Perth’s Advanced Braking Technology (ASX: ABV) has made good progress in the past year in stabilising the company’s financial position.
Chairman Dagmar Parsons told the company’s annual general meeting that the company had undertaken a strategic review, driven cultural change and identified cost savings.
She said progress had been made towards the goal of returning the company to a break even position.
ABT manufactures and distributes Sealed Integrated Braking Systems to customers worldwide, and is the pre-eminent supplier of fail-safe brakes for commercial vehicles in the Australian mining sector.
The company also adapted its Terra Dura and Failsafe brand brakes to suit Toyota Landcruisers, Toyota Hilux’s, Mitsubishi Canters and Isuzu NPS300s.
Parsons said CEO John Annand had made good progress changing the company from one pushing product, to one working with customers to solve problems and provide solutions.
Parsons said: “Throughout the year the company focused on exploiting our existing product range, utilising historical R&D and innovative product development based on safety, the environment and most importantly the voice of our customers.
“In addition the company is actively identifying strategic partners and M&A opportunities that will bring complementary capabilities to ABT and which will significantly upscale the business.”
During the year the company diversified its customer base by providing products to the defence, waste management and construction industries.
Picture: Advanced Braking Technology
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