- AB Dynamics
- 25 April 2024 17:22:43
Source: Sharecast
AB Dynamics stated second-half revenue was approximately 20% higher on an organic basis than the Covid-impacted second half of 2020 and approximately 40% higher on a reported basis, including contributions from March's acquisition of Vadotech Group.
As a result, AB now expects to post full-year revenues of roughly £65.0m and an annual adjusted operating profit in line with current consensus expectations.
"Notwithstanding a challenging backdrop generally, the group has seen a continued recovery in demand through the second half across all key product and service lines, which demonstrates the resilience of ABD's markets. Despite the significant uplift in sales during the second half, orders exceeded revenues in the period and the business enters FY22 with good momentum," said AB.
Elsewhere, the AIM-listed group announced the launch of ABD Solutions, a new business unit focused on providing retrofit solutions that enable the automation of conventional off-road vehicle fleets.
The formation of ABD Solutions was based on "extensive market analysis and research" which showed a total potential market of approximately £4.8bn, with an estimated compound annual growth rate of approximately 25%.
As of 0900 BST, AB Dynamics shares were up 3.10% at 2,000.10p.
