ABT Reports Strong Q3 Results, Coronavirus Actions

PERTH, Australia – Advanced Braking Technology Ltd. (ABT) announced strong third-quarter (fiscal year 2020- FY20) results and relative strong ongoing business, despite Covid-19’s impact on the overall business world.

The Perth-based company saw sales of $1.91 million, an increase 23 percent when compared to the third quarter of FY19 and $6.22 million in the first nine months of FY20, up 29 percent year to date when compared to last fiscal year’s $4.83 million.

According to ABT Chief-Executive-Officer John Annand, “We are responding to the dynamic situation presented by the spread of COVID-19, focusing our efforts on maintaining business continuity. We have seen a steady demand for our products throughout this period and will continue to evaluate the conditions to ensure the ongoing success and viability of our business. The safety of our employees, customers and suppliers continues to be a priority during these uncertain times.”

ABT Steadies Financial Position

Discussing the company’s actions in light of the public-health crisis, it’s quarterly statement reported:

At present, business operations continue to function effectively and service levels are being maintained, with staff working either from the business premises or remotely from home. Contingency planning has been undertaken and ABT will continue to review and adjust our business continuity measures as the situation evolves.

We are responsive to the latest advice from medical and government authorities with ABT being well-placed from an operational perspective to perform some activities remotely when required to do so.

At present, our supply chain continues to function as per our business requirements. Current travel restrictions are not adversely impacting supply and delivery of products which has ensured the continuity of business operations without compromising the supply of products to our customers, both here in Australia and internationally, during this period of disruption.

ABT maintains a disciplined approach to costs and this will continue to be the focus of the business in these uncertain economic times.

We appreciate that this is a very challenging time for everyone. The current extreme levels of volatility in share markets are unsettling and there may be significant ongoing economic impacts across many industries. However, the health of the broader community is the primary concern at this time.

The company’s Q3 statement can be read by clicking HERE.

Mike Geylin
Mike Geylin

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.