Quixant PLC Trading Update and Notice of Results (2193B)
January 29 2020 - 2:00AM
UK Regulatory
TIDMQXT
RNS Number : 2193B
Quixant PLC
29 January 2020
29 January 2020
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 for the global gaming
and broadcast industries, today provides an update on trading for
the year ended 31 December 2019.
The Board expects to report revenue for the year of $92.3m and
adjusted profit before tax of $10.7m. The majority of the shortfall
against expected revenue has been experienced in the Gaming
Division which has had a consequential impact on profit.
Net cash at 31 December 2019 was $16.2m.
Jon Jayal, CEO of Quixant, commented:
"The previously announced softness in demand from several of our
gaming customers has continued for a longer period and been
slightly more pronounced than previously anticipated. This has
impacted our financial performance in the Gaming Division over the
second half of the year. We are confident in delivering healthy
growth in 2020, however, the recent softness has led to having a
more conservative view on the level of growth and we are reviewing
costs in line with this lower revenue expectation. We have initial
orders for significant new business which we believe will
contribute to sustained growth into 2021.
"Within Densitron, our new product lines in the Broadcast sector
have replaced lost revenue in the core Densitron business as these
lower margin products go end of life. We expect this to continue
into 2020 and therefore revenue within Densitron to be broadly
flat.
"The Group remains profitable and cash generative with a strong
balance sheet. The long-term market fundamentals remain intact and
we look forward to providing more detail at the time of results in
March."
Notice of Results
The Group's results for the full year to 31 December 2019 are
expected to be announced on 23 March 2020.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
For further information please contact:
Quixant plc Tel: +44 (0)1223 892
696
Jon Jayal, Chief Executive Officer
Guy Millward, Chief Financial
Officer
Nominated Adviser and Broker:
finnCap Ltd Tel: +44(0)20 7220
0500
Matt Goode / Simon Hicks (Corporate
Finance)
Alice Lane (Corporate Broking)
Financial PR: Tel: +44 (0) 20 3405
0205
Alma PR
John Coles / Hilary Buchanan /
Kieran Breheny
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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END
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