AB Dynamics expects adjusted operating income for fiscal 2022 above its guidance
By Ian Walker
AB Dynamics PLC said on Wednesday it performed strongly in the second half of the financial year and expects to record a 22% increase in revenue with adjusted operating profit. higher than market expectations.
The company, which supplies test systems and measurement products to the automotive market, said it expects to report revenue for the year to August 31 of 80 million pounds ($91 million). dollars).
It did not provide any adjusted operating profit forecast. However, the consensus is £11.8m, taken from FactSet and based on forecasts from five analysts. That compares to £10.8m for the 2021 financial year.
AB Dynamics said it had cash at August 31 of £29.0 million.
“The business delivered strong performance amid continued challenging market conditions and demonstrates the resilience of our business model,” Chief Executive James Routh said.
The company also said it bought Ansible Motion Ltd., a supplier of advanced simulators for the global automotive market, for up to £31.2 million in cash and shares. He will pay an initial sum of £19.2 million, with the rest conditional on meeting certain performance targets, the company said.
The cash consideration will be funded from existing cash resources and its revolving credit facility, he said.
Shares at 0732 GMT rose 50.0 pence, or 4.1%, to 1,277.50 pence.
Write to Ian Walker at [email protected]