AB Dynamics: loads of potential but frustrating elements
Results from the automotive testing specialist reflect a challenging year impacted by the pandemic. While this business continues to offer loads of potential, we are yet again frustrated by an enthusiasm for adjustments in the financial statements, some of which look decidedly questionable to us.
Full year results from AB Dynamics (LON:ABDP), the designer and manufacturer of advanced testing systems to the global automotive market, were broadly as anticipated in a very tricky year, but we are frustrated by certain aspects. While group revenue for the year ending 31 August 2020 rose 6% to £61.5m this increase was driven by growth of 19% from acquisitions made in the previous year, offset by an organic revenue decline of 13% as a result of the pandemic. At the half year the Group had delivered 11% organic growth, but Covid spoiled the party in the second half and…