13 Oct 2022 07:00
13 October 2022
Quixant plc
("Quixant" or the "Group")
Trading Update
Quixant (AIM:QXT), a leading provider of innovative, highly engineered technology products principally for the global gaming and broadcast industries, provides the following update on trading for the current financial year, ending 31 December 2022.
The Board is pleased to report that, since the release of the Group's interim results on 6 September 2022, both Gaming and Densitron divisions have continued to perform strongly. As a result, the Group now expects to report full year results ahead of market expectations1 with revenues in excess of $115m and adjusted profit before tax of no less than $10m.
Jon Jayal, CEO of Quixant, commented:
"I am delighted to report a second upgrade in expected revenue and profit in the current financial year. This has been driven by ongoing buoyant customer demand, continued recovery in gross margins and ongoing management of supply risk. The strategy we have in place across the Group is delivering, as we launch new products, diversify revenue, and become more closely integrated within our customers' value-chain.
Supported by robust order intake, we expect strong demand to continue and while there remain recessionary and supply side risks, we expect to deliver year on year growth in 2023."
1 The Board consider the current consensus analyst forecasts for the year ended 31 December 2022 prior to this announcement are revenue of $109.5m and adjusted profit before tax of $8.8m.
Quixant plc Jon Jayal, Chief Executive Officer Johan Olivier, Chief Financial Officer
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Nominated Adviser and Broker: finnCap Ltd Matt Goode / Simon Hicks (Corporate Finance) Alice Lane / Charlotte Sutcliffe (ECM)
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Joint Broker: Canaccord Genuity Limited Simon Bridges / Andrew Potts
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Financial PR: Alma PR John Coles / Hilary Buchanan / Kieran Breheny | 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.
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.