7th Nov 2013 13:36
LONDON (Alliance News) - AB Dynamics PLC Thursday said its full-year operating profit rose 5.2% to GBP1.9 million on the back of a significant increase in revenue, though pretax profits were slightly behind on last year as a result of the costs of listing on AIM in May.
AB Dynamics, which supplies advanced testing systems to the motor industry, saw its shares rise 11.2% to 189.00 pence, Thursday, following the strong results.
The company reported a 27% increase in gross profit to GBP3.1 million as a result of a 37% increase in revenues to GBP12.2 million following continued return to growth from our traditional markets in Europe and Japan combined with new interest from China.
However, pretax profit was GBP1.87 million in the year ended August 31, compared with GBP1.89 million for the year prior, a result of AIM transaction costs totalling GBP315,305.
"With a promising pipeline of orders, the team now expanded to 51 employees and the infrastructure that we have in place, I look forward to the future with great confidence," Tim Rogers, managing director, said in a statement.
"The start to the current financial year is in line with management's expectations with significant visibility for the remainder of the year provided by our existing order book," Rogers added.
By Samuel Agini; [email protected]; @samuelagini
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