27 Jan 2021 07:00
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.