Informe de medio año
23 de abril de 2024
AB Dinámica plc
Unaudited interim results for the six months ended 29 February 2024
"Strong financial performance and clear strategic progress"
AB Dynamics plc (AIM: ABDP, the "Company", or the "Group"), the designer, manufacturer and supplier of advanced testing, simulation and measurement products to the global transport market, is pleased to announce its interim results for the six-month period to 29 February 2024 (the "Period").
H1 2024 £ m | H1 20232 £ m |
| |
Ingresos | 52.3 | 48.6 | + 8% |
Margen bruto | 58.3% | 57.4% | + 90bps |
EBITDA ajustado1 | 10.6 | 9.5 | + 12% |
Beneficio operativo ajustado1 | 8.9 | 7.7 | + 16% |
Margen operativo ajustado1 | 17.0% | 15.9% | + 110bps |
Beneficio operativo legal | 5.5 | 2.8 | + 96% |
Flujo de caja ajustado de las operaciones1 | 11.3 | 9.5 | + 19% |
El efectivo neto | 29.1 | 21.3 |
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Pence | Pence |
| |
Ganancias por acción diluidas ajustadas1 | 30.9 | 27.1 | + 14% |
Utilidad por acción diluida legal | 18.0 | 6.3 | + 186% |
Dividendo a cuenta por acción | 2.33 | 1.94 | + 20% |
1Before amortisation of acquired intangibles, acquisition related charges, and exceptional items. A reconciliation to statutory measures is given in the Alternative Performance Measures section of the Half Year Review.
2Reexpresado para cambios en la interpretación del reconocimiento de ingresos, ver nota 10.
Aspectos financieros más destacados
· Strong growth in revenue and operating profit, delivered alongside an improved operating margin which reflected operating leverage, gross margin gains and improved efficiency
· Market and customer demand levels have remained positive throughout H1, with strong activity across all three sectors and all regions
· Revenue increased by 8% against H1 2023, or 10% on a constant currency basis, with good growth in testing products and testing services offset in part by a reduction in simulator revenue, where significant contracts are H2-weighted
o Testing products revenue grew by 12% driven by an increase in ADAS platforms
o Testing services revenue grew by 23% led by strong performances in both the US and Asia, albeit against a weak comparative which was impacted by Chinese lockdowns
o Simulation revenue was down 13% as a result of the timing of revenue recognition, with several contracts due for delivery in H2
· The strong growth in testing services has increased the proportion of recurring and service-based sales to 52% (H1 2023: 41%) for the Period
· El Grupo se ha mantenido eficaz en mitigating inflationary cost pressures, with gross margins improving to 58.3% (H1 2023: 57.4%)
· Operating margin improved by 110bps to 17.0% as a result of the increased levels of activity and the benefits of enhanced performance initiatives, partially offset by the investment in ABD Solutions to support the strategic long-term growth drivers
o Excluding ABD Solutions, the Group operating margin increased to 18.6% (H1 2023: 17.9%)
· Significant operating cash generation of £11.3m (H1 2023: £9.5m) with cash conversion of 107% (H1 2023: 100%), resulting in net cash at the period end of £29.1m (28 February 2023: £21.3m, 31 August 2023: £32.0m) after funding the final performance payment of £5.7m for the acquisition of Ansible Motion
· Interim dividend of 2.33p per share (H1 2023: 1.94p), an increase of 20%
Aspectos destacados operativos y estratégicos
· New product development continues at pace and in line with the technology roadmap for testing products and simulation markets, alongside development of the core technology for ABD Solutions
o The Group's pedestrian dummy, the Soft Pedestrian 360 and the LaunchPad Spin have been approved by Euro NCAP
o ABD Solutions delivered the first units of the new durability testing solution and initial revenues from the retrofit pedestrian detection system for the construction industry expected during H2
· Since the period end, the Group has acquired Venshure Test Services ('VTS'), a provider of mileage accumulation, electric vehicle and environmental testing services in the US.
· Well placed to sustain growth momentum over the medium term, supported by:
o Strong organic growth across automotive markets, supported by regulatory tailwinds and rapid technology change, with a significantly strengthened and scalable operational and commercial platform
o La importante oportunidad más allá de los mercados automotrices que presenta ABD Solutions, pasando del desarrollo de tecnología a la comercialización.
o Una posición financiera sólida que ofrece margen para mayores inversiones de crecimiento que mejoren el valor en el año fiscal 2024 y en adelante.
Perspectivas y comercio actual
· Performance in the first half of the year was strong, with good conversion of orders to revenue together with improved operational efficiency and effective cost management
· The Group has a solid order book, providing good visibility for the second half of the year
· Whilst mindful of timing of pipeline conversion and customer delivery schedules, the Board is confident that performance momentum in the first half margin can be sustained and, consequently, expects the Group to deliver full year adjusted operating profit ahead of its current expectations
· Las perspectivas de crecimiento futuro siguen respaldadas por impulsores de crecimiento regulatorio y estructural a largo plazo en seguridad activa, sistemas autónomos y automatización de aplicaciones de vehículos.
Al comentar sobre los resultados, el Dr. James Routh, director ejecutivo, dijo:
"The Group has delivered a strong performance in the first half of the year, capitalising on supportive conditions across key markets and demonstrating the benefits of the investment made in recent years in the commercial and operating capability of the business.
"We see significant opportunity in our core markets in automotive, which are supported by long-term structural and regulatory growth drivers, and are continuing to invest in new product development and technology. In addition, we are investing in innovative technologies to diversify the business into attractive adjacent markets through ABD Solutions.
"Our solid order book provides good visibility for the second half of the year. Whilst being mindful of timing of pipeline conversion and customer delivery schedules, the Board remains confident that the Group will make further financial and strategic progress this year. With strong trading momentum entering H2 and benefiting from the acquisition of VTS and improved margins, the Board expects to deliver full year operating profit ahead of its expectations."
Habrá una presentación para analistas esta mañana at 9.00am at Teneo offices, 11 Pilgrim St, London EC4V 6RN. Por favor contactar GME@dhr-rgv.com si quieres asistir
A presentation will also be provided on the Investor Meet Company platform on 24 April 2023 at 9.00am. Anyone wishing to attend should register their interest via https://www.investormeetcompany.com/ab-dynamics-plc/register-investor.
Cierta información contenida en este anuncio habría constituido información privilegiada (tal como se define en el artículo 7 del Reglamento (UE) n.º 596/2014), ya que forma parte de la legislación nacional en virtud de la Ley de (Retirada) de la Unión Europea de 2018) ("MAR ") antes de su publicación como parte de este anuncio y se divulga de conformidad con las obligaciones de la Compañía en virtud del artículo 17 de dicho Reglamento.
Consultas:
AB Dinámica plc | 01225 860 200 |
Dr. James Routh, director ejecutivo | |
Sarah Matthews-DeMers, directora financiera | |
Peel Hunt LLP (Asesor designado y asesor conjunto Broker) | 0207 894 7000
|
Mike Bell Ed Allsopp
| |
Stifel Nicolaus Europe Limited (conjunto Broker) | 0207 710 7600 |
Mateo Blawat Harry Billen | |
téneo | 0207 353 4200 |
james macey blanco | |
mate bajo | |
La persona responsable de organizar la divulgación de esta información es Felicity Jackson, asesora jurídica del grupo.
Acerca de AB Dynamics plc
AB Dynamics es un diseñador, fabricante y proveedor líder de productos avanzados de prueba, simulación y medición para el mercado mundial del transporte.
AB Dynamics es un grupo internacional de empresas con sede en Bradford on Avon. AB Dynamics actualmente suministra a todos los principales fabricantes de automóviles, proveedores de nivel 1 y proveedores de servicios, que utilizan habitualmente los productos del Grupo para probar y verificar la dinámica y los sistemas de seguridad de los vehículos.
Revisión de medio año
Resumen del grupo
The Group has delivered a strong performance in the first half of the year, supported by recent investments in its capabilities to capitalise on the significant long-term structural and regulatory growth drivers within its markets.
The Group continued to deliver against its strategic priorities by launching new products, developing its service offering to drive recurring revenues and delivering on its diversification plans through progress in ABD Solutions. After the period end, the Group also expanded its presence in the testing services market with the acquisition of Venshure Test Services.
Financial performance in the Period
The Group delivered revenue growth of 8% to £52.3m, with increases in testing products and services offset by a reduction in simulation, which reflects the timing of delivery of customer projects.
Gross margin was 58.3%, up 90bps on H1 2023 due to effective pricing management and increased testing services revenue.
Group adjusted operating profit increased by 16% to £8.9m. The adjusted operating margin increased to 17.0% (H1 2023: 15.9%), as a result of the increase in sales volumes, the improved gross margin and operational efficiency. Excluding ABD Solutions, the adjusted operating margin increased to 18.6% (H1 2023: 17.9%).
Adjusted net finance costs were £0.1m (H1 2023: £0.2m).
Adjusted profit before tax was £8.8m (H1 2023: £7.5m). The Group adjusted tax charge totalled £1.6m (H1 2023: £1.3m), an adjusted effective tax rate of 18.4% (H1 2023: 16.7%).
Adjusted diluted earnings per share was 30.9p (H1 2023: 27.1p), an increase of 14%, reflecting the increase in operating profit offset by a higher tax rate.
Statutory operating profit increased by 96% to £5.5m and after net finance costs of £0.4m (H1 2023: £1.0m), statutory profit before tax was up 183% from £1.8m to £5.1m, giving statutory basic earnings per share of 18.2p (H1 2023: 6.4p). The statutory tax charge was £0.9m (H1 2023: £0.4m). A reconciliation of statutory to underlying non-GAAP financial measures is provided below. The adjustments to operating profit of £3.4m comprise £3.0m of amortisation of acquired intangibles, £0.3m of ERP cloud computing costs and £0.1m of acquisition related costs (H1 2023: £4.9m comprising £3.7m of amortisation of acquired intangibles, £0.8m of ERP cloud computing costs and £0.4m of acquisition costs). The £0.3m adjustment to the interest charge relates to the unwind of the discount on the deferred contingent consideration for Ansible Motion (H1 2023: £0.8m). The tax impact of these adjustments was a credit of £0.7m (H1 2023: £0.9m).
The Group delivered strong adjusted operating cash flow of £11.3m (H1 2023: £9.5m) with the net cash position at the period end of £29.1m (31 August 2023: £32.0m) underpinning a robust balance sheet and providing the resources to fund the acquisition of VTS and continue the Group's investment programme.
Revisión del sector
|
| H1 2024 £ m | H1 20231 £ m | |
Conducción de robots | 12.5 | 14.2 | - 12% | |
ADAS platforms | 19.5 | 14.0 | + 39% | |
Las pruebas de laboratorio | 2.9 | 2.92 | - | |
Productos de prueba | 34.9 | 31.1 | + 12% | |
Servicios de prueba | 7.5 | 6.1 | + 23% | |
Simulación | 9.9 | 11.42 | - 13% | |
Los ingresos totales | 52.3 | 48.6 | + 8% |
1The Group previously reported two sectors, track testing and laboratory testing and simulation. Following the growth in testing services, these are now reported separately. Laboratory testing is now included within testing products to better reflect the nature of the products.
2 Restated for change in revenue recognition, see note 10.
Productos de prueba
The Group's testing products are used on proving grounds, test tracks and in the laboratory to evaluate the performance of vehicle active safety systems, autonomous technologies, electric vehicles, vehicle durability and vehicle dynamics.
Testing products revenue of £34.9m was up 12% against H1 2023 (£31.1m) with growth in ADAS platforms offset by a reduction in driving robots.
Driving robot sales decreased 12% against H1 2023 to £12.5m (H1 2023: £14.2m). The Group expects continued growth in driving robots at more normalised levels, as new regulatory requirements for evolving ADAS technologies are released, such as the recent launch of the Euro NCAP 2030 roadmap and its new Safer Trucks rating scheme. It is expected that there will be over 700 Euro NCAP test scenarios by 2025, up from 591 in 2023. New tests for commercial vehicles offer further opportunities for market expansion.
ADAS platform sales increased 39% to £19.5m in H1 2024 (H1 2023: £14.0m). The recent launch of a new range of soft targets including motorcycles and articulating pedestrians is expected to drive further growth.
Laboratory testing revenue relates to sales of our market leading SPMM product, large-scale testing rigs used to characterise the kinematics and compliance of vehicles under development. Revenue was flat at £2.9m (H1 2023: £2.9m). This long-standing product which has been supplied to global customers for the past 25 years has evolved significantly over this period, culminating in the recent launch of the SPMM Plus.
The Group continues to invest in new product development in the testing products sector in order to meet forthcoming regulatory requirements and to ensure we retain our market leadership in testing technology.
Servicios de prueba
Testing services includes revenue from the Group's test facility in Bakersfield, USA, where testing of ADAS systems and vehicle dynamics is performed on behalf of OEMs, technology developers and government agencies.
In China, the Group provides on-road vehicle testing services for the assessment of all aspects of vehicle performance, particularly focusing on electric vehicle performance, charging capability and vehicle connectivity.
This sector saw significant growth of 23% to £7.5m (H1 2023: £6.1m) in advance of new regulatory requirements, albeit against a weak comparative period in H1 2023 that was impacted by local COVID restrictions delaying the provision of testing services in China and delays in availability of test vehicles more widely.
Simulación
The Group provides both physical simulators and advanced, physics-based simulation software. Simulators are used by both automotive manufacturers and motorsport teams to accurately represent the real world using the rFpro software, coupled with state-of-the-art motion platforms and static driving simulators to assist in development of new vehicles and improve performance.
Simulation revenue decreased by 13% to £9.9m (H1 2023: £11.4m). Growth in simulation software was offset by a decrease in revenue from simulator motion platforms due to the timing of revenue recognition, as much of the H1 activity will be recognised in revenue on delivery in H2.
Avances en nuestra estrategia
The Group continues to make good progress against its organic led growth strategy, supplemented with value enhancing acquisitions. The focus on building and growing the core business continued, coupled with delivering on the Group's diversification plans through ABD Solutions.
Investment continued in the core automotive sector, which is characterised by strong regulatory and structural growth drivers and rapid technology change. New product development and the strengthened operational and commercial platform leaves the Group well placed to benefit from increasing regulation and the increasing number and complexity of test scenarios required by NCAP bodies and regulators.
As part of the objective to diversify into adjacent markets, ABD Solutions continues to make significant progress in its mission to add automated solutions to existing vehicles fleets faster and more cost effectively. ABD Solutions has demonstrated its product offering in contrasting environments for potential customers in mining, defence and other specialist vehicles and successfully proved its concept and market solution, Indigo Drive. The first units of the Group's new durability testing solution were delivered during H1, with initial revenues from the retrofit pedestrian detection system for the construction industry expected during H2. Several small contracts for phase 1 feasibility studies have been awarded for delivery during H2 and FY2025, while the medium-term pipeline consists of 10-15 opportunities ranging from £0.4m to £10m.
Adquisiciones
On 2 April 2024, the Group acquired the trade and assets of Venshure Test Services, LLC, a provider of vehicle testing services, including environmental testing and range certification for electric vehicles. The initial consideration was $15.0m (£11.8m). Contingent consideration of up to $15.0m will become payable in cash subject to certain performance criteria being met for the 2 years ending 2 April 2026. The acquisition expands both the Group's capability and geographic coverage in the important and growing field of EV battery and powertrain performance evaluation. It also provides the opportunity to leverage AB Dynamics' existing sales capabilities to drive cross-selling.
Acquisitions have been and will continue to be a significant part of the overall strategy, and there is a promising pipeline of potential value-enhancing and strategically compelling acquisition opportunities.
Medidas de desempeño alternativas
In the analysis of the Group's financial performance and position, operating results and cash flows, alternative performance measures are presented to provide readers with additional information. The principal measures presented are adjusted measures of earnings including adjusted operating profit, EBITDA, adjusted operating margin, adjusted profit before tax, adjusted earnings per share and adjusted cash flow from operations.
The interim report includes both statutory and adjusted non-GAAP financial measures, the latter of which the Directors believe better reflect the underlying performance of the business and provide a more meaningful comparison of how the business is managed and measured on a day-to-day basis. The Group's alternative performance measures and KPIs are aligned to the Group's strategy and together are used to measure the performance of the business and form the basis of the performance measures for remuneration. Adjusted results exclude certain items because if included, these items could distort the understanding of the performance for the year and the comparability between the periods.
Comparatives are provided alongside all current period figures. The term 'adjusted' is not defined under IFRS and may not be comparable with similarly titled measures used by other companies. All profit and earnings per share figures in this interim report relate to underlying business performance (as defined above) unless otherwise stated.
A continuación se proporciona una conciliación de las medidas ajustadas con las medidas legales:
H1 2024 | H1 20231 | |||||
Equilibrado | Ajustes | Estatutario | Equilibrado | Ajustes | Estatutario | |
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EBITDA (millones de libras esterlinas) | 10.6 | (0.4) | 10.2 | 9.5 | (1.2) | 8.3 |
Beneficio operativo (millones de libras esterlinas) | 8.9 | (3.4) | 5.5 | 7.7 | (4.9) | 2.8 |
Margen operativo | 17.0% | (6.5%) | 10.5% | 15.9% | (10.2%) | 5.7% |
Gasto financiero (millones de libras esterlinas) | (0.1) | (0.3) | (0.4) | (0.2) | (0.8) | (1.0) |
Beneficio antes de impuestos (£ m) | 8.8 | (3.7) | 5.1 | 7.5 | (5.7) | 1.8 |
Tax expense (£m) | (1.6) | 0.7 | (0.9) | (1.3) | 0.9 | (0.4) |
Beneficio después de impuestos (millones de libras esterlinas) | 7.2 | (3.0) | 4.2 | 6.2 | (4.8) | 1.4 |
Ganancias por acción diluidas (peniques) |
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Flujo de caja de operaciones (millones de libras esterlinas) |
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1 Reformulado, ver nota 10.
Los ajustes comprenden:
H1 2024 | H1 2023 | Cash flow impact H1 2024 | Cash flow impact H1 2023 | |
£ m | £ m | £ m | £ m | |
Amortización de intangibles adquiridos | 3.0 | 3.7 | - | - |
Costos de desarrollo de ERP | 0.3 | 0.8 | 0.3 | 0.8 |
Costos relacionados con la adquisición | 0.1 | 0.4 | - | 2.6 |
Ajustes al resultado operativo | 3.4 | 4.9 | 0.3 | 3.4 |
Costos financieros relacionados con la adquisición | 0.3 | 0.8 | - | - |
Ajustes a la utilidad antes de impuestos | 3.7 | 5.7 | 0.3 | 3.4 |
Exposición a moneda extranjera
The Group faces currency exposure on its foreign currency transactions and with significant overseas operations, also has exposure to foreign currency translation risk. The Group maintains a natural hedge whenever possible to transactional exposure by matching the cash inflows and outflows in the respective currencies.
On a constant currency basis, revenue would have been £1.2m higher than reported and operating profit would have been £0.1m higher as the US dollar, the Euro and Yen weakened against H1 2023. Constant currency revenue growth was 10% and growth in operating profit was 17%.
Dividendos
The Board has declared an interim dividend of 2.33p per ordinary share (H1 2023: 1.94p) which will be paid on 17 May 2024 to shareholders on the register on 3 May 2024.
A final dividend of 4.42p per share was paid on 6 March 2024 in respect of the year ended 31 August 2023 totalling £1,014,000. The Board recognises that dividends continue to be an important component of total shareholder returns, balanced against maintaining a strong financial position and intends to pursue a sustainable and growing dividend policy in the future having regard to the development of the Group.
Resumen y Outlook
The Group has delivered a strong performance in the first half of the year, capitalising on supportive conditions across key markets and demonstrating the benefits of the investment made in recent years in the commercial and operating capability of the business.
We see significant opportunity in our core markets in automotive, which are supported by long-term structural and regulatory growth drivers, and are continuing to invest in new product development and technology. In addition, we are investing in innovative technologies to diversify the business into attractive adjacent markets through ABD Solutions.
Our solid order book provides good visibility for the second half of the year, with organic adjusted operating profit expected to be more evenly weighted across the two halves of the year than in previous years. Whilst being mindful of timing of pipeline conversion and customer delivery schedules, the Board remains confident that the Group will make further financial and strategic progress this year. With strong trading momentum entering H2 and benefiting from the acquisition of VTS and improved margins, the Board expects to deliver full year operating profit ahead of its current expectations.
Declaración de responsabilidad de los directores
The Directors confirm that this condensed consolidated half year financial information has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the United Kingdom, and that the half year management report herein includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the first six months and their impact on the condensed consolidated half year financial information, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
· transacciones materiales con partes relacionadas en los primeros seis meses y cualquier cambio material en las transacciones con partes relacionadas descritas en el último informe anual.
Por orden de la Junta
Dr. James Routh
Director General
23 de abril de 2024
AB Dinámica plc
Estado de resultados integrales condensado consolidado no auditado
por los seis meses terminados el 29 de febrero de 2024
6 meses sin auditar terminados 29 de febrero de 2024 |
*Restated Unaudited 6 months ended 28 de febrero de 2023 |
Audited Year ended 31 August 2023 |
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Equilibrado | Ajustes | Estatutario | Equilibrado | Ajustes | Estatutario | Equilibrado | Ajustes | Estatutario |
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Note | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
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Ingresos | 2 | 52,254 | - | 52,254 | 48,610 | - | 48,610 | 100,767 | - | 100,767 |
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El costo de ventas | (21,794) | - | (21,794) | (20,689) | - | (20,689) | (40,837) | - | (40,837) |
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Beneficio bruto | 30,460 | - | 30,460 | 27,921 | - | 27,921 | 59,930 | - | 59,930 |
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gastos generales y administrativos | (21,587) | (3,402) | (24,989) | (20,214) | (4,933) | (25,147) | (43,326) | (9,229) | (52,555) |
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Fair value gain on release of contingent consideration | - | - | - | - | - | - | - | 5,180 | 5,180 |
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Beneficio operativo | 8,873 | (3,402) | 5,471 | 7,707 | (4,933) | 2,774 | 16,604 | (4,049) | 12,555 |
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El beneficio operativo se analiza como: |
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Antes de depreciación y amortización | 10,564 | (354) | 10,210 | 9,540 | (1,222) | 8,318 | 20,517 | 3,140 | 23,657 |
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depreciación y amortización | (1,691) | (3,048) | (4,739) | (1,833) | (3,711) | (5,544) | (3,913) | (7,189) | (11,102) |
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Beneficio operativo | 8,873 | (3,402) | 5,471 | 7,707 | (4,933) | 2,774 | 16,604 | (4,049) | 12,555 |
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Gastos financieros netos | (84) | (285) | (369) | (206) | (794) | (1,000) | (354) | (713) | (1,067) |
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Beneficio antes de impuestos | 8,789 | (3,687) | 5,102 |
| 7,501 | (5,727) | 1,774 | 16,250 | (4,762) | 11,488 |
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Gasto de impuestos | (1,620) | 692 | (928) | (1,253) | 932 | (321) | (2,146) | 1,644 | (502) |
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Beneficio del período |
| 7,169 | (2,995) | 4,174 |
| 6,248 | (4,795) | 1,453 | 14,104 | (3,118) | 10,986 |
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Otro gasto integral |
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Partidas que pueden ser reclasificadas al estado de resultados consolidado: |
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Coberturas de flujo de efectivo | - | - | - | 136 | - | 136 | 124 | - | 124 |
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Exchange loss on foreign currency net investments | (309) | - | (309) | (539) | - | (539) | (2,059) | - | (2,059) |
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Resultado integral total del período | 6,860 | (2,995) | 3,865 |
| 5,845 | (4,795) | 1,050 | 12,169 | (3,118) | 9,051 |
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Earnings per share - basic (pence) 5 | 31.3 | (13.1) | 18.2 | 27.3 | (20.9) | 6.4 | 61.6 | (13.6) | 48.0 |
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Earnings per share - diluted (pence) 5
| 30.9 | (12.9) | 18.0 | 27.1 | (20.8) | 6.3 | 60.8 | (13.4) | 47.4 |
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* Ver nota 10 | ||||||||||||||||||||||
AB Dinámica plc
Estado de situación financiera consolidado condensado no auditado
al 29 de febrero de 2024
|
Sin auditar 29 febrero 2024 | * Reformulado Sin auditar 28 febrero 2023 000 £ |
auditado 31 agosto 2023 000 £ | * Reformulado auditado 31 agosto 2022 000 £ | ||
BIENES | Note |
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Activos no corrientes |
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Goodwill |
| 36,946 | 36,825 | 36,939 | 23,818 | |
Activos intangibles adquiridos |
| 29,768 | 36,769 | 32,831 | 23,665 | |
Otros activos intangibles |
| 2,610 | 3,080 | 2,746 | 2,971 | |
Propiedad, planta y equipo. |
| 26,207 | 25,418 | 25,739 | 25,708 | |
Activos por derecho de uso |
| 2,701 | 1,648 | 1,409 | 876 | |
| 98,232 | 103,740 | 99,664 | 77,038 | ||
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Activos circulantes |
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Los inventarios |
| 19,475 | 15,966 | 17,954 | 13,651 | |
Cuentas comerciales y otras cuentas por cobrar |
| 17,061 | 18,910 | 14,494 | 13,782 | |
Activos contractuales |
| 1,995 | 2,027 | 3,152 | 4,328 | |
Taxation |
| - | 140 | - | 890 | |
Efectivo y equivalentes de efectivo | 7 | 31,875 | 28,991 | 33,486 | 30,141 | |
70,406 | 66,034 | 69,086 | 62,792 | |||
Los activos mantenidos para la venta |
| 1,893 | 1,893 | 1,893 | 1,893 | |
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PASIVO |
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Pasivo circulante |
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Préstamos | 7 | - | 6,000 | - | - | |
Comerciales y otras cuentas a pagar |
| 17,109 | 20,006 | 20,127 | 16,810 | |
Pasivos contractuales |
| 14,545 | 7,219 | 9,234 | 5,068 | |
Instrumentos financieros derivados |
| - | - | - | 123 | |
Pasivos por arrendamiento a corto plazo | 7 | 707 | 784 | 570 | 628 | |
Consideración contingente |
| 528 | 11,190 | 5,943 | - | |
| 32,889 | 45,199 | 35,874 | 22,629 | ||
|
| |||||
Pasivos no corrientes |
|
| ||||
Pasivos por impuestos diferidos |
| 8,589 | 9,236 | 8,708 | 6,397 | |
Pasivos por arrendamiento a largo plazo | 7 | 2,064 | 952 | 906 | 315 | |
| 10,653 | 10,188 | 9,614 | 6,712 | ||
Activos netos |
| 126,989 | 116,280 | 125,155 | 112,382 | |
|
| |||||
Accionistas |
|
| ||||
Capital social |
| 229 | 229 | 229 | 226 | |
Compartir premium |
| 62,781 | 62,372 | 62,781 | 62,260 | |
Otras reservas | 8 | 2,094 | 3,935 | 2,403 | 1,142 | |
Ganancias retenidas |
| 61,885 | 49,744 | 59,742 | 48,754 | |
Equidad total |
| 126,989 | 116,280 | 125,155 | 112,382 | |
* Ver nota 10
AB Dinámica plc
Estado de cambios en el patrimonio neto condensado consolidado no auditado
por los seis meses terminados el 29 de febrero de 2024
Capital social | Compartir premium | Otras reservas | Ganancias retenidas |
Equidad total | |
000 £
| 000 £ | 000 £ | 000 £ | 000 £ | |
Al 1 de septiembre de 2023 | 229 | 62,781 | 2,403 | 59,742 | 125,155 |
Total de ingresos integrales | - | - | (309) | 4,174 | 3,865 |
Pagos basados en acciones | - | - | - | 698 | 698 |
Impuesto diferido sobre pagos basados en acciones |
|
|
|
|
|
Dividendo pagado | - | - | - | (1,014) | (1,014) |
Compra de acciones propias | - | - | - | (1,773) | (1,773) |
Al 29 de febrero de 2024 | 229 | 62,781 | 2,094 | 61,885 | 126,989 |
Al 1 de septiembre de 2022 como se informó anteriormente |
|
|
|
|
|
Ajuste del período anterior | - | - | - | 421 | 421 |
Al 1 de septiembre de 2022 reexpresado | 226 | 62,260 | 1,142 | 48,754 | 112,382 |
Total comprehensive income* | - | - | (403) | 1,453 | 1,050 |
Pagos basados en acciones | - | - | - | 230 | 230 |
Impuesto diferido sobre pagos basados en acciones |
|
|
|
|
|
Dividendo pagado | - | - | - | (810) | (810) |
Emisión de acciones | 3 | 112 | 3,196 | - | 3,311 |
Al 28 de febrero de 2023 | 229 | 62,372 | 3,935 | 49,744 | 116,280 |
Al 1 de septiembre de 2022 como se informó anteriormente |
|
|
|
|
|
Ajuste del período anterior | - | - | - | 421 | 421 |
Al 1 de septiembre de 2022 reexpresado | 226 | 62,260 | 1,142 | 48,754 | 112,382 |
Total de ingresos integrales | - | - | (1,935) | 10,986 | 9,051 |
Pagos basados en acciones | - | - | - | 1,064 | 1,064 |
Impuesto diferido sobre pagos basados en acciones | - | - |
| 193 | 193 |
Dividendo pagado | - | - | - | (1,255) | (1,255) |
Emisión de acciones | 3 | 521 | 3,196 | - | 3,720 |
A 31 de agosto de 2023 | 229 | 62,781 | 2,403 | 59,742 | 125,155 |
* Ver nota 10
AB Dinámica plc
Estado de flujo de efectivo consolidado condensado no auditado
por los seis meses terminados el 29 de febrero de 2024
6 meses terminó 29 febrero 2024 | * Reformulado Sin auditar 6 meses terminó 28 febrero 2023 | *Restated Audited Year terminó 31 agosto 2023 | |
000 £ | 000 £ | 000 £ | |
Beneficio antes de impuestos | 5,102 | 1,774 | 11,488 |
depreciación y amortización | 4,739 | 5,544 | 11,102 |
Gastos financieros | 369 | 1,000 | 1,067 |
Liberación de contraprestación contingente | - | - | (5,180) |
Pagos basados en acciones | 698 | 230 | 1,263 |
Flujos de efectivo operativos antes de cambios en el capital de trabajo |
|
|
|
Incremento de inventarios | (1,538) | (1,263) | (2,612) |
(Aumento) / disminución de cuentas por cobrar comerciales y otras |
|
892 |
|
Aumento / (disminución) de cuentas comerciales y otras cuentas por pagar | 3,075 | (2,035) | (369) |
Flujos de efectivo de las operaciones | 10,987 | 6,142 | 19,273 |
Cash flows from operations are analysed as: |
| ||
Flujos de efectivo ajustados de las operaciones | 11,336 | 9,480 | 23,450 |
Impacto en efectivo de las partidas de ajuste | (349) | (3,338) | (4,177) |
Flujos de efectivo de las operaciones | 10,987 | 6,142 | 19,273 |
Costos financieros pagados | (9) | (12) | (291) |
Income tax (paid)/ received | (1,946) | 546 | 363 |
Flujos de efectivo netos de las actividades operativas | 9,032 | 6,676 | 19,345 |
Flujos de efectivo utilizados en actividades de inversión |
| ||
Adquisición de negocios neta de efectivo | (5,700) | (11,233) | (10,656) |
Compra de propiedad, planta y equipo | (1,602) | (882) | (2,930) |
Costos de desarrollo capitalizados y software comprado | (49) |
(292) | (469) |
Efectivo neto utilizado en actividades de inversión | (7,351) | (12,407) | (14,055) |
Flujos de efectivo (utilizados en) / generados a partir de actividades de financiación |
| ||
Disposición de préstamos | - | 6,000 | 6,000 |
Reembolso de préstamos | - | - | (6,000) |
Dividendos pagados | (1,014) | (810) | (1,255) |
(Purchase of own shares)/proceeds from issue of share capital | (1,773) | 47 | 457 |
Reembolso de los pasivos por arrendamiento | (485) | (602) | (1,124) |
Flujo de caja neto (utilizado en)/generado a partir de actividades de financiación | (3,272) |
| (1,922) |
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (1,591) |
| 3,368 |
Efectivo y equivalentes de efectivo al inicio del período | 33,486 |
30,141 | 30,141 |
Efecto de los tipos de cambio sobre el efectivo y equivalentes de efectivo | (20) | (54) | (23) |
Efectivo y equivalentes de efectivo al final del período | 31,875 | 28,991 | 33,486 |
* Ver nota 10
AB Dinámica plc
Notes to the unaudited interim report
por los seis meses terminados el 29 de febrero de 2024
1. Base de preparación
La Compañía es una sociedad anónima limitada por acciones y constituida bajo la Ley de Sociedades del Reino Unido. La Compañía tiene su domicilio en el Reino Unido y el domicilio social y el lugar principal de negocios es Middleton Drive, Bradford on Avon, Wiltshire, BA15 1GB.
The principal activity is the specialised area of design, manufacture and supply of advanced testing, simulation and measurement products to the global transport market.
The annual financial statements of the Group are prepared in accordance with UK-adopted international accounting standards and applicable law. A copy of the statutory accounts for the year ended 31 August 2023 has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain any statements under section 498(2) or (3) 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 financial statements for the year ended 31 August 2023.
Certain new standards, amendments to standards and interpretations are not yet effective for the year ending 31 August 2024 and have therefore not been applied in preparing this interim financial information.
The interim accounts are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
Base contable de negocio en marcha
Los Directores han evaluado los principales riesgos, incluso mediante el modelado de un escenario a la baja grave pero plausible, en el que el Grupo experimenta:
· Una reducción de la demanda del 25% en los dos próximos ejercicios
· Un aumento del 10 % en los costos operativos debido a la interrupción de la cadena de suministro
· Un aumento en el ciclo de cobro de efectivo
· An increase in input costs resulting in reduction in gross margins
At 29 February 2024 the Group had £29.1m of net cash and £15.0m undrawn revolving credit facility. Even after paying initial consideration of £11.8m after the period end for the acquisition of VTS and after modelling the above severe downside scenario, the Group has sufficient headroom to be able to continue to operate for the foreseeable future. The Directors believe that the Group is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the Group will have adequate resources to continue in operation for at least twelve months from the signing date of this financial information. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the interim statements.
The interim financial information for the six months ended 29 February 2024 was approved by the Board on 23 April 2024.
2. Información de segmento
Revenues attributable to individual countries are as follows:
Sin auditar 6 meses terminó 29 de febrero de 2024 |
*Restated Unaudited 6 meses terminó 28 de febrero de 2023 |
auditado Año terminó 31 de agosto de 2023 | |
000 £ | 000 £ | 000 £ | |
Reino Unido | 4,139 | 1,991 | 4,875 |
El resto de Europa | 14,748 | 10,568 | 22,095 |
Norteamérica | 11,145 | 13,547 | 25,171 |
Asia-Pacífico | 22,115 | 21,205 | 46,409 |
Resto del mundo | 107 | 1,299 | 2,217 |
52,254 | 48,610 | 100,767 | |
Los ingresos se desagregan de la siguiente manera: | |||
Productos de prueba | 34,861 | 31,101 | 63,017 |
Servicios de prueba | 7,524 | 6,139 | 12,858 |
Simulación | 9,869 | 11,370 | 24,892 |
52,254 | 48,610 | 100,767 | |
* Ver nota 10
3. Medidas alternativas de desempeño
In the analysis of the Group's financial performance and position, operating results and cash flows, alternative performance measures are presented to provide readers with additional information. The principal measures presented are adjusted measures of earnings including adjusted operating profit, EBITDA, adjusted operating margin, adjusted profit before tax, adjusted earnings per share and adjusted cash flow from operations.
The interim financial information includes both statutory and adjusted non-GAAP financial measures, the latter of which the Directors believe better reflect the underlying performance of the business and provide a more meaningful comparison of how the business is managed and measured on a day-to-day basis. The Group's alternative performance measures and KPIs are aligned to the Group's strategy and together are used to measure the performance of the business and form the basis of the performance measures for remuneration. Adjusted results exclude certain items because if included, these items could distort the understanding of the performance for the year and the comparability between the periods.
We provide comparatives alongside all current year figures. The term 'adjusted' is not defined under IFRS and may not be comparable with similarly titled measures used by other companies. All profit and earnings per share figures in this interim report relate to underlying business performance (as defined above) unless otherwise stated.
A summary of the items which reconcile statutory to adjusted measures is included below:
Sin auditar 6 meses terminó 29 febrero |
Sin auditar 6 meses terminó 28 de febrero de 2023 |
auditado Año terminó 31 de agosto de 2023 | |
000 £ | 000 £ | 000 £ | |
Amortización de intangibles adquiridos | 3,048 | 3,711 | 7,189 |
Costos de desarrollo de ERP | 270 | 786 | 1,362 |
Acquisition related costs/(credit) | 84 | 436 | (4,502) |
Ajustes al resultado operativo | 3,402 | 4,933 | 4,049 |
Costos financieros relacionados con la adquisición | 285 | 794 | 713 |
Ajustes a la utilidad antes de impuestos | 3,687 | 5,727 | 4,762 |
Amortización de intangibles adquiridos
The amortisation relates to the acquisition of Ansible Motion Limited on 20 September 2022, Vadotech Group on 3 March 2021 and the businesses acquired in 2019, DRI and rFpro.
Costos de desarrollo de ERP
These costs relate to the development, configuration and customisation of the Group's new ERP system which is hosted in the cloud.
Acquisition related costs/(credit)
The prior year costs/(credit) relate to the costs of acquisition of Ansible Motion Limited net of the £5.2m release of contingent consideration in the second half of the year.
Costos financieros relacionados con la adquisición
Finance costs relate to the unwind of the discount on deferred contingent consideration payable on the acquisition of Ansible Motion.
Impuestos
The tax impact of these adjustments was as follows: amortisation £0.6m (H1 2023: £0.5m), acquisition related costs £Nil (H1 2023: £Nil), ERP £0.1m (H1 2023: £0.1m) and acquisition related finance costs £Nil (H1 2023: £Nil).
Impacto en efectivo
The operating cash flow impact of the adjustments was an outflow of £0.3m (H1 2023: £3.4m) being £0.3m (H1 2023: £0.8m) in relation to ERP development costs and £Nil (H1 2023: £2.6m) in relation to acquisition costs. The prior year acquisition costs included a bonus paid to employees of Ansible Motion Limited for pre-acquisition service.
4. Impuesto
The statutory effective tax rate for the period is a charge of 18.2% (H1 2023: 18.1%), the difference from the prior period reflecting the acquisition related finance costs which are not deductible for tax purposes.
The adjusted effective tax rate, adjusting both the tax charge and the profit before taxation is 18.4% (H1 2023: 16.7%). The increase reflects the full year effect of the increase in the rate of UK corporation tax on 1 April 2023 and changes to the UK R&D tax credit regime.
5. Beneficio por acción
El cálculo de la utilidad por acción se basa en las siguientes utilidades y número de acciones:
| Sin auditar 6 meses terminó 29 febrero 2024 | * Reformulado Sin auditar 6 meses terminó 28 febrero 2023 | auditado Año terminó 31 agosto 2023 |
|
|
|
|
|
| ||
Número medio ponderado de acciones ('000) |
| ||
Basic | 22,934 | 22,859 | 22,886 |
Diluido | 23,165 | 23,036 | 23,193 |
|
| ||
Ganancias por acción (peniques) |
| ||
Profit after tax attributable to owners of the Group (£'000) | 4,174 | 1,453 | 10,986 |
Basic | 18.2 | 6.4 | 48.0 |
Diluido | 18.0 | 6.3 | 47.4 |
| |||
Ganancias por acción ajustadas (peniques) |
| ||
Adjusted profit after tax attributable to owners of the Group (£'000) | 7,169 | 6,248 | 14,104 |
Básico ajustado | 31.3 | 27.3 | 61.6 |
Diluido ajustado | 30.9 | 27.1 | 60.8 |
* Ver nota 10
6. Dividendos
An interim dividend of 1.94p per ordinary share in respect of the year ended 31 August 2023 was paid on 19 May 2023 to shareholders on the register on 5 May 2023 totalling £445,000.
At the Annual General Meeting the shareholders approved a final dividend in respect of the year ended 31 August 2023 of 4.42p per ordinary share totalling £1,014,000. This was paid on 6 March 2024 to shareholders on the register on 9 February 2024.
An interim dividend of 2.33p per ordinary share totalling £534,000 has been declared in respect of the year ending 31 August 2024 which will be paid on 17 May 2024 to shareholders on the register on 3 May 2024.
7. Net cash
Net cash comprises cash and cash equivalents, bank overdrafts, borrowings and lease liabilities.
Sin auditar 29 febrero 2024 000 £ | Sin auditar 28 febrero 2023 | auditado 31 agosto 2023 000 £ | |
|
| ||
Efectivo y equivalentes de efectivo | 31,875 | 28,991 | 33,486 |
Préstamos | - | (6,000) | - |
Pasivos por arrendamiento | (2,771) | (1,736) | (1,476) |
29,104 | 21,255 | 32,010 | |
|
The Group has a £15.0m revolving credit facility with National Westminster Bank plc. The facility was extended on 7 February 2023 to 4 February 2026.
8. Otras reservas
| Reserva de alivio para fusiones |
|
|
|
|
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
| |||||
Al 1 de septiembre de 2022 | 11,390 | (11,284) | 1,160 | (124) | 1,142 |
Otro gasto integral | - | - | (539) | 136 | (403) |
Emisión de acciones | 3,196 | - | - | - | 3,196 |
Al 28 de febrero de 2023 | 14,586 | (11,284) | 621 | 12 | 3,935 |
Otro gasto integral | - | - | (1,520) | (12) | (1,532) |
A 31 de agosto de 2023 | 14,586 | (11,284) | (899) | - | 2,403 |
Otro gasto integral | - | - | (329) | 20 | (309) |
Al 29 de febrero de 2024 | 14,586 | (11,284) | (1,228) | 20 | 2,094 |
|
9. Divisas
The foreign exchange rates applied during the period were:
|
| H1 2024 | H1 2023 |
Tasa de fin de período | |||
Dólar estadounidense |
| 1.266 | 1.206 |
Euro |
| 1.168 | 1.137 |
Yen |
| 191 | 164 |
Tasa promedio | |||
Dólar estadounidense |
| 1.237 | 1.187 |
Euro |
| 1.155 | 1.143 |
Yen |
| 184 | 164 |
10. Restatement of prior period balances
The comparatives for the prior period have been restated to reflect a different interpretation of the accounting standard regarding revenue recognition following challenge by the Group's new auditors, Grant Thornton. The restatement relates to timing differences on contracts with two customers under which revenue was previously recognised over time as the equipment was built and has been restated to reflect recognition at a point in time on delivery and installation. The change in interpretation relates to judgement applied in determining how much profit the Group would be entitled to in the unlikely event of a cancellation of the contract. None of these contracts were cancelled and all concluded during FY 2023 and payment has been received in full.
The impact is detailed in the tables below and has resulted in a decrease in revenue of £432,000 and profit after tax of £82,000 for the period ended 28 February 2023 and an increase in opening net assets at 1 September 2022 of £421,000.
Estado consolidado de posición financiera
| Unaudited 28 February 2023 | 31 de agosto de 2022 | ||||
|
| Impacto de la reexpresión 000 £ |
000 £ | Como se informó | Impacto de la reexpresión |
|
| ||||||
Activos no corrientes | 103,740 | - | 103,740 | 77,038 | - | 77,038 |
Activos circulantes | ||||||
Los inventarios | 15,616 | 350 | 15,966 | 13,611 | 40 | 13,651 |
Taxation | 140 | - | 140 | 882 | 8 | 890 |
Activos contractuales | 2,037 | (10) | 2,027 | 3,917 | 411 | 4,328 |
Otros activos corrientes | 47,901 | - | 47,901 | 43,923 | - | 43,923 |
65,694 | 340 | 66,034 | 62,333 | 459 | 62,792 | |
Los activos mantenidos para la venta | 1,893 | - | 1,893 | 1,893 | - | 1,893 |
Pasivo circulante | ||||||
Pasivos contractuales | 7,229 | (10) | 7,219 | 5,787 | (719) | 5,068 |
Otros pasivos corrientes | 37,969 | 11 | 37,980 | 16,804 | 757 | 17,561 |
| 45,198 | 1 | 45,199 | 22,591 | 38 | 22,629 |
Pasivos no corrientes | 10,188 | - | 10,188 | 6,712 | - | 6,712 |
Activos netos | 115,941 | 339 | 116,280 | 111,961 | 421 | 112,382 |
| ||||||
Ganancias retenidas | 49,405 | 339 | 49,744 | 48,333 | 421 | 48,754 |
Capital social y otras reservas | 66,536 | - | 66,536 |
|
|
|
Equidad total | 115,941 | 339 | 116,280 | 111,961 | 421 | 112,382 |
|
|
|
|
|
|
Cuenta de resultados consolidada |
| Unaudited 28 February 2023 | |||||
|
|
|
| Como se informó | Impacto de la reexpresión |
|
|
|
|
|
|
|
|
|
|
Ingresos |
|
|
| 49,042 | (432) | 48,610 |
|
El costo de ventas |
|
|
| (21,039) | 350 | (20,689) |
|
Beneficio bruto |
|
|
| 28,003 | (82) | 27,921 |
|
Beneficio operativo |
|
|
| 2,856 | (82) | 2,774 |
|
Beneficio antes de impuestos |
|
|
| 1,856 | (82) | 1,774 |
|
Gasto de impuestos |
|
|
| (321) | - | (321) |
|
Beneficio del período |
|
|
| 1,535 | (82) | 1,453 |
|
11. Adquisiciones
During the period, the Group paid £5.7m in relation to the final contingent consideration for the acquisition of Ansible Motion Limited, which was acquired on 20 September 2022.
The initial £17.6m consideration comprised £14.4m of cash and £3.2m of new ordinary shares in AB Dynamics plc. A maximum additional £12.0m performance payment was available subject to certain performance criteria being met for the year ended 31 August 2023. An accrual for the contingent consideration was included in the balance sheet at net present value of £11.2m at 28 February 2023, which was adjusted at 31 August 2023 to £5.9m following completion of the performance period, with the gain on release of the accrual of £5.2m recognised in the income statement. During the period £0.3m discount unwind was recognised as an interest charge (H1 2023: £0.8m). £5.7m was paid in cash in January 2024, with £0.5m of the total consideration retained against any potential warranties.
12. Evento posterior al balance
On 2 April 2024, the Group acquired 100% of Venshure Test Services LLC for total cash consideration of up to $30.0m. The acquisition supports a number of the Group's strategic priorities, including expanding the Group's capabilities and broadening the scope of services in the Testing Services area and complementing the Group's existing California-based track testing services business with laboratory-based testing.
The acquisition has been completed on a cash free, debt free basis for an initial cash consideration of $15.0m (£11.8m), funded from the Group's existing cash resources and short-term utilisation of part of the Group's revolving credit facility. Contingent consideration of up to $15.0m will be payable in cash across two tranches for the 2 years following completion, subject to meeting certain performance criteria for both years.
The book value of the acquired assets and liabilities at the date of acquisition was approximately $5m. The Group is currently in the process of determining the fair values of the assets and liabilities acquired.
13. Principales riesgos
The principal risks and uncertainties impacting the Group are described on pages 56-58 of our Annual Report 2023 and all other risks remain unchanged at 29 February 2024.
The risks include: Downturn or instability in major geographic markets or market sectors, supply chain disruption, loss of major customers and changes in customer procurement processes, failure to deliver new products, dependence on external routes to market, acquisitions integration and performance, cybersecurity and business interruption, competitor actions, loss of key personnel, threat of disruptive technology, product liability, failure to manage growth, foreign currency, counterparty risk, credit risk, intellectual property/patents and environmental risk.
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