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Aug 08, 2023PERTH –Advanced Braking Technology (ABT) continued to report strong growth for the 2020 financial year as the Specialist brake manufacturer continued its turnaround.
Revenue for the Australian company was up 22 percent to $9.08 for the year and it reported profit after tax up 110 per cent to $171,000.
Advanced Braking manufactures its Terra Dura and Failsafe brands for specialized uses in harsh, extreme environments.
Related post:ABT Reports Strong Q3 Results, Coronavirus Actions
Its patented Sealed Integrated Braking Systems are the brakes of choice for commercial vehicles used in the Australian mining sector and are used extensively in construction fields.
According to the company’s preliminary final report for: “In FY20, the impact on ABT’s operations due to coronavirus (COVID-19) was not material. ABT continually reviews the COVID-19 operating environment and has amended its business operations to reflect the changing operating environment. The Company’s primary customer base remains within the mining and civil construction industries, which to-date have continued to operate during this challenging period.”
ABT did receive $110,000 financial assistance measures provided by both the Federal and Western Australian governments, to help protect both the business operations and its employees.
Sales increased during the year and the company cut costs by $700,000. In addition, it eliminated debt of $2.25 million, which means ABT is now substantially debt free.
Earlier in the year, ABT and fellow Perth manufacturer VEEM Ltd entered into a technology licensing agreement to manufacture and supply a specialized parking-brake mechanism for the Thales Hawkei armored vehicle being built in Bendigo for the army.
Mike Geylin is the Editor-in-Chief at Hagman Media. Geylin has been in automotive communications for five decades working in all aspects of the industry from OEM to supplier to motorsports as well as reporting for both newspapers and magazines on the industry.