25 Jan 2018 07:00
25 January 2018
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 to the global gaming industry, is pleased to provide the following update on trading for the year ended 31 December 2017.
The Board of Quixant is pleased to announce that it expects to report revenue for the twelve months ending 31 December 2017 of approximately $109m, an increase of 20% over the prior period. The Board also expects to report adjusted profit before tax in line with market expectations despite a $1.6m write off in relation to a loss resulting from the substitution of a component incorporated into several of our products. Net cash at 31 December 2017 was approximately $4.2m.
The Group's results for the full year to 31 December 2017 are expected to be announced on 22 March 2018.
Jon Jayal, COO of Quixant, commented:
"This has been another very good year of growth for the business, with a particularly strong performance in our core gaming platforms and gaming monitors. Densitron has also performed well as we continue to rationalise its product range to focus on higher margin business.
"I suggested in our interim results the full year was likely to be first half weighted and this has proved to be the case. Despite historically being second half weighted, as the Group continues to grow the customer book and broaden the product range we are moving towards a more balanced weighting split.
"During the year we have invested in the business with a number of senior management appointments and a circa 20% increase in the total number of employees. As a result, we are well positioned to continue to grow the Group over the long term."
The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
For further information please contact:
Quixant plc | Tel: +44 (0)1223 892 696 |
Jon Jayal, Chief Operating Officer | |
Nominated Adviser and Broker: | |
finnCap Ltd | Tel: +44(0)20 7220 0500 |
Matt Goode / Henrik Persson / Simon Hicks (Corporate Finance) | |
Simon Johnson / Alice Lane (Corporate Broking) | |
Financial PR: | Tel: +44(0)20 8004 4217 |
Alma PR | |
John Coles / Hilary Buchanan / Susie Hudson |
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.