REG - AB Dynamics PLC - Final Results
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RNS Number : 9543G AB Dynamics PLC 11 November 2025
11 November 2025
AB Dynamics plc
Final results for the year ended 31 August 2025
"Strong start to delivering the medium-term growth plan"
AB Dynamics plc ('AB Dynamics', the 'Company' or the 'Group'), the designer,
manufacturer and supplier of advanced testing, simulation and measurement
products and services to the global transport market, is pleased to announce
its final results for the year ended 31 August 2025.
Audited Audited
2025 2024
£m £m
Revenue 114.7 111.3 +3%
Gross margin 62.0% 59.6% +240bps
Adjusted EBITDA(1) 27.8 24.2 +15%
Adjusted operating profit(1) 23.3 20.3 +15%
Adjusted operating margin(1) 20.3% 18.2% +210bps
Statutory operating profit 15.5 12.7 +22%
Adjusted cash flow from operations(1) 29.4 27.9 +5%
Net cash 41.4 28.6
Pence Pence
Adjusted diluted earnings per share(1) 80.3 70.0 +15%
Statutory diluted earnings per share 51.5 41.7 +24%
Total dividend per share 9.16 7.63 +20%
(1)Before amortisation of acquired intangibles, acquisition related charges
and exceptional items. A reconciliation to statutory measures is given below.
Financial highlights
· Adjusted operating profit and earnings per share increased by
15%, slightly ahead of expectations for FY 2025, driven by strong strategic
execution amidst a mixed market backdrop
· Revenue increased by 3% with double-digit revenue growth in H1
followed by a more challenging H2, with the timing of simulator orders
impacted by macroeconomic disruption
· The proportion of recurring revenue was maintained at 45% (2024:
45%)
· Operating margin improved by 210bps to 20.3%, achieved through
continued operational improvements and a richer mix of revenue. Operational
improvements are embedded but the benefit of revenue mix is not expected to
recur in FY 2026
· Strong operating cash generation of £29.4m (2024: £27.9m) with
cash conversion of 106% (2024: 115%), resulted in net cash at year end of
£41.4m (2024: £28.6m) after investing £6.5m in acquisitions and capex
· ROCE improved to 20.2% (2024: 17.4%), benefitting from both the
improved operating margin and disciplined capital management
· Proposed final dividend of 6.36p per share, bringing the total
dividend for the year to 9.16p per share (2024: 7.63p 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 Testing Products and Simulation markets
o The Simulation segment launched the Delta S3 Spin Simulator with advanced
capability for the growing road car market and received the first order late
in the second half of the year
o The LiDAR-based object detection system ClearTrack(TM), which uses ABD
Solutions technology, was launched to the wider market following successful
initial deliveries to a major automotive OEM
· The integration of Bolab Systems GmbH (Bolab), a niche supplier of
automotive power electronics testing solutions, acquired in H1, is progressing
as planned with performance in line with expectations
· The Group has continued to build its acquisition pipeline,
targeting high growth technology-enabled product and services businesses,
which would accelerate strategic progress
· The Group made a strong start to delivering the medium-term
growth plan set out in November 2024, which in summary targets:
o Average organic growth of 10% per annum across core markets, supported by
regulatory tailwinds and rapid technology change, with a significantly
strengthened and scalable operational and commercial platform
o Further sustained margin expansion to greater than 20% through operating
leverage, supply chain improvements and operational efficiencies
o Strong cash generation that provides scope for further value-enhancing
investment in FY 2026 and beyond
o The opportunity beyond automotive markets presented by ABD Solutions,
transitioning from technology development to commercialisation
Current trading and outlook
· The Group is OEM agnostic and powertrain agnostic, selling into
R&D and testing services functions globally, providing resilience against
short-term automotive industry headwinds
· The Group is geographically diversified and supplies
market-leading products which are critical to our customers' future success
· Year end order book of £32m (FY 2024: £30m) plus post year end
order intake provides visibility into FY 2026
· Whilst mindful that short-term macroeconomic disruption may
continue into the first half of FY 2026, the Board expects adjusted operating
profit for FY 2026 to be in line with current expectations(2) with an expected
bias towards the second half of the year
· Future growth prospects remain supported by long-term structural
and regulatory growth drivers in active safety, autonomous systems and the
automation of vehicle applications, underpinning the Group's medium-term
financial objectives
There will be a presentation for analysts this morning at 9.00am at Stifel,
150 Cheapside, London, EC2V 6ET. Please contact abdynamics@teneo.com if you
would like to attend.
Commenting on the results, Sarah Matthews-DeMers, Chief Executive Officer
designate, said:
"The Group has made a strong start to delivering the medium-term growth plan
which was set out in November 2024. Trading in the first half of FY 2025 was
strong, with double-digit revenue and profit growth. Despite a more
challenging backdrop during the second half caused by macroeconomic and
geopolitical disruption, the Group delivered underlying earnings slightly
ahead of expectations, with full year profit growth of 15% and improved
operating margin to 20.3%.
The Group is geographically diversified, OEM agnostic and powertrain agnostic,
selling into R&D and testing functions, providing resilience against
short-term automotive industry headwinds. Future growth prospects remain
supported by long-term structural and regulatory growth drivers in active
safety, autonomous systems and the automation of vehicle applications,
underpinning our medium-term financial objectives. We are continuing to invest
in new product development and have the capacity to accelerate progress with
further value creating acquisitions.
Encouragingly, underlying demand drivers remain strong and customer activity
increased towards the end of the year. As a result, the Group carries forward
£32m (FY 2024: £30m) of orders into FY 2026 providing good trading momentum
into the first half of the year. Whilst mindful that short-term macroeconomic
disruption may continue into the first half of FY 2026, the Board remains
confident that the Group will make further financial and strategic progress
this year and expects to deliver FY 2026 adjusted operating profit in line
with current expectations(2), with an expected bias towards the second half of
the year."
(2) The Company is aware of eight analysts publishing independent research.
The Company compiled analyst expectations for the year ended 31 August 2026 is
for a mean adjusted operating profit of £24.5m.
Enquiries:
AB Dynamics plc 01225 860 200
Sarah Matthews-DeMers, Chief Financial Officer and
Chief Executive Officer designate
Peel Hunt LLP (Nominated Adviser and Joint Broker) 0207 418 8900
Mike Bell
Ed Allsopp
0207 710 7600
Stifel Nicolaus Europe Limited (Joint Broker)
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 and services to the global
transport market.
AB Dynamics is an international group of companies headquartered in Bradford
on Avon. AB Dynamics currently supplies all the major automotive
manufacturers, Tier 1 suppliers and service providers, who routinely use the
Group's products to test and verify vehicle safety systems and dynamics.
Group overview
The Group delivered strong profit growth and margin expansion despite
macroeconomic and geopolitical disruption in the second half of the year. This
was achieved through improvements in its operating capabilities as well as
revenue mix.
During FY 2025, the Group continued to deliver against its strategic
priorities by launching new products and services aligned with the long-term
technology roadmap. The acquisition of Bolab also expanded its portfolio of
testing products, complementing the Group's existing offering.
The Group has 12 facilities in six countries across Europe, North America and
Asia. Building on the strength of the core business, coupled with value
enhancing acquisitions, the Group has a solid and scalable platform from which
to capitalise on a multi-year growth opportunity, supported by strong
long-term structural and regulatory tailwinds.
The Group's mission is to accelerate its customers' drive towards net zero
emissions, improving road safety and the automation of vehicle applications.
Its market-leading position is driven by its technical capabilities and
reputation. The Group's products must satisfy challenging and complex
requirements meaning barriers to entry are high.
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 and US
automotive OEMs, due to the success of new entrants in winning market share in
certain geographies
· The US-led introduction of international trade tariffs created
uncertainty and operational complexity which has delayed customer investment
decisions impacting order intake in the second half of the year and may
continue to cause disruption for a period as customers adapt to the new
international trade conditions
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 over
150 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 the
automotive market and international trade dynamics
Financial performance
The Group delivered revenue growth in the year of 3% to £114.7m (2024:
£111.3m) with double-digit growth in H1 offset by more challenging conditions
in H2 as the timing of simulator orders was impacted by macroeconomic
disruption. Testing Products and Testing Services both saw strong growth in
the year, while Simulation revenue was lower due to the timing of order
placement.
Gross margin was 62.0%, up 240 bps on 2024 and the adjusted operating margin
increased to 20.3% (2024: 18.2%) driven by operational improvements and
revenue mix. While the operational improvements are now embedded in the
business, the benefit of the revenue mix is not expected to be repeated in FY
2026. Group adjusted operating profit increased by 15% to £23.3m (2024:
£20.3m).
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA)
increased by 15% to £27.8m (2024: £24.2m). Adjusted EBITDA margin was 24.2%
(2024: 21.7%), an increase of 250 bps.
Adjusted net finance costs increased to £0.4m (2024: £0.3m).
Adjusted profit before tax was £22.9m (2024: £20.0m). The Group adjusted tax
charge totalled £4.2m (2024: £3.7m), an adjusted effective tax rate of 18.3%
(2024: 18.5%), continuing to benefit from UK Patent Box relief.
Adjusted diluted earnings per share was 80.3p (2024: 70.0p), an increase of
15%, reflecting the increase in operating profit.
The Group delivered strong adjusted operating cash flow of £29.4m (2024:
£27.9m) with cash conversion of 106% (2024: 115%). After funding the
acquisition of Bolab, net cash at the end of the year was £41.4m (2024:
£28.6m), underpinning a robust balance sheet and providing the resources to
continue the Group's investment programme.
The order book at 31 August 2025 was £32m (FY 2024: £30m). This provides
coverage of approximately a quarter of FY 2026 expected revenue.
Statutory operating profit was up 22% at £15.5m (2024: £12.7m) and after net
finance costs of £0.9m (2024: £0.7m), statutory profit before tax increased
by 22% from £12.0m to £14.6m. The statutory tax charge increased to £2.6m
(2024: £2.3m). Statutory basic earnings per share was 52.2p (2024: 42.3p). A
reconciliation of statutory to underlying non-GAAP financial measures is
provided below.
Segment review
Revenue 2025 2024 H1 2025 H1 2024
£m £m £m £m
Testing Products 74.3 69.4 +7% 37.5 34.9 +7%
Testing Services 18.0 16.7 +8% 9.1 7.5 +21%
Simulation 22.4 25.2 -11% 11.4 9.9 +15%
Total revenue 114.7 111.3 +3% 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
electronic sub-systems.
Testing Products revenue of £74.3m was up 7% against FY 2024 (£69.4m) with
growth in driving robots and the contribution of Bolab offset by lower
Suspension Parameter Measuring Machine (SPMM) sales. Geographically, strong
growth in Asia Pacific and North America was offset by a decrease in activity
in Europe.
Adjusted operating profit increased 28% to £16.9m and the operating margin
increased 370 bps to 22.7% driven by efficiencies from improvement in
production layout and supplier quality, together with revenue mix. While the
efficiencies are expected to be sustained going forward, the benefit of the
revenue mix is not expected to be repeated in FY 2026.
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 order and delivery. Demand for SPMMs is strong with
orders for three machines received in the year, with a small revenue
contribution in H2 2025 and the remainder of the revenue to be recognised in
FY 2026.
The Group continues to invest in new product development in the Testing
Products segment 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
California, USA, where testing of ADAS systems and vehicle dynamics is
performed on behalf of OEMs, technology developers and government agencies.
Venshure Test Services (VTS), based in Michigan, USA, performs
laboratory-based mileage accumulation testing and 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.
This segment saw revenue growth of 8% to £18.0m (2024: £16.7m) driven by
strong growth in the US in advance of new regulatory requirements which
require all light-duty passenger vehicles to have Automatic Emergency Braking
by 2029.
Adjusted operating profit increased 5% to £4.4m and the operating profit
margin of 24.4% was broadly stable (FY 2024: 25.1%).
The Group was successful in securing the renewal of a long-term on-road
testing contract in China for delivery in FY 2026 and beyond.
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 dynamic and static driving simulators
to assist in development of new vehicles and improve performance.
Simulation revenue decreased by 11% to £22.4m (2024: £25.2m). The decrease
in revenue was due to the timing of order intake for driving simulators, with
a material order being received later in the second half of the year than
anticipated and therefore delaying delivery into FY 2026.
Adjusted operating profit decreased 29% to £5.0m and the operating margin
decreased 540 bps to 22.3% due to the operating leverage impact of the
decrease in volume.
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 simulation product offering with new products such
as the Delta S3 Spin simulator that was launched during the year. Market led
new product development continues to be a core focus of the Group's capital
allocation policy to ensure that our customers' current and future 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 year.
Operational improvements, facilitated by our new ERP system, have reduced
customer lead times, helping to expand and protect market share. Product
quality has also been improved by rationalising the number of product
configuration options, implementing a new supplier quality management system
and introducing more stringent subassembly testing procedures. Further
opportunities for standardisation of products and simplification of supply
chain are being pursued to improve capability and capacity further, in
addition to other commercial initiatives.
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) may 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 £41.4m at year end,
the Group has significant resources with which 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 year 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.
The Group continues to focus on maximising its service and support revenue
streams via targeted upselling of value add services, such as calibration, and
specific software upgrades to its installed customer base.
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. 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. In addition, the
pipeline for the retrofit human form recognition system, InVu, which provides
an AI driven solution to industry mandated safety requirements for
construction vehicles, continues to develop.
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 year. This technology,
used in a LiDAR-based object detection system, has subsequently been launched
to the wider market as ClearTrack(TM).
Board changes
On 8 July 2025 the Board announced that Dr James Routh, CEO, had informed the
Board of his decision to stand down to take up the CEO position at FTSE 250
group Victrex plc. The Board thanks James for his contribution to the Group
over the last seven years and wishes him well for the future.
On 21 October 2025 the Board announced the appointment of Sarah
Matthews-DeMers as CEO. After completing a rigorous search process, the Board
saw Sarah as the standout candidate to take the Group forward in the next
phase of its development and to deliver the medium-term growth aspirations the
Group has set out in its value creation plan. Sarah is currently CFO and will
take up her new role from 1 December 2025. Dr James Routh will remain with the
Group until 31 December 2025 to ensure a smooth handover, but will stand down
from the Board on 30 November 2025.
On 14 May 2025 the Board announced the appointment of Julie Armstrong as a
Non-Executive Director and Remuneration Committee Chair elect. Having served
nine years, Richard Hickinbotham will stand down as a Director in August 2026
and at that time Julie will assume the position of Remuneration Committee
Chair.
Sustainability
The Group is committed to ensuring the health, safety and wellbeing of all
employees across the Group, as well as environmental sustainability, both
globally and in its local communities, and reducing its environmental impact.
It is the Group's mission to empower its customers to accelerate the
development of vehicles that are not only safer, but also more efficient with
less of an impact on the environment. The Group is continually looking for
opportunities to improve; environmental sustainability is essential.
The Group is committed to the goal of becoming net zero for market based Scope
1 and 2 emissions by 2040 and working to be a net zero organisation by 2050.
This will include the further development of initiatives to reduce its carbon
emissions, waste and water usage, using improved methods of data collection so
that more achievable targets can be set in the future.
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 operating margin, adjusted EBITDA, adjusted profit before tax,
adjusted earnings per share and adjusted cash flows from operations.
This 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.
The Group provides 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 financial information relate to underlying business
performance (as defined above) unless otherwise stated.
A reconciliation of statutory measures to adjusted measures is provided below:
2025 2024
Adjusted Adjustments Statutory Adjusted Adjustments Statutory
EBITDA (£m) 27.8 (1.6) 26.2 24.2 (1.2) 23.0
Operating profit (£m) 23.3 (7.8) 15.5 20.3 (7.6) 12.7
Operating margin 20.3% 13.5% 18.2% 11.5%
Finance expense (£m) (0.4) (0.5) (0.9) (0.3) (0.4) (0.7)
Profit before tax (£m) 22.9 (8.3) 14.6 20.0 (8.0) 12.0
Taxation (£m) (4.2) 1.6 (2.6) (3.7) 1.4 (2.3)
Profit after tax (£m) 18.7 (6.7) 12.0 16.3 (6.6) 9.7
Diluted earnings per share (pence) 80.3 51.5 70.0 41.7
Cash flows from operations (£m) 29.4 (1.6) 27.8 27.9 (1.2) 26.7
The adjustments comprise:
2025 2024
Profit impact Cash flow impact Profit Cash flow impact
£m £m impact £m
£m
Amortisation of acquired intangibles 6.2 - 6.4 -
Acquisition related costs 0.5 0.5 0.2 0.2
ERP development costs 1.1 1.1 1.0 1.0
Adjustments to operating profit 7.8 1.6 7.6 1.2
Acquisition related finance costs 0.5 - 0.4 -
Adjustments to profit before tax 8.3 1.6 8.0 1.2
The tax impact of these adjustments was a credit of £1.6m (2024: £1.4m).
Return on capital employed (ROCE)
Our capital-efficient business and high margins enable generation of strong
ROCE (defined as adjusted operating profit as a percentage of capital
employed, being shareholders' equity less net cash plus deferred tax
liabilities and contingent consideration). During the year, ROCE has increased
from 17.4% to 20.2% benefitting from further improvement in operating margin
alongside disciplined capital management.
Capital allocation
Our capital allocation framework aims to deliver sustainable compounding
growth as well as growing returns to shareholders. Our priorities are:
· Continuous organic investment and innovation to protect and grow
the core business
· Complementary acquisitions contributing to one or more of the
Group's strategic priorities
· Progressive dividend policy
Research and development
While research and development form a significant part of the Group's
activities, a significant and increasing proportion relates to specific
customer programmes which are included in the cost of the product. In addition
to customer funded research and development, Group funded research and
development costs were £1.0m (2024: £0.9m), which comprised £0.8m (2024:
£0.2m) of costs that have been capitalised in relation to projects for which
there are a number of near-term sales opportunities and £0.2m (2024: £0.7m)
of other research and development costs, all of which have been written off to
the income statement as incurred.
Foreign currency exposure
The Group faces currency exposure on its foreign currency transactions and
maintains a natural hedge whenever possible to transactional exposure by
matching the cash inflows and outflows in the respective currencies. Forward
exchange contracts are used to manage transactional exposure where
appropriate.
With significant overseas operations, the Group also has exposure to foreign
currency translation risk. On a constant currency basis, revenue would have
been £1.4m higher than reported and both adjusted and statutory operating
profit would have been £0.2m higher as Sterling strengthened against the US
dollar, Euro and Yen. Constant currency revenue growth was 4% and growth in
operating profit was 16%.
Dividends
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.
The Board is recommending a final dividend of 6.36p per share, giving a total
dividend for the year of 9.16p (2024: 7.63p) per share, which is an increase
of 20% over the prior year.
Summary and outlook
The Group has made a strong start to delivering the medium-term growth plan
which we set out in November 2024. Trading in the first half of FY 2025 was
strong, with double-digit revenue and profit growth. Despite a more
challenging backdrop during the second half caused by macroeconomic and
political disruption, the Group delivered underlying earnings slightly ahead
of expectations, with full year profit growth of 15% and improved margin to
20.3%.
The Group is geographically diversified, OEM agnostic and powertrain agnostic,
selling into R&D and testing functions, providing resilience against
short-term automotive industry headwinds. Future growth prospects remain
supported by long-term structural and regulatory growth drivers in active
safety, autonomous systems and the automation of vehicle applications,
underpinning our medium-term financial objectives. We are continuing to invest
in new product development and have the capacity to accelerate progress with
further value creating acquisitions.
Encouragingly, underlying demand drivers remain strong and customer activity
increased towards the end of the year. As a result, the Group carries forward
£32m (2024: £30m) of orders into FY 2026 providing good trading momentum
into the first half of the year. Whilst mindful of short-term macroeconomic
disruption, which may continue into the first half of FY 2026, the Board
remains confident that the Group will make further financial and strategic
progress this year and expects to deliver FY 2026 adjusted operating profit in
line with current expectations(2), with an expected bias towards the second
half of the year.
Our market drivers remain strong. This backdrop, along with a strong
acquisition pipeline, provides confidence of delivering continued growth in
revenue and profit in FY 2026 and beyond.
(2) The Company is aware of eight analysts publishing independent research.
The Company compiled analyst expectations for the year ended 31 August 2026 is
for a mean adjusted operating profit of £24.5m.
Directors' Responsibility Statement on the Annual Report and Accounts
The responsibility statement below has been prepared in connection with the
Company's full annual report and accounts for the year ended 31 August 2025.
Certain parts thereof are not included within this announcement.
We confirm to the best of our knowledge:
1. the financial statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company and the undertakings
included in the consolidation taken as a whole; and
2. the strategic report and directors' report includes a fair review of the
development and performance of the business and the position of the Company
and the undertakings included in the consolidation taken as a whole, together
with a description of the principal risks and uncertainties that they face.
We consider the annual report and accounts, taken as a whole, are fair,
balanced and understandable, and provide the information necessary for
shareholders to assess the Group's position and performance, business model
and strategy.
This responsibility statement was approved by the Board of Directors on 11
November 2025 and has been signed on its behalf by Sarah Matthews-DeMers and
Richard Elsy CBE.
AB Dynamics plc
Consolidated statement of comprehensive income
For the year ended 31 August 2025
2025 2024
Adjusted *Adjustments Statutory Adjusted *Adjustments Statutory
Note £m £m £m £m £m £m
Revenue 2 114.7 - 114.7 111.3 - 111.3
Cost of sales (43.6) - (43.6) (45.0) - (45.0)
Gross profit 71.1 - 71.1 66.3 - 66.3
General and administrative expenses (47.8) (7.8) (55.6) (46.0) (7.6) (53.6)
Operating profit 23.3 (7.8) 15.5 20.3 (7.6) 12.7
Operating profit is analysed as:
Before depreciation and amortisation 27.8 (1.6) 26.2 24.2 (1.2) 23.0
Depreciation and amortisation (4.5) (6.2) (10.7) (3.9) (6.4) (10.3)
Operating profit 23.3 (7.8) 15.5 20.3 (7.6) 12.7
Net finance expense (0.4) (0.5) (0.9) (0.3) (0.4) (0.7)
Profit before tax 22.9 (8.3) 14.6 20.0 (8.0) 12.0
Tax expense 4 (4.2) 1.6 (2.6) (3.7) 1.4 (2.3)
Profit for the year 18.7 (6.7) 12.0 16.3 (6.6) 9.7
Other comprehensive income / (expense)
Items that may be reclassified to consolidated income statement:
Exchange gain /(loss) on foreign currency net investments 0.1 - 0.1 (1.8) - (1.8)
Total comprehensive income for the year 18.8 (6.7) 12.1 14.5 (6.6) 7.9
* See note 3
2025 2024
Earnings per share Adjusted Statutory Adjusted Statutory
Earnings per share - basic (pence) 5 81.3p 52.2p 71.0p 42.3p
Earnings per share - diluted (pence) 5 80.3p 51.5p 70.0p 41.7p
AB Dynamics plc
Consolidated statement of financial position
As at 31 August 2025
Note 2025
£m 2024
£m
ASSETS
Non-current assets
Goodwill 45.3 44.6
Acquired intangible assets 29.3 31.3
Other intangible assets 2.9 2.5
Property, plant and equipment 29.0 29.7
Right-of-use assets 3.0 2.8
109.5 110.9
Current assets
Inventories 13.9 14.4
Trade and other receivables 14.3 14.7
Contract assets 4.6 2.3
Cash and cash equivalents 7 44.7 31.8
77.5 63.2
Assets held for sale 1.9 1.9
LIABILITIES
Current liabilities
Trade and other payables 19.7 20.3
Contract liabilities 9.1 7.5
Short-term lease liabilities 7 1.1 1.0
Contingent consideration 10 6.1 2.7
36.0 31.5
Non-current liabilities
Deferred tax liabilities 9.7 7.5
Long-term lease liabilities 7 2.2 2.2
Contingent consideration 10 1.1 3.5
13.0 13.2
Net assets 139.9 131.3
SHAREHOLDERS' EQUITY
Share capital 0.2 0.2
Share premium 62.9 62.9
Other reserves 8 0.8 0.7
Retained earnings 76.0 67.5
Total equity 139.9 131.3
AB Dynamics plc
Consolidated statement of changes in equity
For the year ended 31 August 2025
Share capital Share premium Other reserves Retained earnings Total equity
£m £m £m £m £m
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
Total comprehensive income - - 0.1 12.0 12.1
Share based payments - - - 0.7 0.7
Deferred tax on share based payments - - - (0.2) (0.2)
Dividend paid - - - (1.9) (1.9)
Purchase of own shares - - - (2.1) (2.1)
At 31 August 2025 0.2 62.9 0.8 76.0 139.9
AB Dynamics plc
Consolidated cash flow statement
For the year ended 31 August 2025
Note 2025 2024
£m
£m
Profit before tax 14.6 12.0
Depreciation and amortisation 10.7 10.3
Finance expense 0.9 0.7
Share based payment 0.7 1.4
Operating cash flows before changes in working capital 26.9 24.4
Decrease in inventories 1.0 3.5
(Increase) / decrease in trade and other receivables (1.6) 1.0
Increase / (decrease) in trade and other payables 1.5 (2.2)
Cash flows from operations 27.8 26.7
Cash flows from operations are analysed as:
Adjusted cash flows from operations 29.4 27.9
Cash impact of adjusting items (1.6) (1.2)
Cash flows from operations 27.8 26.7
Finance costs paid (0.2) (0.1)
Income tax paid (2.9) (3.1)
Net cash flows from operating activities 24.7 23.5
Cash flows used in investing activities
Acquisition of businesses net of cash acquired (3.4) (17.0)
Purchase of property, plant and equipment (2.3) (3.6)
Capitalised development costs and purchased software (0.8) (0.2)
Net cash used in investing activities (6.5) (20.8)
Cash flows used in financing activities
Drawdown of loans - 3.9
Repayments of loans - (3.9)
Dividends paid 6 (1.9) (1.5)
Purchase of own shares (2.1) (1.7)
Repayment of lease liabilities (1.3) (1.2)
Net cash used in financing activities (5.3) (4.4)
Net increase / (decrease) in cash and cash equivalents 12.9 (1.7)
Cash and cash equivalents at beginning of the year 31.8 33.5
Cash and cash equivalents at end of the year 44.7 31.8
AB Dynamics plc
Notes to the consolidated financial statements
For the year ended 31 August 2025
1. Basis of preparation
The Company is a public limited company limited by shares and registered in
England and Wales with company number 08393914. 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 of the Group is the design, manufacture and supply of
advanced testing, simulation and measurement products to the global transport
market. The Group's products and services are used primarily for the
development of road vehicles, particularly in the areas of active safety and
autonomous systems.
The annual financial statements of the Group are prepared in accordance with
UK-adopted International Accounting Standards and applicable law.
The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 August 2025 or 31 August 2024 but is
derived from those accounts. 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.
A number of new standards became applicable for the current reporting period.
The application of these amendments has not had any material impact on the
disclosures, net assets or results of the Group.
Going concern basis of accounting
The financial information has been prepared under the going concern basis,
which assumes that the Group will continue to be able to meet its liabilities
as they fall due for the foreseeable future.
The Directors have assessed the principal risks to the going concern
assumption, including by modelling a severe but plausible downside scenario,
whereby the Group experiences:
· A reduction in demand of 25% over the next two financial years
· A 10% increase in operating costs
· An increase in the cash collection cycle
· An increase in input costs resulting in reduction in gross
margins by 12%.
With £44.7m of cash at 31 August 2025 and a £20.0m undrawn revolving credit
facility, in this severe downside scenario, the Group has sufficient headroom
to be able to continue to operate for the foreseeable future. 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 12
months from the signing date of the financial statements. They therefore
consider it appropriate to adopt the going concern basis of accounting in
preparing the financial statements.
AB Dynamics plc
Consolidated statement of comprehensive income
For the year ended 31 August 2025
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.
2025 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 74.3 18.0 22.4 - 114.7 69.4 16.7 25.2 - 111.3
Adjusted operating profit 16.9 4.4 5.0 (3.0) 23.3 13.2 4.2 7.0 (4.1) 20.3
Operating profit is analysed as:
Before depreciation and amortisation 19.4 5.8 5.5 (2.9) 27.8 15.5 5.3 7.5 (4.1) 24.2
Depreciation and amortisation (2.5) (1.4) (0.5) (0.1) (4.5) (2.3) (1.1) (0.5) - (3.9)
Adjusted operating profit 16.9 4.4 5.0 (3.0) 23.3 13.2 4.2 7.0 (4.1) 20.3
Amortisation of acquired intangibles (0.5) (3.4) (2.3) - (6.2) - (3.4) (3.0) - (6.4)
Adjusting items - - - (1.6) (1.6) - - - (1.2) (1.2)
Operating profit 16.4 1.0 2.7 (4.6) 15.5 13.2 0.8 4.0 (5.3) 12.7
Net finance expense (0.9) (0.7)
Profit before tax 14.6 12.0
Tax expense (2.6) (2.3)
Profit for the year 12.0 9.7
*Unallocated items are head office costs that cannot be allocated to a
business segment.
Analysis of revenue by destination:
2025
£m 2024
£m
Europe (including United Kingdom) 31.8 36.8
North America 29.4 25.9
Asia Pacific 53.3 48.4
Rest of World 0.2 0.2
114.7 111.3
One customer individually represents more than 10% of total revenue for the
year ended 31 August 2025 (2024: No customers individually represent more than
10% of total revenue).
Assets and liabilities by segment are not reported to the Board of Directors,
therefore are not used as a key decision-making tool and are not disclosed
here.
A disclosure of non-current assets by location is shown below:
2025 2024
£m £m
Europe (including United Kingdom) 68.4 64.4
North America 27.6 30.8
Asia Pacific 13.5 15.7
109.5 110.9
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,
adjusted operating margin, adjusted profit before tax, adjusted EBITDA, and
adjusted earnings per share and adjusted cash flow from operations.
The financial statements include 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 financial information relate to underlying business
performance (as defined above) unless otherwise stated.
2025 2024
£m £m
Amortisation of acquired intangibles 6.2 6.4
Acquisition related costs 0.5 0.2
ERP development costs 1.1 1.0
Adjustments to operating profit 7.8 7.6
Acquisition related finance costs 0.5 0.4
Adjustments to profit before tax 8.3 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 on 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
(2024: Venshure Test Services and Ansible Motion).
Tax
The tax impact of these adjustments was as follows: amortisation of acquired
intangibles £1.3m (2024: £1.1m), acquisition related costs £0.1m (2024:
£0.1m) and ERP development costs £0.2m (2024: £0.2m).
Cash impact
The operating cash flow impact of the adjustments was an outflow of £1.6m
(2024: £1.2m) being £1.1m (2024: £1.0m) in relation to ERP development
costs and £0.5m (2024: £0.2m) in relation to acquisition costs.
4. Tax
The statutory effective rate of tax for the year of 17.8% (2024: 19.2%) is
lower than (2024: lower than) the standard rate of corporation tax in the UK
of 25.0% (2024: 25.0%) due to Patent Box relief.
The effective rate of tax on the adjusted profit before tax is 18.3% (2024:
18.5%). The decrease in the year was due to a change in the geographical mix
of profits.
5. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
equity holders by the weighted average number of ordinary shares in issue
during the period.
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all potentially
dilutive shares. The Company has one category of potentially dilutive shares,
namely share options.
The calculation of earnings per share is based on the following earnings and
number of shares:
2025 2024
Weighted average number of shares ('m)
Basic 23.0 22.9
Diluted 23.3 23.2
Earnings per share
Profit for the year attributable to owners of the Group (£m) 12.0 9.7
Basic earnings per share 52.2p 42.3p
Diluted earnings per share 51.5p 41.7p
Adjusted earnings per share
Adjusted profit for the year attributable to owners of the Group (£m) 18.7 16.3
Adjusted basic earnings per share 81.3p 71.0p
Adjusted diluted earnings per share 80.3p 70.0p
6. Dividends
2025 2024
£m £m
Final 2023 dividend paid of 4.42p per share - 1.0
Interim 2024 dividend paid of 2.33p per share - 0.5
Final 2024 dividend paid of 5.30p per share 1.2 -
Interim 2025 dividend paid of 2.80p per share 0.7 -
1.9 1.5
An interim dividend was paid of 2.80p per share totalling £0.7m. The Board
has proposed a final dividend in respect of the year ended 31 August 2025 of
6.36p per share totalling £1.5m. If approved, the final dividend will be paid
on 30 January 2026 to shareholders on the register on 16 January 2026.
7. Net cash
Net cash comprises cash and cash equivalents and lease liabilities.
The reconciliation of cash and cash equivalents to net cash is as follows:
2025 2024
£m £m
Cash and cash equivalents 44.7 31.8
Lease liabilities (3.3) (3.2)
41.4 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 - - (1.8) (1.8)
At 31 August 2024 14.6 (11.3) (2.6) 0.7
Other comprehensive income - - 0.1 0.1
At 31 August 2025 14.6 (11.3) (2.5) 0.8
9. Foreign exchange
The foreign exchange rates applied during the year were:
2025 2024
Year-end rate
US dollar 1.35 1.32
Euro 1.16 1.19
Yen 199 191
Average rate
US dollar 1.30 1.26
Euro 1.19 1.17
Yen 193 191
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
segment 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 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 (0.4)
At acquisition 0.9
Unwind of discount 0.1
Exchange differences 0.1
At 31 August 2025 1.1
Current -
Non-current 1.1
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 31 August 2025, the newly acquired business
contributed £4.4m to revenue and £0.3m to adjusted operating profit. Had the
acquisition been completed at the beginning of the period, Group revenue would
have been £115.0m and adjusted operating profit would have been £23.3m.
£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 0.4
Exchange differences (0.5)
At 31 August 2025 6.1
Current 6.1
Non-current -
11. Principal risks
The principal risks and uncertainties impacting the Group are described on
pages 58 to 60 of our Annual Report 2025. They include: downturn or
instability in major geographic markets or market sectors (including
inflation, conflicts and pandemics), supply chain disruption, disruption in
the automotive market and loss of major customers, failure to deliver new
products, dependence on external routes to market, acquisition 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, tax risk,
intellectual property/patents and environmental risk.
12. 2025 Annual Report
The Annual Report for the year ended 31 August 2025 will be posted on the
Company's website, www.abdplc.com (http://www.abdplc.com) , on 11 November
2025 and a copy will be posted to shareholders, as required, in advance of the
Company's Annual General Meeting on 15 January 2026.
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