Quixant PLC Trading Update and Notice of Results (9374N)
January 24 2019 - 2:00AM
UK Regulatory
TIDMQXT
RNS Number : 9374N
Quixant PLC
24 January 2019
24 January 2019
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 2018.
The Board anticipates reporting that the core business has
performed strongly with revenue from gaming platforms expected to
achieve double digit annual growth. Furthermore, in the second half
of the year gaming platform revenues were significantly higher than
the same period in 2017.
As flagged at the interim results, the Group's strategy in its
gaming monitors business is to seek to improve margins and the
Board therefore expects to report a reduction in revenues for the
year for these products. Densitron revenues are expected to be flat
as the Group continues to restructure and refine the product
range.
Overall, Group revenues are expected to be c. $115m, slightly
lower than current market forecasts of $120m, predominantly as a
result of the decline in gaming monitors, leading to adjusted
profit before tax also being slightly lower than market
expectations of $18.98m. Net cash at 31 December 2018 was
approximately $9.9m.
The Group's results for the full year to 31 December 2018 are
expected to be announced on 25 March 2019.
Jon Jayal, CEO of Quixant, said:
"I am pleased that our core gaming platforms business has
continued to perform strongly, growing revenues and market share in
what has proved to be a challenging year for the global gaming
industry. We continue to see a robust market for gaming monitors
and, after having made the strategic decision to reduce our
exposure to low margin business, I anticipate our monitor business
will return to growth with improved margins in the future.
"During the year we have made some senior hires and formed
divisional boards, to reflect the growth in the Group's business in
recent years. I am confident we are well positioned to deliver on
the significant market opportunity in both gaming and other markets
and continue our track record of strong, profitable growth."
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 Executive Officer
Nominated Adviser and Broker:
finnCap Ltd Tel: +44(0)20 7220 0500
Matt Goode / Simon Hicks (Corporate Finance)
Alice Lane (ECM)
Financial PR: Tel: +44(0) 20 3405
0205
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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