AGM Trading Update

Zytronic PLC

29 February 2024

 

Zytronic plc

("Zytronic" or the "Company",

and together with Zytronic Displays Ltd, the "Group")

AGM Trading Update

Zytronic, a leading specialist manufacturer of touch sensors, provides the following trading update ahead of the AGM being held at the Company's offices at 1.00 p.m. today.

As noted in the Annual Results release for the financial year ended 30 September 2023 ("FY23"), the trends observed during the first quarter of FY24 are continuing in the second quarter to date. Management expectations are unchanged in that the positive impact resulting from the conversion of the opportunities pipeline (which has generally shown an improving trend since FY21) will likely be realised from the latter half of FY24 or early FY25 onwards.

The recently appointed Sales Director, together with his international team and channel partners, has now concluded the comprehensive re-evaluation of the existing 'Open' opportunities pipeline described in the FY23 Annual Results release. As at 31 January 2024, a total of 464 opportunities are classified as Open with a total projected lifetime value of £58.5m (30 September 2023, prior to re-evaluation: £68.6m).

During the Global Gaming Expo in October 2023 and the Integrated Systems Europe Expo which took place in February 2024, the Group unveiled several new products including complete interactive large format and round format tables. These offerings garnered significant interest, as did other demonstrations showcasing the technical capabilities of its specific PCAP technology enabling unique hybrid button concepts and interactivity through a range of materials including concrete, wood, leather and Corian®.

While disciplined cost control remains a priority during this period of reduced revenue generation for the Group, management recognises the need for increased investment in personnel, travel, marketing, and product development, as the Group continues to position itself for future performance improvement.

The Group's net cash balance as at 31 January 2024 stood at £4.1m.

The Company expects to provide a further update in its FY24 Interim Results, scheduled to be released during May 2024.

Enquiries:
Zytronic plc Mark Cambridge, Chief Executive Claire Smith, Group Finance Director	0191 414 5511
Singer Capital Markets (Nominated Adviser & Broker)	020 7496 3000
Aubrey Powell, Alex Bond, Finn Gordon

About Zytronic

The Group's operating subsidiary Zytronic Display Ltd ("ZDL") is a world-renowned developer and manufacturer of a unique range of internationally award-winning optically transparent interactive touch sensor overlay products for use with electronic displays in industrial, self-service and public access equipment.

ZDL's products employ a sensing solution that is readily configurable and is embedded in a laminate core which offers significant durability, environmental stability, and optical enhancement benefits to meet system-specific design requirements.

ZDL has continually developed process and technological know-how and IP since the late 1990's around two projected capacitance ("PCAP") sensing methodologies; trademarked by as PCT™ ("Projected Capacitive Technology") and MPCT™ ("Mutual Projected Capacitive Technology"), in which 15 internationally granted patents are held.

The Group is headquartered at Blaydon-upon-Tyne in the United Kingdom.  ZDL operates from this site, providing its manufactured products globally through a number of sales channel partners. ZDL is relatively unique in the touch eco-system as it offers a complete one-stop solution including processing internally of the form and factor of glass and film substrates, the assembly of the associated touch overlay products, in environmentally controlled cleanrooms to customers' specific requirements and the development of the bespoke firmware, software and electronic hardware which links the manufactured touch interactive overlays to customer's integrated systems and product.

For more information about ZDL's technologies and products please see www.zytronic.co.uk and for information about the Group, please see https://www.zytronicplc.com

 

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