Quixant PLC Trading Update and Notice of Results (8611C)
January 25 2018 - 2:00AM
UK Regulatory
TIDMQXT
RNS Number : 8611C
Quixant PLC
25 January 2018
25 January 2018
Quixant plc
("Quixant" or the "Group")
Trading Update and Notice of Results
Quixant (AIM: QXT), a leading provider of innovative, highly
engineered technology products principally to the global gaming
industry, is pleased to provide the following update on trading for
the year ended 31 December 2017.
The Board of Quixant is pleased to announce that it expects to
report revenue for the twelve months ending 31 December 2017 of
approximately $109m, an increase of 20% over the prior period. The
Board also expects to report adjusted profit before tax in line
with market expectations despite a $1.6m write off in relation to a
loss resulting from the substitution of a component incorporated
into several of our products. Net cash at 31 December 2017 was
approximately $4.2m.
The Group's results for the full year to 31 December 2017 are
expected to be announced on 22 March 2018.
Jon Jayal, COO of Quixant, commented:
"This has been another very good year of growth for the
business, with a particularly strong performance in our core gaming
platforms and gaming monitors. Densitron has also performed well as
we continue to rationalise its product range to focus on higher
margin business.
"I suggested in our interim results the full year was likely to
be first half weighted and this has proved to be the case. Despite
historically being second half weighted, as the Group continues to
grow the customer book and broaden the product range we are moving
towards a more balanced weighting split.
"During the year we have invested in the business with a number
of senior management appointments and a circa 20% increase in the
total number of employees. As a result, we are well positioned to
continue to grow the Group over the long term."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of Regulation
596/2014.
For further information please contact:
Quixant plc Tel: +44 (0)1223
892 696
Jon Jayal, Chief Operating
Officer
Nominated Adviser and
Broker:
finnCap Ltd Tel: +44(0)20
7220 0500
Matt Goode / Henrik Persson
/ Simon Hicks (Corporate
Finance)
Simon Johnson / Alice
Lane (Corporate Broking)
Financial PR: Tel: +44(0)20
8004 4217
Alma PR
John Coles / Hilary Buchanan
/ Susie Hudson
About Quixant
Quixant, founded in 2005, designs and manufactures highly
optimised computing solutions and monitors principally for the
global gaming industry. The Company is headquartered in Cambridge
in the UK where the global sales function is based. North America
sales and sales support is run from their subsidiary in Las Vegas.
Quixant has its own manufacturing and engineering operation based
in Taiwan and software engineering and customer support team based
in Italy. All the specialised products software and manufacturing
are produced in-house and Quixant owns all its own IP some of which
is protected by patents and design rights.
In November 2015 Quixant acquired Densitron Technologies plc.
Densitron has a strong heritage in the sale of electronic display
solutions to global industrial markets. Through Densitron's
experienced sales team, Quixant has a robust platform to build its
business into wider industrial markets. In-depth information on the
Company's products, markets, activities and history can be found on
the corporate website at www.quixant.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTKMGZMZDVGRZZ
(END) Dow Jones Newswires
January 25, 2018 02:00 ET (07:00 GMT)
Quixant (LSE:QXT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Quixant (LSE:QXT)
Historical Stock Chart
From Jul 2023 to Jul 2024