AB Dynamics trading remains consistent with forecasts

Testing, simulation and measurement product company AB Dynamics said in an update on Wednesday that trading during the first four months of the 2022 financial year was consistent with its expectations outlined in its results in November.

The AIM-traded firm, which was holding its annual general meeting, said that while the current operating environment still presented challenges around supply chain disruption, inflation and labour availability, underlying demand conditions in its key international markets and customer activity levels both remained positive.

It said it was still making “good progress” in the execution of its strategy, with the board's expectations for the year unchanged.

AB Dynamics also announced that ABD Solutions had been awarded its first development contract, by an industrial equipment supplier in Japan, for a driverless retrofit solution for mining vehicles.

“The contract, while not financially significant at £1.1m for delivery over 18 months, will provide the opportunity to validate the technology for this application,” the board said in its statement.

“The balance sheet remains strong with net cash at 31 December of £27.4m, underpinning the group's investment plans.”

AB Dynamics said it would report its interim results for the six months ending 28 February on 27 April.

At 0927 GMT, shares in AB Dynamics were down 2.02% at 1,700p.