Alfa Romeo’s Formula 1 team supplier AB Dynamics maintains 2024 outlook on ‘solid’ orders

AB Dynamics, the provider of robots and simulators for Alfa Romeo’s Formula 1 team, maintained its financial outlook for 2024 this morning after reporting a “solid order book.”

The firm said trading for the first six months of the year had been positive, with first-half revenue growth expected to be in the region of 5 per cent taking revenue to the period for £51m.

“The board remains confident that the froup will make further financial and strategic progress this year, with its expectations for full-year 2024 performance unchanged at this stage,” AB Dynamics said.

“Future growth prospects remain supported by long-term structural and regulatory growth drivers in active safety, autonomous systems and the automation of vehicle applications.”

Net cash as of 29 February is expected to be around £27m, up from the prior year’s £21.3m and after a £5.7m payour for the acquisition of the driving simulator developer, Ansible Motion.

Investments made in its commercial and operational infrastructure are also expected to improve adjusted operating margins for the first half of 2023.

It comes after AB Dynamics reported a record £16m profit in January, a near quarter year-on-year increase and resulting in a bumper 6.36p dividend for shareholders.

Acquisitions have also been a key part of the firm’s strategy and it in January the “long-term pipeline” remained positive and more would follow.