Specialist automotive brake manufacturer Advanced Braking Technology has continued to grow during the Covid-19 pandemic on the back of orders from its traditional resources company clients.
The Perth company told investors that sales of its fail-safe braking systems for heavy mining equipment were five per cent up in the fourth quarter compared to last year.
Total operating sales for FY20 were $8.35 million, up 22 per cent on the previous year.
The company is now projecting a net loss for FY20 of $6,000, a big improvement on the revious year’s loss of $1.71 million.
ABT CCEO John Annnand said: “The company has worked hard to increase sales during this challenging period.
“(It) has benefited from the diversification strategy implemented during FY20 whereby our products are sold to an expanding customer and industry base.”
Earlier this week ABT licensed VEEM Limited to manufacture its fail-safe park brake system for the Thales Hawkei armoured vehicle.
ABT sells its fully sealed braking systems to a range of customers in mining, civil construction defence and waste management sectors including BHP, Glencore, Rio Tinto, Anglo American and Lend Lease.
Being fully sealed makes them particularly suitable for underground mining operations.
Picture: Advanced Braking Technologies/Failsafe brakes
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