F1 testing provider AB Dynamics ‘not impacted’ by UK financial turmoil
The UK’s current financial turmoil will not impact automotive testing system provider AB Dynamics, its chief executive James Routh said.
“The UK is typically about 2 per cent of our revenue, so the turmoil doesn’t really bother us too much,” Routh told Morning Wire on Wednesday.
“Only when it comes to dealing with local inflation in terms of labour cost increases and things like that.”
According to Routh, supply chain issues were AB Dynamics’ biggest challenges over the last year.
“There were challenges on almost a day-to-day basis with a lot of supply chain issues, but they haven’t impacted our results,” he added.
The company – which provides driving robots and simulators used by F1 teams such as Alfa Romeo – today posted a revenue of £80.3m – 23 per cent up on last year’s levels.
In the 12 months ended 31 August, AB Dynamics’s EBITDA also went up to £16.4m while adjusted operating profit was up 18 per cent to £12.7m.
Expectations for FY23 remained unchanged as analysts have forecast revenue will go up to £95.7m, with an EBIT of £18.6m.