2nd Oct 2019 11:34
(Alliance News) - Automotive industry-focused testing firm AB Dynamics PLC on Wednesday said it expects its full-year earnings to beat market expectations after it continued to perform strongly in the second half.
AB Dynamics expects growth in both revenue and adjusted pretax profit in the financial year ended August 31. The adjusted figure does not include costs associated with depreciation, amortisation, reorganisation and share based expenses.
The company explained: "The performance benefited from the continuation of the trends reported at the half year in addition to the implementation of our five-element strategy. Market conditions remain favourable, driven by significant structural and regulatory tailwinds."
Last year, the company reported revenue of GBP37.1 million and pretax profit of GBP7.9 million.
Chief Executive James Routh said: "I am very pleased to report that the full year results for AB Dynamics will be ahead of market expectations and the strategy communicated at our interim results is progressing as planned.
"Following the placing in May 2019, we have successfully completed the acquisitions of rFpro and Dynamic Research Inc, as well as launched new products and further expanded our international presence in the USA and Japan. We have an unmatched market position with exceptional technology and products, and the outlook remains positive across the group."
The company will release its full-year results on November 27.
Shares in AB Dynamics were 3.2% higher at 2,240.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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