TIDMQXT
RNS Number : 0586D
Quixant PLC
25 March 2014
25 March 2014
Quixant plc
("Quixant" or the "Company")
Final Results
Quixant (AIM: QXT), a leading provider of specialised computing
platforms for casino gaming machine applications, is pleased to
announce its audited Final Results for the year ended 31 December
2013.
Highlights
-- Revenue growth of 12% to $24.2 million (2012: $21.6 million)
-- Adjusted EBITDA increased 25% to $6.4 million (2012: $5.1 million)
-- Profit before tax increased 20% to $6.0 million (2012: $5.0 million(1) )
-- Fully diluted EPS of $0.0762 per share (2012: $0.0687 per share)
-- Proposed full year dividend of 1.0p per share
-- Net cash from operating activities of $2.5 million (2012: $1.9 million)
-- Total cash of $7.0 million at period end (31 December 2012: $1.8 million)
(1) - includes a one-off profit on the disposal of a property of
$0.198 million
Operational highlights
-- Successful admission to AIM with oversubscribed placing
raising gross proceeds of $5.9 million
-- Heightened brand profile as a result of PLC status leading to
strengthened pipeline of new business opportunities
-- Commencement of volume production for two new "Tier 2" customers at end of H1 2013
-- New design in projects commenced with one further new "Tier 2" customer in H2 2013
-- Launch of new product - QXi-300
-- Expansion of USA sales and customer support operations
Nick Jarmany, CEO of Quixant commented: "These results, which
are in line with our expectations, clearly demonstrate the growth
of Quixant. Our market leading computer gaming platforms are
gaining global recognition demonstrated by the increase in large
customers during the year. Despite shipping nearly 22,000 boards in
2013 we believe we only have around 5% of the market. Our listing
on AIM has further enhanced our perception among large
manufacturers and we are confident in achieving strong growth in
2014 and beyond."
For further information please contact:
Quixant plc Tel: +44 (0) 1223 892696
Nick Jarmany, Chief Executive
Jon Jayal, General Manager
Nominated Adviser and Broker: Tel: +44(0)20 7220 0500
finnCap
Matt Goode (Corporate Finance)
Charlotte Stranner (Corporate Finance)
Victoria Bates (Corporate Broking)
Financial PR: Tel: +44 (0) 207 653 9850
Newgate Threadneedle
John Coles, Fiona Conroy, Hilary Millar
About Quixant
Quixant, founded in 2005, designs and manufactures complete
advanced hardware and software solutions (Gaming Platforms) for the
pay-for-play gaming and slot machine industry. The Company is
headquartered outside of Cambridge in the UK. Quixant UK Ltd is
responsible for the group's global (excluding North America) sales
function and its Las Vegas based subsidiary, Quixant USA Inc, is
responsible for sales and sales support to the North American
market. Quixant has its own manufacturing and engineering operation
in Taiwan, which has evolved with the rapid growth of the Company.
Quixant's Italian subsidiary, Quixant Italia, houses the Group's
software engineering and customer support team.
Quixant's high quality, specialised products provide an
all-in-one solution, based on PC technology but with augmentative
hardware features and operating software developed specifically to
address the requirements of the gaming industry. Products feature
innovative mechanical designs which are optimised for operation in
the gaming and slot machine environment. Quixant's proprietary
hardware and embedded software is flexible in its design, enabling
Quixant to easily respond to changes in regulation or customers
operating in different markets or jurisdictions.
Chairman's statement
2013 has been a transformational year for Quixant. We have made
excellent progress financially, operationally and commercially and
enjoyed strong support from the investment community following our
entry to the AIM market in May 2013. I would like to thank our new
shareholders for their commitment to the Company.
Quixant has the benefit of operating in a large and growing
niche market and offers products which are highly engineered to
meet the very specific demands of this market. The company
currently has a small share of the total market and we are excited
at the opportunities which lie ahead to increase this share. The
AIM listing has given us an increased presence and status which is
invaluable in attracting the business of multi-billion dollar game
machine manufacturers to use our products as a key component in
their machines.
The company has a team of remarkably knowledgeable and committed
individuals and I would like to thank them for their efforts over
the year. The share incentive scheme, which was put in place at the
time of the flotation, provides long term motivation of the broad
employee base.
Our financial results reflect strong growth in both revenue and
profits compared to 2012 and the capital raised as part of the
admission to AIM further strengthened our healthy balance sheet.
The Board feels it is appropriate to propose a full year dividend
of 1.0p per share to be paid to shareholders in May. Going forward
we intend to maintain a progressive dividend policy.
We continue to develop our systems and resources to support our
planned growth and also we continue to add specialised technical
skills to strengthen our product development functions to maintain
our leading market position. We are well positioned going into 2014
to meet market expectations for further growth with a very strong
order book, several major active new business opportunities and
increased brand awareness and presence in the market.
Chief Executive's Report
I am pleased to report on a very successful first year on the
AIM market for Quixant. I am delighted with the performance of the
company, the progress we have made over the past year and our
positioning going into 2014. We have delivered growth in both
revenue and profits through disciplined execution of our corporate
strategy and have put in place the foundations for continued growth
over future years as a public company.
During the year we grew our revenue by 12% from $21.6m to
$24.2m, adjusted EBITDA by 25% from $5.1m to $6.4m and our profit
before tax by 20% from $5.0m to $6.0m. We have remained strongly
cash generative, and during the year our operations generated cash
of $2.5m which, combined with proceeds from the issuance of new
share capital at IPO of $5.9m ($4.8m after expenses), left the
company with a healthy net cash balance of $4.9m at the end of the
year. We have also made material investment into our business and
grown our employee headcount from 50 to 63 over the year.
When we embarked on the process of listing Quixant on AIM one of
the key drivers behind this decision was the Directors' view that
the company would benefit from the heightened profile, credibility
and security it would offer among major customers and prospects,
many of whom are large public listed companies. We have already
seen evidence that the additional profile of the business following
our AIM listing has reaped rewards in terms of the business
opportunities which have evolved over 2013 and the recognition the
company has received by major game machine manufacturers.
Quixant's core products, highly optimised computer platforms
which are designed to drive pay-to-play gaming machines, are a
crucial and complex component within these machines and customers
depend on us as a trusted supplier. Once our product has been
designed into their machines customers require a stable supply for
many years. They therefore place significant emphasis, as part of
their due diligence process, on the long term stability of
suppliers of these key components. We believe our listing on AIM
gives them considerable comfort.
Dynamic towards outsourcing
Due to the specialist requirements of the gaming market
historically many of the larger game machine manufacturers had no
choice other than to develop their own computer platform technology
in-house, and in doing so this could give them a competitive edge.
However, Quixant's cutting edge computer platforms, which are
specifically designed for gaming, enable game machine manufacturers
to focus on developing the most popular games. The vital ingredient
to ensuring a successful machine is manufacturers having better
game revenues than their competitors, which is the principal metric
that site owners assess in deciding which machines to install on
their floors. It is therefore vitally important that manufacturers
focus their resources on these key areas of game development and
innovative cabinet design.
An outsourcing model provides many additional benefits, the
commoditisation of the computer platforms providing all
manufacturers, big and small, access to the same hardware
technology. Smaller manufacturers are already well progressed on
the transition to outsourced computer platforms as they do not
typically have the scale of R&D teams or the purchasing power
to be able to develop or manufacture their own solutions.
Quixant's design expertise and knowledge of the global gaming
market combined with our Far Eastern manufacturing capability
enables us to deliver platforms that provide optimised solutions
using the latest technology which are cost competitive compared to
the in-house alternative. Quixant's market opportunity is therefore
driving this trend for outsourcing with the larger, global game
machine manufacturers.
Broadened customer base
During 2013, we made good progress in penetrating and securing
new major customers. An analysis of our customer revenue
attribution reveals an increase in the number of customers
contributing over $1 million revenue from one to four in the year.
We have also increased our total number of customers from 63 to 82
in the year, demonstrating the strength of the sales pipeline and
the headroom we have to materially grow our market share.
Number of customers:
2011 2012 2013
$10,000+ 22 32 40
$100,000+ 4 12 11
$1,000,000+ 1 1 4
We classify our customers and prospects in terms of three tiers
of manufacturer: "Tier 1" incorporates the largest gaming machine
manufacturers, typically producing over 25,000 machines per annum.
"Tier 2" typically produce between 5,000 and 25,000 machines per
annum, and "Tier 3" typically produce less than 5,000 machines per
annum). We completed the "design-in" of our products with two new
"Tier 2" customers and commenced volume shipments during 2013. We
also formalised our arrangement with one of these Tier 2 customers
in December 2013 with the signing of a three year supply
agreement.
Towards the latter part of the year we commenced the design-in
process with another Tier 2 customer in Europe and delivered first
product samples in early 2014. The design-in phase involves
significant interaction between Quixant and customer engineering
teams to evaluate our products' fit for their needs and aspects of
our standard hardware and software are tailored to meet any unique
requirements. Typically this design-in process takes several months
but is a key part of Quixant's value proposition in serving not
simply as a supplier but also as a collaborative development
partner for customers.
Tier 3 and some Tier 2 manufacturers have already embraced the
benefits of outsourcing the design and supply of their computer
platforms to a third party, and we are now seeing this trend
migrating into the Tier 1 manufacturers. We believe our
class-leading technology, reputation and industry contacts make
Quixant well positioned to benefit from this trend, leading to
exciting future growth opportunities.
Ainsworth Game Technology ("Ainsworth") remains a key customer
for Quixant. The winning of Ainsworth's business back in 2007 was a
major milestone in Quixant's history. Quixant supply the computer
platforms used in all of Ainsworth's gaming machines. Ainsworth has
experienced rapid growth in the last few years, most recently
evidenced by the strong financial performance in its interim
results to December 2013. It remains an excellent example of how
working with Quixant can enable greater focus on core competencies
that can then lead to increased success. Ainsworth has an
outstanding record for producing games that perform significantly
above the average. Ainsworth continues to be a key customer to
Quixant and we were delighted to be able to announce in February
2014 the signing of a new contract extending this relationship
through to 2019.
Product Development
We continue to develop our underlying hardware and software
technology. Over 8% of our total sales revenue and over 17% of our
gross profit is invested into R&D expenditure and over 40% of
our employees are involved in R&D and product development.
Through our position as the only AMD Embedded Elite partner we
benefit from early access to new up-coming CPU and GPU technology.
This enables Quixant to release complete new gaming platforms for
sale on the very day a new chipset is formally announced by AMD and
we are often previewing these platforms several months before. This
reinforces Quixant's "time to market" proposition to customers.
In 2013 we launched the QXi-300, a compatible update of the
successful QXi-200, which leverages similar CPU architecture to
that used by Sony and Microsoft in their Playstation 4 and Xbox One
consoles. We have also completed development of early samples of
the QXi-306 which has been designed to meet the needs of the
upcoming Italian Comma 6a+ law change. A variant of the QXi-306 is
anticipated to be popular in Spanish and South American
markets.
At the ICE Totally Gaming show in London in early February we
previewed the QX-50, our next generation high-end platform based on
a new AMD CPU and GPU which is expected to be publically released
in the first half of 2014. This product majors on the anticipated
upcoming demand for games utilising 4K Ultra High Definition
displays and we believe it is the first computer gaming platform in
the market which is optimised to drive this display technology. The
preview of the QX-50 attracted significant interest and generated
several opportunities with major potential customers.
As a technology company Quixant is constantly striving to
innovate and develop new technologies to increase the performance,
functionality and value of our products and we act to protect
these. During the year we were granted a patent in the US for the
innovative enclosure design used on our QXi-200 product, submitted
applications for a further four patents and were granted a design
right for the enclosure design used in the new QXi-306. The
mechanical designs of our products are a key differentiator and we
have dedicated mechanical engineers responsible for developing
optimised enclosures that meet the regulatory requirements of
global gaming jurisdictions.
Global locations
When considering the geographic markets for Quixant the location
of the slot manufacturers is not necessarily where the gaming takes
place. The major manufacturers tend to be located in regions that
have had long established regulated gaming, although in recent
years there has been an increase in new locations, particularly
Macau and Singapore. Quixant believes that its four locations in
the UK, USA, Taiwan and Italy are well positioned to cover the
global gaming machine manufacturing base.
The US has a long heritage in gaming and many of the global Tier
1 manufacturers have headquarters or major operations in Las Vegas.
We made the decision to establish Quixant USA in 2010 as a key
strategic location and towards the end of 2013 we significantly
expanded our US operation to reflect the importance of the market
for Quixant. We are the only computer platform manufacturer with
their US Headquarters in Las Vegas. Our US operation is responsible
for sales, logistics as well as local technical support and
training for North American customers.
We established our Taiwan branch in 2007 and since then the
operations there have expanded significantly to currently employing
over 40 people. All of Quixant's products are procured,
manufactured and undergo rigorous testing under the management of
our Taiwan operations. A majority of the electronic hardware design
work is also undertaken by the engineering team in Taiwan. Quixant
procures all components directly from suppliers for cost and
control reasons and we utilise sub-contract manufacturing for the
assembly of the printed circuit boards. This arrangement has a high
degree of scalability and flexibility.
Quixant Italia is the Group's software development, gaming
technology innovation and main customer support centre. All our
platforms are supplied with comprehensive software and drivers
which accelerate the time taken for customers to adopt our
platforms and integrate them into the rest of their machines. The
software developed by Quixant in Italy forms a key part of our
product proposition and reduces the resources the customer has to
expend developing software which does not contribute to game
success.
Quixant UK Ltd is the Group's sales and marketing arm and is
responsible for all sales outside North America. All marketing
efforts globally are coordinated from Quixant UK Ltd to ensure a
consistent, strong brand image.
Marketing
We believe we have developed a strong brand in Quixant. It is
our belief that the Quixant name can be developed to be synonymous
with computer gaming platforms for driving pay-to-play gaming
machines. We have spent considerable time in developing the brand
in terms of product styling and presentation, marketing collateral
and high quality, high profile presence at exhibitions
globally.
In 2013, we made significant investments in our presence at the
two major global trade events: ICE Totally Gaming in London and G2E
in Las Vegas with very positive results.
Current Trading Outlook
Quixant has grown strongly over the year but we still have a
very small percentage of the total available market. Our confidence
in the business model, the strength of our products and our scope
to grow has meant we have always taken a long-term approach to the
business. We believe by investing in being the leading supplier of
computer platforms for gaming we will achieve much greater
penetration in all tiers of customer on a global basis. Whilst
there are cycles in individual markets there is no doubting the
strength of the demand for gaming globally and the need of
governments to collect taxes on gaming revenues. This combination
ensures the long-term future of gaming. We shipped around 21,800
boards in 2013, up from around 18,500 in 2012. We believe there
have typically been around 450,000-500,000 new or replacement
machines installed in the market in recent years so we maintain
less than a 5% market share.
The new financial year has started in line with expectations
with volume sales commencing from one of our new Tier 2 customers.
Our current order book is strong and as of the end of March 2014
was over double that as at end of March last year. We look forward
to another year of strong growth.
Financial Review
Revenue
Revenues in 2013 grew to $24.2m (2012: $21.6m), with continued
progress made in broadening our customer base. The greatest
contribution to this growth was the commencement of volume
shipments to the two Tier 2 customers which each represented around
5% of total 2013 revenue. Sales to Ainsworth remained strong in the
year, but the revenues developed from the Tier 2 customers resulted
in Ainsworth contribution to total revenue falling to 72%. The year
followed our typical trend of being second half revenue
weighted.
Profit
Adjusted EBITDA increased 25% to $6.4 million (2012: $5.1
million) and profit before tax increased 20% to $6.0 million (2012:
$5.0 million, including a one-off profit on the disposal of a
property of $0.198 million) over 2013.
Whilst we invested in our people over 2013, increasing out
headcount from 50 to 63, we successfully leveraged our resources to
deliver profit growth in excess of revenues. We remain committed to
continued investment in the business, and over 17% of the gross
profit developed by our sales was reinvested into product
development expenses, which we believe is vital to ensure we
maintain a market leading product portfolio. Of the development
costs, $871,000 (2012 $410,000) was capitalised.
There was a tax charge for the year of $1.22m (2012: $1.20m).
The Group takes advantage of tax reliefs available in respect of
research and development expenditure. Deferred tax has been
provided at 20% which is the expected rate applicable when these
liabilities will crystallise.
Cash flow
Our business is cash generative and in 2013 we netted $2.5m of
cash from operating activities (2012: $1.9m). Combined with the
cash raised from new share issuance as part of the Company's
flotation, we have a healthy cash balance of in excess of $7m with
net cash of $4.9m. Our borrowings are low and primarily comprise
mortgages on properties which house our operations.
The Group spent $1.9m on investing activities (2012: $1.0m),
which was composed largely of our investment into an expanded and
improved facility in North America, and development expenditure
($0.9m), which the Group sees as a major driver to continued
growth.
The Group continues to generate significant amounts of operating
cash. This, coupled with a strong bank balance and low borrowings,
provides the liquidity and opportunity to grow.
Balance Sheet
The Group's balance sheet has further strengthened over the year
with net assets increasing to $15.5m (2012: $5.9m), assisted by the
injection of cash as part of the flotation.
Non-current assets comprise the Group's investment in property,
plant and equipment and internally generated research and
development. In the second half of 2013, the Group invested in
expanded facilities in Las Vegas, including the purchase of a
property. We also own premises in Taiwan and the UK, out of which
we operate.
The Group's current assets have increased to $15.6m (2012
$8.6m). Inventory and debtor balances have increased as a result of
increased trading. As at end December, over 90% of the trade
debtors were within agreed payment terms.
Principal liabilities were trade and other payables, short and
long term debt and corporation tax payable. All liabilities are
within the Group's payment profile. In 2012, creditors included the
expected costs of the IPO which was concluded in May 2013.
Dividend
The board proposes a full year dividend of 1.0p per share
payable on 16 May 2014 to all shareholders on the register as at 2
May 2014. The corresponding ex-dividend date is 30 April 2014.
Full Results Report
The Group's full annual report and accounts is available on the
Company website.
Consolidated income statement
for the years ended 31 December 2013 and 2012
Note 2013 2012
$000 $000
Revenue 1,2 24,235 21,577
Operating expenses (18,200) (16,535)
Operating Profit 6,035 5,042
Financial expenses (61) (59)
Other income - 7
Profit before tax 5,974 4,990
Taxation (1,224) (1,199)
Profit for the year 4,750 3,791
Basic earnings per share 3 $0.0777 $0.0687
Fully diluted earnings per
share 3 $0.0762 $0.0687
Consolidated statement of comprehensive income
for the years ended 31 December 2013 and 2012
2013 2012
$000 $000
Profit for the year 4,750 3,791
Foreign currency translation
differences (29) 77
----- -----
Total comprehensive income
for the year 4,721 3,868
===== =====
All items of other comprehensive income may be reclassified to
profit and loss in future periods.
Consolidated statements of financial position
as at 31 December 2013 and 2012
Note 2013 2012
$000 $000
Non current assets
Property, plant and equipment 4,554 3,800
Intangible assets - research
and development 1,253 502
------- -------
Total non-current assets 5,807 4,302
------- -------
Current assets
Inventories 2,631 2,419
Trade and other receivables 5,939 4,370
Cash and cash equivalents 7,021 1,803
------- -------
Total current assets 15,591 8,592
------- -------
Total assets 21,398 12,894
======= =======
Current liabilities
Other financial liabilities (173) (92)
Trade and other payables (2,677) (3,675)
Corporation tax payable (805) (913)
------- -------
Total current liabilities (3,655) (4,680)
------- -------
Non-current liabilities
Other financial liabilities (1,986) (2,187)
Deferred tax liability (281) (138)
------- -------
Total non-current liabilities (2,267) (2,325)
------- -------
Total liabilities (5,922) (7,005)
------- -------
Net assets 15,476 5,889
======= =======
Equity
Share capital 4 104 27
Share based payments reserve 4 113 -
Share premium 4 5,181 505
Retained earnings 4 10,035 5,285
Translation reserve 4 43 72
------- -------
Total equity 15,476 5,889
======= =======
Consolidated statements of changes in equity
for the years ended 31 December 2013 and 2012
Total
Share Share Share Retained Translation Shareholders
Based
Capital Payments Premium Earnings Reserve Funds
$000 $000 $000 $000 $000 $000
At 1 January 2012 27 - 505 1,494 (5) 2,021
Comprehensive income
Profit for the year - - 3,791 - 3,791
Other comprehensive income - - - 77 77
------- -------- ------- -------- ----------- ------------
At 31 December 2012 and
1 January 2013 27 - 505 5,285 72 5,889
Comprehensive income
Profit for the year - - - 4,750 - 4,750
Other comprehensive income - - - - (29) (29)
------- -------- ------- -------- ----------- ------------
27 - 505 10,035 43 10,610
Transactions with equity
holders
Share bonus issue 63 - (63) - - -
Issue of shares 14 - 5,873 - - 5,887
Share issue expenses - - (1,134) - - (1,134)
Share based payments - 113 - - - 113
------- -------- ------- -------- ----------- ------------
At 31 December 2013 104 113 5,181 10,035 43 15,476
======= ======== ======= ======== =========== ============
Consolidated cash flow statements
for the years ended 31 December 2013 and 2012
2013 2012
$000 $000
Cash flows from operating
activities
Profit for the year 4,750 3,791
Adjustments for:
Depreciation 227 212
Amortisation 120 18
(Profits) on disposal - (198)
Financial expenses 61 59
Taxation expense 1,224 1,199
Share based payments expense 113 -
------- -------
6,495 5,081
(Increase) in trade and other
receivables (1,568) (3,956)
(Increase) in inventories (212) (787)
Increase/(decrease) in trade
and other payables (984) 2,007
------- -------
3,731 2,345
Interest paid (61) (59)
Tax paid (1,190) (380)
------- -------
Net cash from operating activities 2,480 1,906
------- -------
Cash flows from investing
activities
Acquisition of property,
plant and equipment (1,024) (1,521)
Development expenditure (871) (410)
Proceeds from sale of property,
plant and equipment - 941
------- -------
Net cash from investing activities (1,895) (990)
Cash flows from financing
activities
Proceeds from borrowings - 760
Repayment of borrowings (120) (824)
Proceeds on issue of shares 5,887 -
Share issue expenses (1,134) -
------- -------
Net cash from financing activities 4,633 (64)
------- -------
Net increase in cash and
cash equivalents 5,218 852
Cash and cash equivalents
at 1 January 1,803 951
------- -------
Cash and cash equivalents
at 31 December 7,021 1,803
------- -------
Notes
1. Basis of preparation
The basis of preparation and summary of significant accounting
policies applicable to the consolidated financial statements of
Quixant Plc can be found in Note 1 of the Annual Report and
Financial Statements, available from the Company's website. The
consolidated financial statements of Quixant Plc have been prepared
in accordance with International Financial Reporting Standards
('IFRSs') as issued by the International Accounting Standards Board
('IASB') and as endorsed by the EU.
The information in this news release does not constitute
statutory accounts within the meaning of Section 434 of the
Companies Act 2006 ('the Act'). The statutory accounts for the year
ended 31 December 2013 will be delivered to the Registrar of
Companies in England and Wales in accordance with Section 441 of
the Act. The auditor has reported on those accounts. Its report was
unqualified and did not contain a statement under Section 498(2) or
(3) of the Act.
2. Analysis of turnover
2013 2012
$000 $000
By geographical market
Asia 293 405
Australia 12,161 10,516
Europe 3,406 2,254
North America 8,307 8,384
Other 68 18
------ ------
24,235 21,577
------ ------
3. Earnings per ordinary share EPS
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of shares outstanding during the period. The weighted
average number of fully paid ordinary shares as at 31 December 2012
has been restated for the bonus issue and share subdivision
described in note 4.
Year ended 31 Year ended
December 2013 31 December
2012
$000 $000
Earnings
Earnings for the purposes
of basic and diluted
EPS being net profit
attributable to equity
shareholders 4,750 3,791
-------------- ------------
Number of shares
Weighted average number
of ordinary shares for
the purpose of basic
EPS
Number of shares 61,154,496 55,200,000
Effect of dilutive potential
ordinary shares:
Share options 1,163,082 -
Weighted number of ordinary
shares for the purpose
of diluted EPS 62,317,578 55,200,000
Basic earnings per share $0.0777 $0.0687
Fully diluted earnings
per share $0.0762 $0.0687
4. Share capital
2013 2012
No. $000 No. $000
At beginning of the year
Ordinary shares of 5p each 276,000 27 276,000 27
Bonus issue of 828,000 shares of 5p each 828,000 63 - -
20,000 shares of 5p each issued 20,000 1 - -
----------- ---- ------- ----
1,124,000
----------- ---- ------- ----
Share sub-division into 56,200,000 shares of 0.1p each 56,200,000
8,434,782 ordinary shares of 0.1p issued 8,434,782 13 - -
----------- ---- ------- ----
At 31 December 64,634,782 104 276,000 27
=========== ==== ======= ====
On 4 February 2013 a bonus issue of three shares for every one
share held was awarded to the shareholders by a transfer from the
share premium account to the share capital of GBP41,400. In March
2013, a further issue of 20,000 ordinary shares was subscribed.
On 25 April 2013, the Company subdivided the existing 5p
ordinary shares into 56,200,000 ordinary shares of GBP0.001
each.
On 21 May 2013 the Company was listed on the AIM market and
issued an additional 8,434,782 ordinary shares of 0.1p for an
aggregate consideration of GBP3,880,000 ($5,887,000). Share issue
expenses totalling $1,134,000 were deducted from the share premium
account.
Share based payments
During the year the Company issued share options to employees.
To be able to exercise these options, employees are required to be
employed by the Company for a period of three years from the grant
date. In addition exercise is conditional on the Company achieving
a minimum level of EPS growth over the vesting period.
Options have been issued over 1,895,200 shares, with an exercise
price of GBP0.49. Options issued under the scheme expire 10 years
from grant date.
The fair value of employee share options is measured using a
Black Scholes model. Measurement inputs and assumptions are as
follows:
31 December 31 December
2013 2012
Fair value at grant date GBP0.19 -
Share price 0.46p -
Exercise price 0.49p -
Expected volatility 50% -
Expected option life 5 years -
Risk-free interest rate 0.9% -
The fair value at grant date of GBP0.19 was converted at the
exchange rate on the grant date to give a fair value of $0.29 per
option. The total expense recognised in the period in respect of
share options is $113,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Quixant (LSE:QXT)
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From May 2024 to Jun 2024
Quixant (LSE:QXT)
Historical Stock Chart
From Jun 2023 to Jun 2024
