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Testing system supplier to the auto sector AB Dynamics booked a 41% drop in first-half profit, owing to one-off acquisition costs and an inventory write off.
The company scrapped its interim dividend and withdrew its guidance citing the Covid-19 crisis.
Pre-tax profit for the six months through February fell to £3.7m, down from £6.3m on-year.
Revenue rose 34% to £34.7m and underlying profit, which stripped out one-off gains and losses, rose 36% to £8.7m.
AB Dynamics said it had significant net cash of £35.1m, providing resources to withstand the likely impact of the COVID-19 pandemic.
'The group has taken steps to preserve cash and has a robust balance sheet with sufficient resources to address any likely Covid-19 related impacts whilst continuing to invest in key areas to ensure the group can capitalise on the long term structural and regulatory growth drivers in our markets,' chief executive James Routh said.
At 2:50pm: (LON:ABDP) AB Dynamics PLC share price was -62.5p at 1450p