13 January 2021
AB Dynamics plc
("AB Dynamics", the "Company" or the "Group")
AGM Trading Update
AB Dynamics plc (AIM: ABDP), the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive market, issues the following trading update, to coincide with the Company's Annual General Meeting taking place later today.
Current trading and outlook
The Board is pleased to report that conditions through the end of 2020 remained consistent with expectations as at the time of the Group's full year results on 25 November 2020, with demand in the first four months of the current year in line with the Q4 FY20 exit rate. The Group continues to make good progress in the execution of its strategy.
Whilst the Group continues to monitor the evolving COVID-19 situation and the current disruption associated with further waves of infection in various operational and end market territories, the underlying market drivers continue to be compelling. The Board remains confident that the medium-term outlook is positive and that the Group can continue to deliver on its strategic priorities.
Financial position
The balance sheet remains strong with cash at 31 December 2020 of £33.9m (31 December 2019: £36.4m, 31 August 2020 £31.2m), underpinning the Group's investment plans.
Interim results date
The Group will report its interim results for the six months ended 28 February 2021 on 28 April 2021.
Enquiries:
| AB Dynamics plc | 01225 860 200 |
| Dr James Routh, Chief Executive Officer Sarah Matthews-DeMers, Chief Financial Officer | |
| | |
| Peel Hunt LLP | 0207 418 8900 |
| Mike Bell Ed Allsopp | |
| | |
| Tulchan Communications | 0207 353 4200 |
| James Macey White Matt Low Laura Marshall | |
The person responsible for arranging the release of this information is Felicity Jackson, Company Secretary.
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