AB Dynamics shares rise as stands by latest guidance
AB Dynamics PLC on Thursday announced that full-year trading remains in line with its July guidance, crediting its "agility and resilience through the final quarter".
Shares in AB Dynamics were up 2.2% at 844.00 pence on Thursday afternoon in London.
The Wiltshire, England-based supplier of advanced testing, simulation and measurement products said fourth-quarter trading met its expectations.
As a result, AB Dynamics anticipates reporting a performance in line with its guidance in July, and with current market consensus, for the year ended August 31.
The firm said it currently expects revenue from continuing operations to total £91.6 million, with an adjusted operating margin in line with its medium-term target of 20%.
It cited company-compiled analyst expectations which average £91.4 million in revenue, and £18.3 million in adjusted operating profit.
In July, it forecast revenue of between £90 million and £95 million, down from £104.2 million the previous year, or from £114.7 million when including results from Chinese testing services business VadoTech. It also predicted the 20% adjusted operating margin, slightly down year-on-year from 20.3% but "consistent with [its] medium-term plan."
AB Dynamics also announced plans in July to exit VadoTech after the latter was placed under strategic review because customer volumes did not develop as expected.
The company's net cash totalled £24.5 million as of August 31 and its order book totalled £31 million, providing "good coverage into the first half".
"In challenging market conditions, I am pleased that the group has shown agility and resilience through the final quarter to deliver revenue performance in line with the guidance we gave in July, whilst maintaining margins in line with our 20% medium-term target," commented Chief Executive Officer Sarah Matthews-DeMers. "The long-term structural drivers of growth in the Group's key markets remain compelling, underpinned by significant regulatory and technological developments.
"In this context, the strength of the group's balance sheet provides the board with confidence to continue to invest in support of long-term growth."
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