AB DYNAMICS, the provider of robots and simulators for Alfa Romeo's Formula 1 team, maintained its financial outlook for 2024 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 group will make further financial and strategic progress this year, with its expectations for fullyear 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 payout 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.

Shares closed down 3.68 per cent.

(c) 2024 City A.M., source Newspaper