AB Dynamics zooms ahead in automotive industry
AB Dynamics, the AIM-listed automotive testing systems designer, reported a rise in profits in line with expectations for the year to the end of August.
Revenue increased 23.9% to £20.5m driven by increased demand from the global automotive testing sector.
Operating profit increased 16% to £4.4m and the final dividend was 1.8p per ordinary share to mean the total payout was lifted 10% to 3.025p.
The group’s current orders cover revenues into the third quarter of 2017.
Chief executive Tim Rogers said: “We have had another good year, with all three business areas - Track Testing, Laboratory Testing and Test and Monitoring Systems - performing in line with management expectations. The company has spent more on research and development this year than in previous years and has seen the performance, quality and reputation of its products improve leading to steady growth in their uptake.”
The group is delivering on its commitment to improve customer support with a new team of field support engineers in UK, Germany and Japan. A new commercial director has also been appointed in in Germany to support the German original equipment manufacturers.
The manufacturer has also started construction on a new factory, which is on target for completion on the third quarter of 2017.
The share price fell 1.6% to 460p at 0953 GMT on Wednesday.