Vehicle testing equipment company AB Dynamics has increased full year revenues by 51 per cent on the back of an industry move towards autonomous and semi-autonomous vehicles.
Sales of driving robots rose by more than £7m, with the Bradford on Avon company’s advanced driver assistance systems technologies increased by £5m. Total revenue for the year to 31 August 2018 was £37.05m compared to £24.6m 12 months earlier.
Profit before tax climbed to £8.61m from £5.94m.
Other operational highlights included the appointment of chief executive James Routh and the establishment of a now-operational Germany-based subsidiary, AB Dynamics Europe GmbH, to support further sales for the group, 98 per cent of which are from outside the UK.
Tony Best, non-executive chairman, said: “I am pleased to be able to report that the group has delivered another record year of revenue and adjusted profit.
“Our customers remain very active in introducing ever more complex ADAS equipment into their vehicles and in the development of semi- and fully-autonomous vehicles.
“I am also particularly delighted to welcome Dr James Routh as our new chief executive. James joins the froup from Diploma PLC where he was responsible for the International Seals businesses outside North America.
“James has a track record of delivering strong growth, both organically and through carefully selected, value-enhancing acquisitions.
“Despite our very strong growth, order intake has continued to run ahead of sales and this has provided the group with a healthy order book into our new financial year and, as usual, visibility into our third quarter.
“Against this pleasing backdrop, our progress continues to require ever greater investment in systems and our operational capability to ensure that we are fully capable of supporting current and future growth. In the coming year, we expect to make further investment in new product development, marketing, service and support, our growing overseas footprint and, of course, our people, whose skills and energy remain so important to our future success.
“Inevitably this investment will provide some constraint to our operating margin, but the board remains confident that, under the leadership of our new chief executive, we are well positioned to deliver a year of solid progress.”