18 Mar 2020 07:00
18 March 2020
Quixant plc
("Quixant" or the "Group")
Notice of Results Update
Quixant (AIM: QXT), a leading provider of innovative, highly engineered technology products principally for the global gaming and broadcast industries, announces that the publication of the Group's full year results are subject to a short delay of a week. This is due to the time needed by the Group's auditor, KPMG LLP, to complete its work, together with enhanced internal regulatory scrutiny.
The Board believes the accounts to be substantially complete. As announced in its January trading update, the Board expects to report revenue for the year of $92.3m, adjusted profit before tax of $10.7m and net cash of over $16m. The Group remains profitable and cash generative with a strong balance sheet and a net cash position at 29 February 2020 of $18.5m.
KPMG have confirmed that they will complete their work so that the Board can release its full year audited results on 31 March 2020.
Naturally the Board is disappointed by the delay. However, it emphasises that this delay relates solely to the additional level of scrutiny required by the auditor's internal sign-off formalities.
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.