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AB Dynamics annual profit slumps on virus impact; resumes dividend
StockMarketWire.com
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Automotive services company AB Dynamics resumed its dividend after reporting a slump in annual profit as the impact of the pandemic stalled customer activity in the second of the year.
For the year ended 31 August 2020, pre-tax profit fell 54% to £5 million, while revenue increased 6% to £61.5 million year-on-year.
Organic revenue declined 13% as a result of 'COVID-19 specific disruption to our international customer,' the company said.
'Strong first-half performance, offset by challenging trading conditions in the second half due to the COVID-19 pandemic,' the company said.
The company reinstated dividends, with a proposed final dividend of 4.4p per share, equal to the total dividend for 2019.
'Demand in the first quarter of the current year has been consistent with the Q4 FY20 exit rate,' the company said. The disruption associated with further waves of infection means that visibility is limited and there remains short-term uncertainty as to the shape and rate of this recovery,' it added.
At 9:38am: (LON:ABDP) AB Dynamics PLC share price was 0p at 2040p
Story provided by StockMarketWire.com
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