FBR (ASX:FBR) share price is flat on new project completion

The FBR Ltd (ASX: FBR) share price is trading flat today despite a positive announcement. Let's take a look.

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The FBR Ltd (ASX: FBR) share price is trading flat today despite a positive announcement released to the market today.

At the time of writing, shares in the robotics company are flat at 5.6 cents. In comparison, the All Ordinaries Index (ASX: XAO) is 1.8% lower at 6,244 points.

So, what does FBR do and what did it update the market with?

FBR overview

FBR is a robotic technology company that builds robotic arms to assemble structure walls. It is considered faster, safer, more accurate and with less wastage than traditional bricklaying methods.

Its flagship product, the Hadrian X is an automated bricklaying system that can lay an estimated 1,000 bricks per hour as opposed to the output of two human bricklayers for the whole day.

The Hadrian X also provides a 'wall as a service' and can adapt quickly to builder demands.

Completed construction

FBR advised it has completed construction of its first two-storey structure using its flagship Hadrian X robot.

The structure was built within the premises of FBR, in a building format similar to key markets that the company is developing. Regions include the Middle East and North Africa, the Gulf region, Asia, and Mexico.

In addition to building the two-storey structure, the crane also worked with other design elements complementing the foundations. This included steel reinforced concrete columns, suspended concentre slabs and rebar.

FBR said that in large greenfields developments, the Hadrian X would complete first levels buildings while secondary slabs were formed. This would optimise efficiency and allow cost saving measures.

What did management say?

FBR managing director and CEO Mike Pivac said completing the company's first two-storey build was a significant step in commercialising its robotic construction technology:

In many parts of the world our customers want to be able to build two-storey structures safely, quickly and efficiently, and we have now demonstrated that the Hadrian X can deliver on those customer needs.

We have also taken this opportunity to demonstrate our ability to work a range of design elements like steel reinforced concrete columns, which may be required in certain geographies due to factors such as seismic activity, weather patterns or custom.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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