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Wangara based Advanced Braking Technology Ltd (ASX: ABV) is engaged in the development, manufacturing and commercialisation of high-performance brakes to the transport, automotive and mining industries. The company has multiple manufacturing bases in Australia where the ABT Failsafe product range, utilising the internationally patented sealed integrated brake technology and the new Terra Dura® polymer brakes are developed.
(Companyâs Technology, Source: Companyâs Website)
Today, on 27 May 2019, Advanced Braking Technology informed the market that it has received an order worth ~$12K to provide brake design services for a small number of skip bin trucks used in high gradient areas by a leading waste management company, Cleanaway Pty Ltd.
The above order satisfies the companyâs strategic objective of diversifying its customer base and the industries that it serves and provides innovative braking solutions. More importantly, this order provides Advanced Braking Technology with a competitive advantage to engage with national waste management companies and provide safety solutions that will help protect both employees and equipment.
As per the information, the design stage and prototype testing are expected to be completed during the current quarter of FY19. The initial order provides future growth opportunities for the company to further diversify from the predominate mining industry into national waste management fleets.
Advanced Braking Technologyâs CEO, pleasingly commented on the recent development and was quoted, âThe order is further evidence of ABT implementing its ambitious growth strategy across a diverse range of industries using numerous braking applications and it follows the recent signing of a design and prototyping agreement with Thales Australia for brake design services for the Hawkei Project.â
On 13 May 2019, Advanced Braking Technology announced that it had bagged a contract worth ~$130k from Thales Australia Limited to provide brake related design, prototype development and testing services for the Hawkei Project.
The contract comprises of two stages. The above contract depicts the first stage whereby the design and testing of a prototype will be achieved (Phase 1). Thereafter under Phase 2, Advanced Braking Technology would be asked to bid in the tender process for the production and delivery of 1,100 specialised hill-hold brake mechanisms, required to be fitted in every Hawkei automobile.
The term of the contract is 12 months and it is expected to be completed by the third quarter (Q3) of the calendar year 2019 (CY19).
Also, in the recent 2019 March Quarterly Report, Advanced Braking Technology reported March 2019 year-to-date Product Sales of $ 4.8 million and the companyâs cost-saving initiatives continued during the concerned period and now total ~ $800k on an annualised basis. Although the full impact would be realised in the upcoming months, the initiatives have already contributed to a reduction in the quarterly cash deficit to $667k in the March 2019 quarter from $ 838k in the December 2018 quarter.
With a market capitalisation of ~ $ 4.75 million and ~ 297.05 million outstanding shares, the ABV stock price settled the dayâs (27 May 2019) trading session at A$0.016.
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