Quixant PLC AGM Statement (3721K)

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RNS Number : 3721K

Quixant PLC

05 May 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.

5 May 2022

Quixant plc

("Quixant" or the "Group")

AGM statement

The Annual General Meeting ("AGM") of Quixant (AIM:QXT), a leading provider of innovative, highly engineered technology products principally for the global gaming and broadcast industries, will be held today at 11:00am at the Group's offices at The Galleria, Station Road, Crawley, RH10 1WW.

At the AGM, Quixant Chair, Francis Small, will make the following statement on current trading:

"The strong demand for our specialist technology outsource solutions in both Gaming and Densitron divisions has continued through the first four months of the year and year-to-date order intake has been significantly ahead of the same period in 2021 across both businesses.

As previously communicated, we took the decision to invest in stock to best manage the well documented supply chain issues which continue to impact the global technology sector, with the recent lockdowns in China potentially contributing to these pressures. However, given our strong relationships with suppliers, we continue to successfully manage the challenges and meet customer demand. Year to date revenues are well ahead of the same period in 2021 across both divisions despite what remains a challenging global supply chain environment.

As we communicated in our 2021 full year results announcement, we are investing to manage future growth and mitigate supply chain issues, which in the near term requires utilising our strong cash position to invest in inventory.

The healthy trading year to date and order intake give us confidence that we will achieve full year market expectations for both revenue and profit.

We believe the business is in a strong position to deliver long-term sustainable growth through its portfolio of specialist outsource technology solutions."

 
  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.quixantplc.com.

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END

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May 05, 2022 02:01 ET (06:01 GMT)

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