Trading Update and Notice of Results

RNS Number : 2750Y

Quixant PLC

13 January 2022

 

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

13 January 2022

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 , provides an update on trading for the financial year ended 31 December 2021.

The Group had a strong finish to 2021 and expects to report full year revenue of $87.1m, ahead of market expectations¹, driven by robust demand for Quixant's products across both the Gaming and Densitron divisions. The Group also expects adjusted profit before tax to be ahead of market expectations¹, despite the continued pressure on margins presented by electronic component shortages and price inflation. Net cash as at 31 December 2021 increased to $17.6m, as compared to $15.0m as at 30 June 2021.

The robust trading in 2021 and continued supportive trading environment, despite ongoing COVID risks, positions the Group well for further growth. Since Q2 2020 the gaming market has generally remained resilient to lockdown restrictions, and customers have demonstrated increasing demand. The Group enters 2022 with a strong order book which provides good forward visibility across both divisions.  Management continues to closely monitor and, as much as possible, mitigate supply chain challenges and the impact of cost inflation on overheads and component pricing which are expected to continue into at least the second half of 2022.

Notice of Results

The Group expects to report its full year results for 2021 on 5 April 2022.

Jon Jayal, CEO of Quixant, commented:

"I am pleased to report on positive progress during the year, in which we delivered revenue and profits ahead of market expectations. Through the careful management of supply chain and working together with our customer base, we have mitigated the impact on the business and our end customers from the acute component shortages facing technology markets. These results further demonstrate the strength of the relationships we have forged with our customers, which has resulted in excellent order visibility. 

"A robust return of demand and a broadened product offering in the Gaming business, combined with our strategic positioning of Densitron, gives us confidence in the Group's short and long-term growth opportunity."

¹  The current range of forecasts for the year ended 31 December 2021 is revenue of between $78.0m and $80.0m with a consensus of $79.0m and adjusted profit before tax of $4.9m.

Quixant plc Jon Jayal, Chief Executive Officer Johan Olivier, Chief Financial Officer	Tel: [phone]
Nominated Adviser and Broker: finnCap Ltd Matt Goode / Simon Hicks (Corporate Finance) Alice Lane / Charlotte Sutcliffe (ECM)	Tel: [phone]
Joint Broker: Canaccord Genuity Limited Simon Bridges / Andrew Potts	Tel: [phone]
Financial PR: Alma PR John Coles / Hilary Buchanan / Kieran Breheny	Tel: [phone]

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.

 

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