Quixant PLC Trading Update and Notice of Results (9788M)
27 Enero 2021 - 1:00AM
UK Regulatory
TIDMQXT
RNS Number : 9788M
Quixant PLC
27 January 2021
27 January 2021
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, is pleased to provide an update on
trading for the year ended 31 December 2020.
The Board expects to report revenue for the year of $63.8m and
confirms adjusted profit before tax will be in excess of $1m. Net
cash at 31 December was $17.4m
Notice of Results
The Group expects to report its final results for the year ended
31 December 2020 on 29 March 2021.
Jon Jayal, CEO of Quixant commented: "I am pleased with our
resilient performance during a period which saw disruption of the
gaming market during most of the second quarter of 2020 due to
COVID-19. Throughout this period, robust trading from Densitron
across the wide range of industries it services has supported the
Group and enabled us to maintain our healthy cash position.
Our approach to handling the crisis has strengthened
relationships with all major customers. In the gaming business, our
support enabled the customers to reopen more quickly and recommence
product development. We see new business opportunities arising as a
result of the pandemic as gaming manufacturers look to streamline
their businesses and reduce working capital intensity for new
deployments.
We have healthy order coverage for the first half of 2021,
although delivery of the order book will clearly be impacted by a
tightening of restrictions due to COVID-19. We also face challenges
due to the widely reported global shortage of semiconductor
components, against which the Board has taken decisive action to
mitigate the impact on customer deliveries. These short term macro
risks aside, our strong balance sheet, streamlined cost base and
strengthened customer relationships allied with structural shifts
in how some our customers operate positions us for a robust 2021
and longer term healthy growth."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
Enquiries:
Quixant plc Tel: +44 (0)1223 892
696
Jon Jayal, Chief Executive Officer
Andrew Jarvis, Interim Chief Financial
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 / David Ison / 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 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 .
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END
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