27 Apr 2023 07:00
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.
27 April 2023
Quixant plc
("Quixant" or the "Group")
AGM Statement and Proposed Name Change
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 Group has made a good start to the financial year, with demand for our products continuing to be strong across both Gaming and Densitron divisions. Revenue in the first quarter was ahead of the same period in 2022 across both divisions despite what remains a challenging global supply chain environment.
The recovery in gross margins that started in 2022 has continued through the first months of 2023 and has led to further improvements in profitability. This, combined with normalisation of working capital investments has led to improved free cash flow generation.
Whilst we remain mindful of recession and inflation risk, the healthy trading year to date and strong order book 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 focused on certain sectors.
Subject to shareholder approval, following the AGM and as previously outlined, we will be changing the Group's name to Nexteq plc which reflects the Company's evolution from a niche vertical supplier to a diversified business platform supplying multiple products into a range of industries. The Group will maintain the Quixant brand for the Gaming Business and Densitron for the Broadcast and Industrial Display Components businesses. The Board believes this will provide the right structure to support our growth strategy and clarify our end-markets addressed by our offerings."
Quixant plc Jon Jayal, Chief Executive Officer Johan Olivier, Chief Financial Officer
| Tel: +44 (0)1223 892 696 |
Nominated Adviser and Broker: finnCap Ltd Matt Goode / Simon Hicks (Corporate Finance) Alice Lane / Charlotte Sutcliffe (ECM)
| Tel: +44 (0) 20 7220 0500 |
Joint Broker: Canaccord Genuity Limited Simon Bridges / Andrew Potts
| Tel: +44 (0) 20 7523 8000 |
Financial PR: Alma PR Hilary Buchanan / Kieran Breheny / Will Ellis Hancock | Tel: +44 (0)20 3405 0205 |
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.