AB Dynamics H2 revenues slip amid Covid-19
Testing systems and simulation products manufacturer AB Dynamics said on Friday that it had continued to make "good progress" against its strategic priorities despite seeing second-half revenues slide amid the Covid-19 pandemic.
AB Dynamics said its manufacturing facilities had remained fully operational in the year ended 31 August, with no "significant" supply chain issues, ensuring it could deliver against customer requirements.
The AIM-listed group stated that it expects to report full-year revenues of £60.0m-62.0m, despite witnessing a drop of around 20% in the second half due to Covid-19 related disruptions.
AB Dynamics did also note that order intake in its track testing unit had begun to recover in the final quarter of the year.
AB highlighted that gross margins were anticipated to be ahead of the prior year, benefitting from the transition to a direct sales model in key territories as well as the positive mix contribution from service contract revenues.
As of 1100 BST, AB Dynamics shares were down 3.15% at 1,859.50p.