19th Feb 2014 10:43
LONDON (Alliance News) - AB Dynamics PLC, which designs and manufactures testing systems and measurement products for the automotive industry, Wednesday said first half trading has been in line with market expectations and it still hopes to pay a dividend for the full year.
In a trading update ahead of its results for the six months ended February 28, ABD said its Track Testing Systems offering had performed well and benefited from the recent investments made in staff and product development.
Track Testing Systems is a driverless testing tool for vehicles.
The firm said it has seen significant revenue growth from existing clients as well as a number of new client wins, while overseas growth has continued. The firm said it has located an engineer in Japan to support its customers in the region.
Earlier this month, the firm said Wiltshire Council had resolved to grant it planning permission for a new factory on land south of King Farm in Bradford on Avon. The factory scheduled to open in 2016 and will enable AB Dynamics to satisfy its growing order book, the company said.
Financially, the firm said it has maintained a strong balance sheet with no net debt and good cash generation. As highlighted at the time of the firm's full year results in November, AB Dynamics is aiming to recommend the payment of a dividend for the year ending August 31.
It expects to report is first half results in the week starting Monday, April 28.
The stock was trading at 161.25 pence Wednesday morning, up 4.75 pence or 3.0%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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