TIDMABDP
RNS Number : 8459W
AB Dynamics PLC
24 April 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
24 April 2019
AB Dynamics plc
Interim results for the six months ended 28 February 2019
"Strong financial and operational performance across the
business"
AB Dynamics plc (AIM: ABDP, "ABD", "the Group"), the designer,
manufacturer and supplier of advanced testing systems and
measurement products to the global automotive market, is pleased to
announce its Interim Results for the six-month period to 28
February 2019.
FINANCIAL HIGHLIGHTS
-- Revenue increased 69% to GBP25.8m (H1 2018: GBP15.3m)
-- Profit before tax (excluding share option costs) increased 95% to GBP6.4m (H1 2018: GBP3.3m)
-- Basic EPS increased 130% to 28.36p (H1 2018: 12.35p); Diluted
EPS increased 130% to 27.61p (H1 2018: 12.03p)
-- Interim dividend increased 10% to 1.612p per ordinary share (H1 2018: 1.465p)
-- Net cash position as at 28 February 2019 was GBP18.9m (H1 2018: GBP12.9m; FY 2018: GBP15.9m)
OPERATIONAL HIGHLIGHTS
-- Developed an updated strategy for the next phase of growth,
building on the existing strong foundations
-- Significant improvement in manufacturing efficiency resulting in reduced delivery lead times
-- Delivered our 1,000(th) driving robot system, demonstrating the scale of our installed base
-- New LaunchPad product for testing ADAS systems with
Vulnerable Road Users continues to gain market traction with
additional orders
-- Second order received for our advanced Vehicle Driving
Simulator ("aVDS") from Kempten University in Germany following
successful delivery of our first aVDS to a customer in China
-- As part of our planned international growth we have
established AB Dynamics Inc in Detroit, USA
-- Full planning permission received for a new UK facility
adjacent to our existing head office providing further capacity for
growth
-- Order book remains strong, providing full visibility for the
remainder of FY2019 and into FY2020
There will be a presentation for analysts this morning at 9:30am
at Tulchan Communications, 2nd Floor, 85 Fleet Street, London, EC4Y
1AE. Please contact abdynamics@tulchangroup.com if you would like
to attend.
Dr James Routh, Chief Executive said:
"I have been greatly impressed with the business during my first
six months at ABD. ABD has outstanding technology, a market leading
position with many long-standing blue-chip client relationships,
and a committed and capable team. This combination means we can
enable automotive OEMs and global mobility providers to put active
safety at the heart of current and future automotive
technology.
The active safety market continues to grow and develop,
supported by long term structural and regulatory growth drivers.
Today, we have set out how ABD will move forward through the next
stage of its corporate development in a sustainable manner,
leveraging the strengths of the business while making targeted
investments to drive future growth. We have already made some
initial progress toward these strategic objectives, which have
contributed to what is a very positive financial and operational
performance for the first half and which gives us confidence in the
remainder of the current financial year".
Enquiries:
AB Dynamics plc 01225 860 200
Tony Best, Non-Executive Chairman
Dr James Routh, Chief Executive Officer
Mat Hubbard, Chief Technology Officer
Rob Hart, Chief Financial Officer
Cairn Financial Advisers (Nomad)
Tony Rawlinson
Liam Murray
Richard Nash 0207 213 0880
Cantor Fitzgerald Europe (Broker) 0207 894 7000
Phil Davies, David Foreman (Corporate
Finance)
Caspar Shand Kydd, Keith Dowsing (Equity
Sales)
Tulchan Communications 0207 353 4200
James Macey White
Matt Low
Deborah Roney
The person responsible for arranging the release of this
information is Dr James Routh, CEO of the Company.
Chairman's Statement
Introduction
I am delighted that the Group continues to go from strength to
strength, reporting another period of strong progress. Since ABD
joined the AIM market in 2013, interim revenue and adjusted
operating profit have shown compound annual growth of 31% and 41%
respectively (based on H1 2014 to H1 2019). We continue to benefit
from our leading position in the market for advanced automotive
test and measurement equipment that enables our customers to
develop and introduce ever more sophisticated vehicles
incorporating enhanced levels of safety and autonomy. Our sustained
performance remains a testament to the quality and commitment of
our employees, now numbering 174 (H1 2018: 130), who design,
manufacture and support equipment that continues to enhance our
reputation for innovation and reliability. We continue to invest in
our manufacturing capacity and international footprint, our
capabilities and our people, and the Board looks forward to the
next stage in the development of the Group under the leadership of
our new Chief Executive Officer, Dr James Routh.
Board Changes
Dr James Routh joined ABD as Chief Executive Officer in October
2018. James has brought significant experience of leadership within
global engineering businesses and a track record of strategy,
product development and M&A that will be invaluable to the
Group. Since joining, James has visited our operations and an
increasing number of our customers and suppliers in the USA, Japan
and Germany, and developed an updated strategy to support the next
phase of the Group's growth. James's CEO report provides an
overview of the Group's strategic priorities in the years
ahead.
As previously reported, Rob Hart has decided to step down from
his role as Chief Financial Officer and the Board and will leave
ABD in July 2019. I would like to take this opportunity to thank
Rob for his contribution to the business over the last decade and
wish him well in his future endeavours. The Board has commenced a
search process to recruit an experienced CFO and we will provide an
update in due course.
I can also report that Mat Hubbard has moved to the role of
Chief Technology Officer from his previous position as Chief
Operations Officer. He will provide important leadership to the
development of the new products envisaged within our updated
strategy and our detailed product development roadmap.
Our People
Our performance and ongoing strategic development are based on
the continued commitment and development of our people. I am
pleased to report that the Group continues to attract high quality
individuals at all levels in the organisation. We seek to provide
an attractive and stimulating working environment with exciting and
interesting work, coupled to attractive rewards and benefits. I
thank all our employees for their dedication and hard work through
a particularly busy first six months of our financial year.
In anticipation of the expected continued growth of the
business, and to focus on our updated strategic priorities, we
continue to develop our senior management team. We have commenced a
search process to recruit an Operations Director to take
responsibility for our global operations and a Group HR Director to
manage our polices and processes to ensure we attract and retain
talent across an operational footprint of increasing complexity and
demands.
Interim Dividend
The Board is recommending an interim dividend of 1.612p per
ordinary share, payable on 17 May 2019. The ex-dividend date will
be 2 May 2019 and the record date will be 3 May 2019. The interim
dividend represents an increase of 10% over the prior year.
Anthony Best
Non-Executive Chairman
24 April 2019
Chief Executive Officer's review
Results
I am very pleased to report that the Group has delivered a
record half year in terms of revenue and adjusted operating profit
that demonstrates the ongoing demand for our products and services.
The market and regulatory growth drivers in Advanced Driver
Assistance Systems ("ADAS") and autonomous vehicle technology
remain favourable and the Group's industry leadership leaves us
well positioned to benefit from this long-term trend.
For the half year ended 28 February 2019 the Group delivered
revenues of GBP25.8m, representing a 69% growth against the
reported H1 2018 revenue of GBP15.3m. Revenues were positively
influenced by a buoyant ADAS testing market, the success of new
product launches and an operational initiative to reduce delivery
lead times that pulled forward revenues which would otherwise had
fallen into the second half of the year. Our sales to customers
based outside the UK were similar to previous years at 98%.
The Track Testing sector of the business grew by 64% influenced
strongly by continuing growth in demand for our Driving Robots
which grew by 75% to GBP14.2m (H1 2018: GBP8.1m) as our products
continue to evolve to meet the increasingly sophisticated demands
of ADAS and autonomous vehicle testing requirements. Our production
rates of driving robots have now reached record levels and
significant progress has been made to improve operational processes
and the supply chain to substantially reduce delivery lead
times.
As reported previously, ABD has increased the manufacturing
capacity for ADAS platforms for Guided Soft Targets ("GSTs") and we
have introduced a new dedicated manufacturing cell for the new
LaunchPad product line. This investment has facilitated revenue
growth of 49% in ADAS Test Products to GBP8.8m (H1 2018: GBP5.9m).
We have also launched a new more capable track testing
communication product called TrackFi Powermesh to support the trend
towards increasingly complex, multi-object ADAS test scenarios that
are required for the development of vehicles with greater levels of
autonomy.
The Laboratory Testing sector delivered strong growth of 117% to
GBP2.8m (H1 2018: GBP1.3m) due to delivery of an aVDS simulator to
a customer in China and a Suspension Parameter Measurement Machine
("SPMM") to a European customer. We are seeing increasing demand
for SPMM products, particularly in Asia Pacific as new entrants to
the market require the ability to characterise vehicle suspension
systems.
Overall, the Group delivered strong revenue growth in the first
half in most international territories with notable performances in
the USA (+108%), UK & Europe (+90%) and Asia Pacific (+46%)
which was primarily driven by demand from China.
During the first half of the year we introduced changes to the
way that we calculate our gross margin to better reflect the
profitability of our products and services. As a result we have
reclassified certain costs from cost of sales that are now reported
within operating costs. On this revised basis, the reported gross
margin for the Group declined modestly in the period to 50.1% (H1
2018: 51.4%) and this compares to 35.6% (H1 2018: 34.4%) using the
previous methodology. The modest reduction in gross margin is due
to product mix with a higher proportion of laboratory testing sales
in the first half of the year.
Adjusted operating profit (excluding share option costs)
increased by 95% to GBP6.4m (H1 2018: GBP3.3m) due to increased
revenue and strong operating leverage through disciplined control
of operating costs, resulting in adjusted operating margins
improving by +320bps to 24.7% (H1 2018: 21.5%). On an underlying,
like for like basis, operating costs have increased 42% as a result
of the substantial growth in revenues and our ongoing investment
programme. H2 2019 adjusted operating margins are anticipated to be
broadly in line with FY 2018 margins as planned investments in
resources, overseas facilities and infrastructure are
implemented.
Reported profit before tax increased by 114% to GBP6.3m (H1
2018: GBP2.9m). Basic EPS and diluted EPS both increased by 130% to
28.36p and 27.61p respectively, driven by the strong operating
performance and a decrease in the effective rate of tax from 18.7%
to 11.6%.
Market Update
The Group operates within a significant long-term growth market,
led by the ongoing development of ADAS technologies and the drive
towards semi- and fully-autonomous vehicles that is also supported
by fast evolving regulatory and vehicle safety standards. As part
of the strategic development of the Group, the Board has considered
the current and predicted market drivers, trends and needs.
The drive towards full autonomy has significant challenges and
is proving to be far more complex than has been speculated on and
publicised in the media. The commercial impact for ABD is that we
anticipate an extended time period for the incremental
implementation of ADAS systems on conventional vehicles than is
currently being reported and an extension to autonomy
implementation periods.
Automotive R&D spend on ADAS and autonomous vehicles
continues to increase and whilst absolute market growth data is
difficult to quantify, there are numerous reference points
available from automotive OEMs and Tier 1 suppliers that support
compound annual growth rates for ADAS related sales in excess of
20%. This, coupled with significant investment in infrastructure
from the providers of testing track services, provides ABD with a
strong market opportunity and continued high growth potential.
The draft agreement adopted by the United Nations Economic
Commission for Europe (UNECE), a key UN standards agency, requiring
all new vehicles to be equipped with Autonomous Emergency Braking
("AEB") and other ADAS systems is one of the most recent
developments that illustrates the types of opportunity ABD can
capitalise upon. This draft regulation was agreed by 40 countries
led by Japan and the European Union but not including China, USA
and India, and will come into effect in early 2020. Assisted
Emergency Braking ("AEB") and other ADAS systems will then become
mandatory for all new cars and light commercial vehicles from 2022.
It is expected that regulation will develop further to include
additional ADAS systems, such as Autonomous Emergency Steering
("AES"), as the technology develops.
Due to the incalculable number of potential scenarios and
environmental conditions that ADAS systems and autonomous vehicles
will encounter, there is a trend towards the use of simulation.
Whilst adoption of simulators is at a formulative stage, we have
acted early to develop a leading offer in this space. As customers
have recognised the difficulty of evaluating their vehicle systems
in live environments such as public roads, we are seeing growing
levels of interest in our aVDS product.
In summary, we believe AB Dynamics remains uniquely positioned
to continue to support global mobility providers throughout every
stage of the shift towards semi- or fully-autonomous systems,
whether they are traditional automotive OEMs or technology
organisations investing heavily in Artificial Intelligence ("AI")
and deep learning systems.
Our Strategic Priorities
Since its inception in 1982 as an automotive engineering
consultancy, ABD has constantly evolved to take leading positions
in areas of product specialism commencing with SPMMs, through to
systems for the testing and simulation of ADAS and autonomous
systems today. To allow the Group to fully capture the market
opportunities while leveraging our core strengths, we have
developed an updated strategy for the next stage of our corporate
development.
Our updated strategy has five key strategic priorities to build
on our strong track record of sustainable growth:
i. New Product Development
Following an extensive review of the trends, drivers and needs
within our selected addressable markets and an assessment of ABD's
competitive position, we have developed an extensive Product &
Technology Roadmap. This roadmap supports the growth ambitions of
the Group through disciplined and targeted investment and is a key
foundation of the strategy.
Ongoing development of regulation and legislation, consumer
demands for active safety, incremental introduction of ADAS
technology and the limits of current autonomous technologies
supports increased investment in our product portfolio and provides
us with confidence in the long-term demand for our products. Our
planned new product launches include a combination of new products
and an evolution of existing products as testing requirements
become more complex.
ii. Capability & Capacity
A key element of the updated strategy is to ensure that
appropriate levels of capability and capacity are available to meet
the future growth demands of the business in terms of human
resources, facilities, infrastructure, manufacturing capability and
Business Management Systems (IT). We have identified clear
requirements for these areas of development based on the planned
growth profile over the strategic review cycle.
The Group has now received full planning permission for our new
2,846m(2) facility adjacent to our existing main building, which
will be used as a simulation centre of excellence and engineering
research and development and will be ready for occupation in the
second half of 2020. In addition, we have identified a need for a
new Business Management System incorporating ERP, CRM, finance and
operations.
iii. International Footprint
As a global business supplying advanced engineering solutions to
a demanding blue-chip client base it is important to have a local
presence to provide the Service and Support element envisaged in
our updated strategy. We have already commenced operations from new
facilities in Germany and the USA and as part of our planned
international expansion we intend to establish ABD operations in
other key markets.
Our sales strategy is evolving to address selected key markets
through direct sales by establishing sales resources in our
international locations that will be supported by a strengthened
sales function in the UK through a combination of recruitment,
training and IT systems.
International locations will allow us to build closer
relationships with our customers and in particular our Key Accounts
in order to meet their continually evolving requirements and to
ensure that we maintain our close partnerships to ensure we meet
their current and future needs.
iv. Service and Support
We recently delivered our 1000(th) driving robot system and our
overall installed base of products is increasing rapidly in all our
key markets. As regulation and the sophistication and integration
of ABD's products increases, customers will need greater levels of
local service and support. Customers require timely technical
support and provision of services such as spares, maintenance,
calibration, training and on-site technical support and this will
form part of our ongoing development.
This is an evolution of the existing ABD operating model and
will provide enhanced earnings visibility as we provide additional
value adding services.
v. Acquisitive Growth
Although the strategic plan is based on delivering long term,
sustainable organic growth there may be opportunities where
selective acquisitions could provide an expedited route to growth.
This may be to accelerate and de-risk product and technology
development, broaden our geographic footprint or to assist vertical
integration.
Any acquisition activity would be highly targeted against
defined strategic, operational, financial and cultural criteria and
would be value enhancing before being considered. ABD will develop
the additional internal skills and capabilities required to support
any acquisition activity.
Summary & Outlook
Overall, I am very pleased with the performance of the Group and
it is clear I have joined an outstanding business. The strategy we
are announcing today provides the means to leverage our current
strengths, capabilities and track record to fully capture the
market opportunities ahead.
There will be many phases to the development of fully autonomous
vehicles and we foresee extended periods of time before they can
satisfy a significant part of society's mobility requirements.
There remain significant barriers to adoption including technical,
ethical, legal, financial and infrastructure and these challenges
will result in the incremental implementation of ADAS systems over
many years to come. The ongoing regulatory environment and consumer
demand for safety are also driving technological advancements in
global mobility requirements and this provides a highly supportive
market backdrop to the Group's activities.
The second half of the financial year has started positively,
and our order book visibility gives the Board confidence in the
outlook for ABD for the remainder of 2019 and beyond.
Dr James Routh
Chief Executive Officer
24 April 2019
AB Dynamics plc
Unaudited consolidated statement of comprehensive income
for the six months ended 28 February 2019
Unaudited Unaudited Audited
6 months 6 months Year
ended 28 ended 28 ended
February February 31 August
2019 2018 2018
GBP Restated Restated
GBP GBP
Notes
Revenue 3 25,808,560 15,286,844 37,051,145
Cost of sales (12,888,817) (7,421,695) (18,583,862)
Gross profit 12,919,743 7,865,149 18,467,283
Operating Costs (6,538,269) (4,581,250) (9,924,715)
Adjusted Operating profit
before Share based payment
costs 6,381,474 3,283,899 8,542,568
Share based payment costs (146,482) (366,204) (659,167)
Operating Profit 6,234,992 2,917,695 7,883,401
Net finance income and (costs) 57,398 18,977 63,167
Profit before taxation 6,292,390 2,936,672 7,946,568
Income tax expense (731,932) (548,767) (931,900)
Profit after taxation and
total comprehensive income
for the period 5,560,458 2,387,905 7,014,668
Earnings per share-Basic 2 28.36p 12.35p 36.29p
Earnings per share-Diluted 2 27.61p 12.03p 35.03p
AB Dynamics plc
Unaudited consolidated statement of financial position
for the six months ended 28 February 2019
Unaudited Unaudited Audited
28 February 28 February 31 August
2019 2018 2018
GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 14,831,949 12,943,824 13,679,409
Deferred tax assets 1,614,931 208,646 1,288,777
Intangible assets 212,534 - -
16,659,414 13,152,470 14,968,186
CURRENT ASSETS
Inventories 9,641,236 6,878,530 6,903,374
Trade receivables 9,051,071 6,251,428 6,489,393
Other receivables, deposits
and prepayments 1,867,634 1,614,098 1,980,870
Amount owing by contract customers 398,564 1,012,889 2,188,770
Taxation 183,866 - 55,749
Cash and cash equivalents 18,938,664 12,895,939 15,941,961
40,081,035 28,652,884 33,560,117
TOTAL ASSETS 56,740,449 41,805,354 48,528,303
EQUITY AND LIABILITIES
Called up share capital 196,792 193,875 195,365
Share premium account 10,821,426 9,668,311 10,257,615
Reconstruction reserve (11,284,500) (11,284,500) (11,284,500)
Merger relief reserve 11,390,000 11,390,000 11,390,000
Retained earnings 33,005,038 21,741,167 27,484,250
TOTAL EQUITY ATTRIBUTABLE TO
OWNERS OF
THE COMPANY AND TOTAL EQUITY 44,128,756 31,708,853 38,042,730
NON-CURRENT LIABILITIES
Deferred tax liabilities 359,040 - 339,040
CURRENT LIABILITIES
Trade and other payables 12,252,653 9,461,622 10,146,533
Provision for taxation - 634,879 -
12,252,653 10,096,501 10,146,533
TOTAL LIABILITIES 12,611,693 10,096,501 10,485,573
TOTAL EQUITY AND LIABILITIES 56,740,449 41,805,354 48,528,303
AB Dynamics plc
Unaudited statement of changes in equity
for the six months ended 28 February 2019
Share Share Merger Reconstruction Retained Total
capital premium relief reserve profits equity
reserve
GBP GBP GBP GBP GBP GBP
At 1 September
2018 195,365 10,257,615 11,390,000 (11,284,500) 27,484,250 38,042,730
Share based payment
expense - - - - 146,482 146,482
Profit after
taxation and
Total comprehensive
Income for the
financial year - - - - 5,560,458 5,560,458
Tax impact of
exercised Share
Options - - - - 243,651 243,651
Dividend paid - - - - (429,803) (429,803)
Issue of shares,
net of share
issue costs 1,427 563,811 - - - 565,238
At 28 February
2019 196,792 10,821,426 11,390,000 (11,284,500) 33,005,038 44,128,756
At 1 September
2017 191,119 8,579,265 11,390,000 (11,284,500) 19,370,938 28,246,822
Share based payment
expense - - - - 366,204 366,204
Profit after
taxation and
Total comprehensive
Income for the
financial year - - - - 2,387,905 2,387,905
Dividend paid - - - - (383,880) (383,880)
Issue of shares,
net of share
issue costs 2,756 1,089,046 - - - 1,091,802
At 28 February
2018 193,875 9,668,311 11,390,000 (11,284,500) 21,741,167 31,708,853
At 1 September
2017 191,119 8,579,265 11,390,000 (11,284,500) 19,370,938 28,246,822
Share based payment
expense - - - - 659,167 659,167
Profit after
taxation and
Total comprehensive
Income for the
financial year - - - - 7,014,668 7,014,668
Tax impact of
exercised Share
Options - - - - 1,107,382 1,107,382
Dividend paid (667,905) (667,905)
Issue of shares,
net of share
issue costs 4,246 1,678,350 - - - 1,682,596
At 31 August
2018 195,365 10,257,615 11,390,000 (11,284,500) 27,484,250 38,042,730
AB Dynamics plc
Unaudited cash flow statement
for the six months ended 28 February 2019
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
28 February 28 February 31 August
2019 2018 2018
GBP GBP GBP
Cash flow from operating activities
Profit before taxation 6,292,390 2,936,672 7,946,568
Adjustments for: -
Depreciation of property, plant
and equipment 473,072 214,245 462,994
Loss on sale of property, plant
and equipment - 6,750 14,606
Interest income (57,398) (18,977) (63,167)
Share based payment 146,482 366,204 659,167
Operating cash flows, before working
capital changes 6,854,546 3,504,894 9,020,168
Decrease/(increase) in inventories (2,737,862) (1,919,095) (1,943,939)
Decrease/(increase) in trade and
other receivables (658,236) 1,448,578 (332,040)
(Decrease)/increase in other payables 1,956,502 2,509,819 3,194,730
Cash flow (used in) / from operations 5,414,950 5,544,196 9,938,919
Interest received 57,398 18,977 63,167
Income tax paid (280,236) (294,586) (1,002,057)
Net cash flow (used in) / from operating
activities 5,192,112 5,268,587 9,000,029
Cash flow used in investing activities
Purchase of property, plant and
equipment (1,838,146) (2,699,915) (3,698,478)
Sale of property, plant and equipment - - 6,374
Investment in GmbH (492,698) - -
Net cash flow used in investing
activities (2,330,844) (2,699,915) (3,692,104)
Cash flow used in financing activities
Dividends paid (429,803) (383,880) (667,905)
Proceeds from issue of share capital,
net of share issue costs 565,238 1,091,802 1,682,596
Net cash flow from/(used in) financing
activities 135,435 707,922 1,014,691
Net (decrease) / increase in cash
and cash equivalents 2,996,703 3,276,594 6,322,616
Cash and cash equivalents at beginning
of period 15,941,961 9,619,345 9,619,345
Cash and cash equivalents at end
of period 18,938,664 12,895,939 15,941,961
AB Dynamics plc
Notes to the unaudited interim report
for the six months ended 28 February 2019
1. Basis of preparation
The Company is a public limited company limited by shares and
incorporated under the UK Companies Act. The Company is domiciled
in the United Kingdom and the registered office and principal place
of business is Middleton Drive, Bradford on Avon, Wiltshire, BA15
1GB.
The principal activity is the specialised area of design and
manufacture of test equipment for vehicle suspension, steering,
noise and vibration. The company also offers a range of services
which include analysis, design, prototype manufacture, testing and
development.
The interim financial information has been prepared in
accordance with the basis of the accounting policies set out in the
annual report and accounts for the year ended 31 August 2018, which
have been prepared in accordance with International Financial
Reporting Standards as adopted for use by the European Union. The
interim accounts are unaudited and do not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006.
The same accounting policies, presentation and methods of
computation have been followed in this unaudited interim financial
information as those which were applied in the preparation of the
Group's annual statements for the year ended 31 August 2018, upon
which the auditors issued an unqualified opinion, and which have
been delivered to the registrar of companies.
During the period management have undertaken an exercise to
reanalyse costs between cost of sales and operating expenses in
order to better reflect what management consider to be the nature
of these costs. As a result of this exercise, management have
applied the same principles retrospectively for the period to 28
February 2018 and the year end 31 August 2018 which have resulted
in reclassifications in the income statement in these periods.
There was no overall impact on profit after tax in any period.
The interim financial information has been drawn up using
accounting policies and presentation expected to be adopted in the
Group's full financial statements for the year ended 31 August
2019. Any new standards that will be adopted in full for the first
time in the year-end financial statements did not have a material
impact on this interim financial information.
The interim financial information for the six months ended 28
February 2019 was approved by the Board on 23 April 2019.
The Directors are declaring an interim dividend of 1.612p per
ordinary share. The ex-dividend date will be 2 May, the record date
3 May and the payment date 17 May 2019.
2. Earnings per share
The calculation of earnings per share is based on the following
earnings and number of shares:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended Ended
28 February 28 February 31 August
2019 2018 2018
GBP GBP GBP
Profit after tax attributable
to owners of the Company 5,560,458 2,387,905 7,014,668
Weighted average number of shares
Basic 19,603,549 19,338,217 19,330,494
Diluted 20,138,237 19,853,038 20,023,754
Earnings per share
Basic 28.36 pence 12.35 pence 36.29 pence
Diluted 27.61 pence 12.03 pence 35.03 pence
3. Analysis of revenue by geographical area
Revenues attributable to individual foreign countries are as
follows:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
February February August
2019 2018 2018
GBP GBP GBP
United Kingdom 431,211 478,935 616,964
Rest of the European Union 7,837,769 3,864,540 12,477,737
North America 4,214,937 2,022,911 5,093,783
Rest of the World 13,324,643 8,920,458 18,862,661
------------ ------------ ------------
25,808,560 15,286,844 37,051,145
------------ ------------ ------------
There were no material non-current assets located outside the
United Kingdom.
Revenues are derived from the following:
Revenue from sale of goods 23,031,705 14,004,854 32,940,739
Revenue from construction contracts 2,776,855 1,281,990 4,110,406
-------------- ----------- -----------
25,808,560 15,286,844 37,051,145
-------------- ----------- -----------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR UOVSRKUASUAR
(END) Dow Jones Newswires
April 24, 2019 02:00 ET (06:00 GMT)
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