20th Mar 2015 08:47
LONDON (Alliance News) - AB Dynamics PLC on Friday said it expects first-half trading to be in line with market forecasts and outlined its plans for its recent GBP2.3 million grant.
AB, the testing systems and measurement products company said trading for the first half of its financial year to the end of February is expected to meet the market view, with growing revenue, robust cash generation and a strong balance sheet.
The company also said it intends to use the GBP2.3 million grant received in February from the UK government's Regional Growth Fund to back the expansion of its operations, including the construction of a special purpose building in an undisclosed location which would consolidate its design, development and manufacturing operations in a single site.
It also plans to use the funds to expand its workforce and to back further research and development spending.
"The group has performed well in the first half of the year, with continued growth in revenues and a strong forward order book the company expects a successful outcome for the year as a whole. This year we expect to start construction of our long awaited new facility nearby, with target completion for the end of 2016," said Managing Director Tim Rogers.
AB shares were untraded Friday morning, having last traded at 171.20 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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