Trading Update and Notice of Results

RNS Number : 3285F

Quixant PLC

27 July 2016

 

27 July 2016

Quixant plc

("Quixant" or the "Company")

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 announce an update on trading for the six month period ended 30 June 2016.

Trading in the first six months of the year has been strong with both divisions performing well and the Company remains on track to achieve market expectations for the full year. EBITDA for the six month period is expected to be not less than US$5.8m (1H 2015: US$2.96m), including a full six month period contribution from Densitron which was acquired in November 2015.  Net debt at 30 June 2016 is expected to be US$3m (31 December 2015: US$7.9m).

The Company's interim results for the six months ended 30 June 2016 are expected to be announced on 14 September 2016.

Nick Jarmany, Chief Executive of Quixant, commented: "This has been another period of good progress for the Group. We are pleased with the continued growth of Quixant and the early performance of Densitron since it was acquired. While the Board is mindful of the wider economic environment, the vast majority of Group revenues are received in US dollars as well as it being the Group's reporting currency, and as a result, the recent UK Sterling turbulence is not directly relevant to the Group."

For further information please contact:

Quixant plc	Tel: [phone]
Nick Jarmany, Chief Executive
Jon Jayal, Chief Operating Officer
Nominated Adviser and Broker:	Tel: [phone]
finnCap
Matt Goode / Grant Bergman (Corporate Finance)
Simon Johnson / Alice Lane (Corporate Broking)
Financial PR:
Alma PR
John Coles	Tel: [phone]
Hilary Buchanan	Tel: [phone]

About Quixant

Quixant, founded in 2005, designs and manufactures highly optimised computing solutions and monitors principally to 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 much of which is copyright protected.

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.

 

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