half year management report herein includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the
first six months and their impact on the condensed consolidated half year
financial information, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and
· material related party transactions in the first six months and
any material changes in the related party transactions described in the last
annual report.
By order of the Board
Richard Elsy CBE
Non-Executive Chairman
23 April 2025
AB Dynamics plc
Unaudited condensed consolidated statement of comprehensive income
for the six months ended 28 February 2025
Unaudited 6 months ended Unaudited 6 months ended Audited Year ended 31 August
28 February 2025 29 February 2024 2024
Adjusted Adjustments Statutory Adjusted Adjustments Statutory Adjusted Adjustments Statutory
Note £m £m £m £m £m £m £m £m £m
Revenue 2 58.0 - 58.0 52.3 - 52.3 111.3 - 111.3
Cost of sales (23.1) - (23.1) (21.8) - (21.8) (45.0) - (45.0)
Gross profit 34.9 - 34.9 30.5 - 30.5 66.3 - 66.3
General and administrative expenses (24.1) (4.1) (28.2) (21.6) (3.4) (25.0) (46.0) (7.6) (53.6)
Operating profit 10.8 (4.1) 6.7 8.9 (3.4) 5.5 20.3 (7.6) 12.7
Operating profit is analysed as:
Before depreciation and amortisation 12.9 (1.0) 11.9 10.6 (0.4) 10.2 24.2 (1.2) 23.0
Depreciation and amortisation (2.1) (3.1) (5.2) (1.7) (3.0) (4.7) (3.9) (6.4) (10.3)
Operating profit 10.8 (4.1) 6.7 8.9 (3.4) 5.5 20.3 (7.6) 12.7
Net finance expense (0.1) (0.3) (0.4) (0.1) (0.3) (0.4) (0.3) (0.4) (0.7)
Profit before tax 10.7 (4.4) 6.3 8.8 (3.7) 5.1 20.0 (8.0) 12.0
Tax expense (2.1) 0.9 (1.2) (1.6) 0.7 (0.9) (3.7) 1.4 (2.3)
Profit for the period 8.6 (3.5) 5.1 7.2 (3.0) 4.2 16.3 (6.6) 9.7
Other comprehensive income
Items that may be reclassified to consolidated income statement:
Exchange gain/(loss) on foreign currency net investments 1.1 - 1.1 (0.3) - (0.3) (1.8) - (1.8)
Total comprehensive income for the period 9.7 (3.5) 6.2 6.9 (3.0) 3.9 14.5 (6.6) 7.9
Earnings per share - basic 37.5p 22.2p 31.3p 18.2p 71.0p 42.3p
(pence)
5
Earnings per share - diluted 37.0p 21.9p 30.9p 18.0p 70.0p 41.7p
(pence) 5
AB Dynamics plc
Unaudited condensed consolidated statement of financial position
as at 28 February 2025
Unaudited Unaudited Audited
28 February 29 February 31 August
2025 2024 2024
£m
£m £m
ASSETS Note
Non-current assets
Goodwill 46.2 36.9 44.6
Acquired intangible assets 32.5 29.8 31.3
Other intangible assets 2.8 2.6 2.5
Property, plant and equipment 29.8 26.2 29.7
Right-of-use assets 3.0 2.7 2.8
114.3 98.2 110.9
Current assets
Inventories 15.2 19.5 14.4
Trade and other receivables 20.5 17.1 14.7
Contract assets 3.8 1.9 2.3
Cash and cash equivalents 7 30.6 31.9 31.8
70.1 70.4 63.2
Assets held for sale 1.9 1.9 1.9
LIABILITIES
Current liabilities
Trade and other payables 21.3 17.1 20.3
Contract liabilities 10.5 14.5 7.5
Short-term lease liabilities 7 1.8 0.7 1.0
Contingent consideration 3.8 0.5 2.7
37.4 32.8 31.5
Non-current liabilities
Deferred tax liabilities 7.9 8.6 7.5
Long-term lease liabilities 7 1.6 2.1 2.2
Contingent consideration 3.4 - 3.5
12.9 10.7 13.2
Net assets 136.0 127.0 131.3
Shareholders' equity
Share capital 0.2 0.2 0.2
Share premium 62.9 62.8 62.9
Other reserves 8 1.8 2.2 0.7
Retained earnings 71.1 61.8 67.5
Total equity 136.0 127.0 131.3
AB Dynamics plc
Unaudited condensed consolidated statement of changes in equity
for the six months ended 28 February 2025
Share capital Share premium Other reserves Retained earnings
Total equity
£m £m £m £m £m
At 1 September 2024 0.2 62.9 0.7 67.5 131.3
Total comprehensive income - - 1.1 5.1 6.2
Share based payments - - - 0.7 0.7
Dividend paid - - - (1.2) (1.2)
Purchase of own shares - - - (1.0) (1.0)
At 28 February 2025 0.2 62.9 1.8 71.1 136.0
At 1 September 2023 0.2 62.8 2.5 59.7 125.2
Total comprehensive income - - (0.3) 4.2 3.9
Share based payments - - - 0.7 0.7
Deferred tax on share based payments - - - 0.1 0.1
Dividend paid - - - (1.1) (1.1)
Purchase of own shares - - - (1.8) (1.8)
At 29 February 2024 0.2 62.8 2.2 61.8 127.0
At 1 September 2023 0.2 62.8 2.5 59.7 125.2
Total comprehensive income - - (1.8) 9.7 7.9
Share based payments - - - 1.2 1.2
Deferred tax on share based payments - - - 0.2 0.2
Dividend paid - - - (1.5) (1.5)
Issue of shares - 0.1 - - 0.1
Purchase of own shares - - - (1.8) (1.8)
At 31 August 2024 0.2 62.9 0.7 67.5 131.3
AB Dynamics plc
Unaudited condensed consolidated cash flow statement
for the six months ended 28 February 2025
Unaudited Unaudited Audited Year
6 months 6 months ended
ended ended 31 August
28 February 29 February 2024
2025 2024
£m £m £m
Profit before tax 6.3 5.1 12.0
Depreciation and amortisation 5.2 4.7 10.3
Finance expense 0.4 0.4 0.7
Share based payments 0.8 0.7 1.4
Operating cash flows before changes in working capital 12.7 10.9 24.4
(Increase)/decrease in inventories (0.2) (1.5) 3.5
(Increase)/decrease in trade and other receivables (7.0) (1.5) 1.0
Increase/(decrease) in trade and other payables 2.8 3.1 (2.2)
Cash flows from operations 8.3 11.0 26.7
Cash flows from operations are analysed as:
Adjusted cash flows from operations 9.3 11.3 27.9
Cash impact of adjusting items (1.0) (0.3) (1.2)
Cash flows from operations 8.3 11.0 26.7
Finance costs paid - - (0.1)
Income tax paid (1.6) (1.9) (3.1)
Net cash flows from operating activities 6.7 9.1 23.5
Cash flows used in investing activities
Acquisition of businesses net of cash (3.5) (5.7) (17.0)
Purchase of property, plant and equipment (0.9) (1.6) (3.6)
Capitalised development costs and purchased software (0.6) (0.1) (0.2)
Net cash used in investing activities (5.0) (7.4) (20.8)
Cash flows used in financing activities
Drawdown of loans - - 3.9
Repayment of loans - - (3.9)
Dividends paid (1.2) (1.1) (1.5)
Purchase of own shares net of proceeds from issue of share capital (1.0) (1.8) (1.7)
Repayment of lease liabilities (0.7) (0.4) (1.2)
Net cash flow used in financing activities (2.9) (3.3) (4.4)
Net decrease in cash and cash equivalents (1.2) (1.6) (1.7)
Cash and cash equivalents at beginning of the period 31.8 33.5 33.5
Cash and cash equivalents at end of the period 30.6 31.9 31.8
AB Dynamics plc
Notes to the unaudited interim report
for the six months ended 28 February 2025
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 Middleton Drive,
Bradford on Avon, Wiltshire, BA15 1GB.
The principal activity is the specialised area of design, manufacture and
supply of advanced testing, simulation and measurement products to the global
transport market.
The annual financial statements of the Group are prepared in accordance with
UK-adopted international accounting standards and applicable law. A copy of
the statutory accounts for the year ended 31 August 2024 has been delivered to
the Registrar of Companies. The auditor's report on those accounts was
unqualified and did not contain any statements under section 498(2) or (3) 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 financial statements for
the year ended 31 August 2024.
Certain new standards, amendments to standards and interpretations are not yet
effective for the year ending 31 August 2025 and have therefore not been
applied in preparing this interim financial information.
The interim accounts are unaudited and do not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006.
Going concern basis of accounting
At 28 February 2025 the Group had £27.2m of net cash and a £20.0m undrawn
revolving credit facility. The Directors believe that the Group is well placed
to manage its financing and other business risks satisfactorily and have a
reasonable expectation that the Group will have adequate resources to continue
in operation for at least twelve months from the signing date of this
financial information.
As part of their regular assessment of the Group's working capital and
financing position, the Directors have prepared a cash flow forecast for the
period through to 31 August 2026, being at least twelve months after the date
of approval of the financial statements. Additional sensitivity analysis has
been performed on the forecasts to consider the impact of a severe, but
plausible, reasonable worst case scenario on the Group's cashflow and covenant
requirements. The scenario, which sensitised the forecasts for specific
identified risks, modelled the reduction in anticipated levels of net cash and
the associated reduction of adjusted EBITDA. The scenario considered the
principal risks and uncertainties referred to in note 11 and modelled the
financial impact of all of the below sensitivities to the base case forecast:
· A reduction in demand of 25% over the next two financial years
· A 10% increase in operating costs
· An increase in cash collection cycle
· An increase in input costs resulting in a reduction in gross
margin by 12%
The sensitised scenario shows headroom on the Group's revolving credit
facility and covenant thresholds throughout the forecast period. After
consideration of the above, the Directors have a reasonable expectation that
the Group has adequate resources to continue in operational existence for at
least twelve months after the date of approval of the interim financial
statements. They therefore consider it appropriate to adopt the going concern
basis of accounting in preparing the interim financial statements.
2. Segment information
The Group derives revenue from the sale of its advanced measurement,
simulation and testing products and services used in assisting the global
transport market in the laboratory, on the test track and on-road. The Group
has three segments.
The operating segments are based on internal reports about components of the
Group, which are regularly reviewed and used by the Board of Directors being
the Chief Operating Decision Maker.
Unaudited Unaudited
6 months ended 6 months ended
28 February 2025 29 February 2024
Testing products Testing services Testing products Testing services
£m £m Simulation Unallocated* Total £m £m Simulation Unallocated* Total
£m £m £m £m £m £m
Revenue 37.5 9.1 11.4 - 58.0 34.9 7.5 9.9 - 52.3
Adjusted operating profit 8.1 1.9 2.8 (2.0) 10.8 6.4 1.4 2.7 (1.6) 8.9
Operating profit is analysed as:
Before depreciation and amortisation 9.1 2.8 3.0 (2.0) 12.9 7.3 2.0 2.9 (1.6) 10.6
Depreciation and amortisation (1.0) (0.9) (0.2) - (2.1) (0.9) (0.6) (0.2) - (1.7)
Adjusted operating profit 8.1 1.9 2.8 (2.0) 10.8 6.4 1.4 2.7 (1.6) 8.9
Amortisation of acquired intangibles (0.2) (1.7) (1.2) - (3.1) - (1.5) (1.5) - (3.0)
Adjusting items - - - (1.0) (1.0) - - - (0.4) (0.4)
Operating profit 7.9 0.2 1.6 (3.0) 6.7 6.4 (0.1) 1.2 (2.0) 5.5
Net finance expense (0.4) (0.4)
Profit before tax 6.3 5.1
Tax expense (1.2) (0.9)
Profit for the year 5.1 4.2
*Unallocated items are head office costs that cannot be allocated to a
business segment.
Audited
Year ended
31 August 2024
Testing products Testing services
£m £m Simulation Unallocated* Total
£m £m £m
Revenue 69.4 16.7 25.2 - 111.3
Adjusted operating profit 13.2 4.2 7.0 (4.1) 20.3
Operating profit is analysed as:
Before depreciation and amortisation 15.5 5.3 7.5 (4.1) 24.2
Depreciation and amortisation (2.3) (1.1) (0.5) - (3.9)
Adjusted operating profit 13.2 4.2 7.0 (4.1) 20.3
Amortisation of acquired intangibles - (3.3) (3.0) - (6.3)
Adjusting items - - - (1.3) (1.3)
Operating profit 13.2 0.9 4.0 (5.4) 12.7
Net finance expense (0.7)
Profit before tax 12.0
Tax expense (2.3)
Profit for the year 9.7
*Unallocated items are head office costs that cannot be allocated to a
business segment.
Analysis of revenue by destination:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
28 February 2025 29 February 2024 31 August 2024
£m £m £m
Europe (including United Kingdom) 11.7 18.9 36.8
North America 17.3 11.2 25.9
Asia Pacific 28.9 22.1 48.4
Rest of World 0.1 0.1 0.2
58.0 52.3 111.3
3. Alternative performance measures
In the analysis of the Group's financial performance and position, operating
results and cash flows, alternative performance measures are presented to
provide readers with additional information. The principal measures presented
are adjusted measures of earnings including adjusted operating profit, EBITDA,
adjusted operating margin, adjusted profit before tax, adjusted earnings per
share and adjusted cash flow from operations.
The interim financial information includes both statutory and adjusted
non-GAAP financial measures, the latter of which the Directors believe better
reflect the underlying performance of the business and provide a more
meaningful comparison of how the business is managed and measured on a
day-to-day basis. The Group's alternative performance measures and KPIs are
aligned to the Group's strategy and together are used to measure the
performance of the business and form the basis of the performance measures for
remuneration. Adjusted results exclude certain items because if included,
these items could distort the understanding of the performance for the year
and the comparability between the periods.
We provide comparatives alongside all current year figures. The term
'adjusted' is not defined under IFRS and may not be comparable with similarly
titled measures used by other companies. All profit and earnings per share
figures in this interim report relate to underlying business performance (as
defined above) unless otherwise stated.
A summary of the items which reconcile statutory to adjusted measures is
included below:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
28 February 29 February 2024 31 August 2024
2025
£m £m £m
Amortisation of acquired intangibles 3.1 3.0 6.3
Acquisition related costs 0.5 0.1 0.3
ERP development costs 0.5 0.3 1.0
Adjustments to operating profit 4.1 3.4 7.6
Acquisition related finance costs 0.3 0.3 0.4
Adjustments to profit before tax 4.4 3.7 8.0
Amortisation of acquired intangibles
The amortisation relates to the acquisition of Bolab Systems GmbH ('Bolab') on
25 September 2024 and the businesses acquired in the previous years, DRI,
rFpro, VadoTech Group, Ansible Motion and Venshure Test Services.
Acquisition related costs
The current year cost relates to the acquisition of Bolab. The cost in the
prior year relates to the acquisition of Venshure Test Services.
ERP development costs
These costs relate to the development, configuration and customisation of the
Group's new ERP system which is hosted in the cloud.
Acquisition related finance costs
Finance costs relates to the unwind of the discount on deferred contingent
consideration payable on the acquisition of Venshure Test Services and Bolab
(H1 2024: Ansible Motion).
Tax
The tax impact of these adjustments was as follows: amortisation £0.8m (H1
2024: £0.6m, 31 August 2024: £1.1m), acquisition related costs £Nil (H1
2024: £Nil, 31 August 2024: £0.1m), ERP development costs £0.1m (H1 2024:
£0.1m, 31 August 2024: £0.2m) and acquisition related finance costs £Nil
(H1 2024: £Nil, 31 August 2024: £Nil).
Cash impact
The operating cash flow impact of the adjustments was an outflow of £1.0m (H1
2024: £0.3m, 31 August 2024: £1.2m) being £0.5m (H1 2024: £0.3m, 31 August
2024: £1.0m) in relation to ERP development costs and £0.5m (H1 2024: £Nil,
31 August 2024: £0.2m) in relation to acquisition costs.
4. Tax
The statutory effective tax rate for the period is a charge of 19% (H1 2024:
18%, FY 2024: 19%).
The adjusted effective tax rate, adjusting both the tax charge and the profit
before taxation is 20% (H1 2024: 18%, FY 2024: 19%). The increase reflects the
geographic mix of profits.
5. 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
2025 2024 2024
Weighted average number of shares ('000)
Basic 22,954 22,934 22,944
Diluted 23,256 23,165 23,249
Earnings per share (pence)
Profit after tax attributable to owners of the Group (£m) 4.2 9.7
5.1
Basic 22.2 18.2 42.3
Diluted 21.9 18.0 41.7
Adjusted earnings per share (pence)
Adjusted profit after tax attributable to owners of the Group (£m) 8.6 7.2 16.3
Adjusted basic 37.5 31.3 71.0
Adjusted diluted 37.0 30.9 70.0
6. Dividends
At the Annual General Meeting the shareholders approved a final dividend in
respect of the year ended 31 August 2024 of 5.30p per ordinary share totalling
£1.2m. This was paid on 31 January 2025 to shareholders on the register on 17
January 2025.
An interim dividend of 2.80p per ordinary share totalling £0.6m has been
declared in respect of the year ending 31 August 2025 which will be paid on 16
May 2025 to shareholders on the register on 2 May 2025.
7. Net cash
Net cash comprises cash and cash equivalents, bank overdrafts, borrowings and
lease liabilities.
Unaudited Unaudited Audited
28 February 29 February 31 August
2025 2024 2024
£m
£m £m
Cash and cash equivalents 30.6 31.9 31.8
Lease liabilities (3.4) (2.8) (3.2)
27.2 29.1 28.6
The Group has a £20.0m revolving credit facility with National Westminster
Bank plc. The facility was renewed on 28 February 2025 and runs until 28
February 2028 with two "one-year" options to extend at the lenders'
discretion.
8. Other reserves
Merger relief reserve Reconstruction reserve Translation reserve Total other reserves
£m £m £m £m
At 1 September 2023 14.6 (11.3) (0.8) 2.5
Other comprehensive expense - - (0.3) (0.3)
At 29 February 2024 14.6 (11.3) (1.1) 2.2
Other comprehensive expense - - (1.5) (1.5)
At 31 August 2024 14.6 (11.3) (2.6) 0.7
Other comprehensive income - - 1.1 1.1
At 28 February 2025 14.6 (11.3) (1.5) 1.8
9. Foreign exchange
The foreign exchange rates applied during the period were:
H1 2025 H1 2024 FY 2024
Period end rate
US dollar 1.26 1.27 1.32
Euro 1.21 1.17 1.19
Yen 189 191 191
Average rate
US dollar 1.28 1.24 1.26
Euro 1.20 1.16 1.17
Yen 192 184 191
10. Acquisitions
Bolab
On 25 September 2024, the Group acquired 100% of Bolab for a total
consideration of up to €11.0m (£9.2m). Bolab is a niche supplier of
automotive power electronics testing solutions, based in Germany. Bolab
supplies low-voltage and high-voltage equipment for testing automotive
sub-systems and components for conventional, hybrid and EVs. The acquisition
supports the expansion of the Group's capabilities in the testing products
business and provides further alignment with the structural growth drivers in
the sector.
The initial consideration was €3.9m (£3.3m), which comprised €4.5m
(£3.8m) of cash consideration paid on completion plus €0.5m (£0.4m)
retained against potential warranties, less the working capital adjustment of
€1.1m (£0.9m) following completion in line with the closing mechanism
agreed in the sale and purchase agreement.
Contingent consideration of up to €6.0m (£5.0m) will become payable in cash
across two tranches for the two years following completion, subject to meeting
certain performance criteria for each year. The acquisition supports the
expansion of the Group's capabilities in the testing products business and
provides further alignment with the structural growth drivers in the sector.
The carrying amount of each class of Bolab's assets before combination is set
out below:
Fair value Intangible asset adjustments £m Provisional fair value
£m
£m
Intangible assets - 4.1 4.1
Property, plant and equipment 0.3 - 0.3
Right of use asset 0.2 - 0.2
Trade and other receivables 0.5 - 0.5
Inventory 0.5 - 0.5
Debt (0.1) - (0.1)
Trade and other payables (1.1) - (1.1)
Lease liabilities (0.2) - (0.2)
Deferred tax liabilities - (1.0) (1.0)
Net assets acquired 0.1 3.1 3.2
Goodwill arising on acquisition 1.0
4.2
Total consideration
Cash consideration paid on completion 3.8
Discounted retention against warranties 0.4
Working capital adjustment to purchase price - total (0.9)
Initial consideration 3.3
Contingent consideration payable 0.9
Total consideration 4.2
Cash consideration
Cash consideration paid on completion 3.8
Working capital adjustment to purchase price - cash received (0.4)
Debt acquired 0.1
Cash flows used in acquisition of businesses 3.5
Contingent consideration
Contingent consideration 0.9
Retention against warranties 0.4
Working capital adjustment to purchase price - receivable from vendors (0.5)
At acquisition 0.8
Unwind of discount 0.1
At 28 February 2025 0.9
Current -
Non-current 0.9
The fair values set out above are provisional and will be finalised in the
second half of this year. Goodwill of £1.0m represents the amount paid for
future sales growth from both new customers and new products and employee
know-how.
A deferred tax liability has been recognised in relation to the intangible
assets.
From the date of acquisition to 28 February 2025, the newly acquired business
contributed £1.6m to revenue and £0.2m to adjusted operating profit. Had the
acquisition been completed at the beginning of the period, Group revenue would
have been £58.3m and adjusted operating profit would have been £10.8m.
£0.1m of the discount on the contingent consideration unwound in the period
and has been included in finance expenses.
Venshure Test Services
On 2 April 2024, the Group acquired 100% of Venshure Test Services LLC. The
acquisition was completed for an initial cash consideration of $13.5m
(£10.7m), being $15.0m (£11.9m) initial consideration less $1.5m (£1.1m
discounted to present value) retained against potential warranties. Contingent
consideration of up to $15.0m (£11.9m) will be payable in cash across two
tranches for the two years following completion, subject to meeting certain
performance criteria for both years. The remaining contingent consideration
payable is presented below.
Contingent consideration £m
Contingent consideration 4.9
Retention against warranties 1.1
At acquisition 6.0
Unwind of discount 0.2
At 31 August 2024 6.2
Unwind of discount 0.2
Exchange differences (0.1)
At 28 February 2025 6.3
Current 3.8
Non-current 2.5
11. Principal risks
The principal risks and uncertainties impacting the Group are described on
pages 60-62 of our Annual Report 2024 and all other risks remain unchanged at
28 February 2025, except for the geopolitical risk being heightened with
regards to tariffs since the date of the annual report.
The extent and rapid evolution of recent changes in international trade
policies and market dynamics are unprecedented, making precise quantification
of direct and indirect impacts challenging and increasing operational
complexity. The Group's direct exposure to the most significant increases
in tariffs announced to date is likely to be limited but the more general
inflationary impacts of increasing global tariffs and possible indirect
effects will be kept under review and mitigated where possible through price
increases. The Group's geographic diversification and critical nature of its
market-leading products and services have created a highly resilient platform
that is well-positioned to support customers navigating these dynamic market
conditions.
The risks include: Downturn or instability in major geographic markets or
market sectors, supply chain disruption, loss of major customers and changes
in customer procurement processes, failure to deliver new products, dependence
on external routes to market, acquisitions integration and performance,
cybersecurity and business interruption, competitor actions, loss of key
personnel, threat of disruptive technology, product liability, failure to
manage growth, foreign currency, counterparty risk, credit risk, intellectual
property/patents and environmental risk.
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