Quixant PLC Trading Update and Notice of Results (2750Y)
January 13 2022 - 2:00AM
UK Regulatory
TIDMQXT
RNS Number : 2750Y
Quixant PLC
13 January 2022
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
13 January 2022
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 , provides an update on trading for the
financial year ended 31 December 2021.
The Group had a strong finish to 2021 and expects to report full
year revenue of $87.1m, ahead of market expectations(1) , driven by
robust demand for Quixant's products across both the Gaming and
Densitron divisions. The Group also expects adjusted profit before
tax to be ahead of market expectations(1) , despite the continued
pressure on margins presented by electronic component shortages and
price inflation. Net cash as at 31 December 2021 increased to
$17.6m, as compared to $15.0m as at 30 June 2021.
The robust trading in 2021 and continued supportive trading
environment, despite ongoing COVID risks, positions the Group well
for further growth. Since Q2 2020 the gaming market has generally
remained resilient to lockdown restrictions, and customers have
demonstrated increasing demand. The Group enters 2022 with a strong
order book which provides good forward visibility across both
divisions. Management continues to closely monitor and, as much as
possible, mitigate supply chain challenges and the impact of cost
inflation on overheads and component pricing which are expected to
continue into at least the second half of 2022.
Notice of Results
The Group expects to report its full year results for 2021 on 5
April 2022.
Jon Jayal, CEO of Quixant, commented:
"I am pleased to report on positive progress during the year, in
which we delivered revenue and profits ahead of market
expectations. Through the careful management of supply chain and
working together with our customer base, we have mitigated the
impact on the business and our end customers from the acute
component shortages facing technology markets. These results
further demonstrate the strength of the relationships we have
forged with our customers, which has resulted in excellent order
visibility.
"A robust return of demand and a broadened product offering in
the Gaming business, combined with our strategic positioning of
Densitron, gives us confidence in the Group's short and long-term
growth opportunity."
(1) The current range of forecasts for the year ended 31
December 2021 is revenue of between $78.0m and $80.0m with a
consensus of $79.0m and adjusted profit before tax of $4.9m.
Quixant plc Tel: +44 (0)1223 892 696
Jon Jayal, Chief Executive Officer
Johan Olivier, Chief Financial Officer
Nominated Adviser and Broker: Tel: +44 (0) 20 7220 0500
finnCap Ltd
Matt Goode / Simon Hicks (Corporate
Finance)
Alice Lane / Charlotte Sutcliffe
(ECM)
Joint Broker: Tel: +44 (0) 20 7523 8000
Canaccord Genuity Limited
Simon Bridges / Andrew Potts
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 and broadcast industries. The Company is
headquartered in Cambridge in the UK, with offices throughout
Europe, North America and Asia. Quixant has its own manufacturing
and engineering operation based in Taiwan and software engineering
and customer support teams based in Italy and Slovenia. 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.
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