Trading Update

RNS Number : 3932W

Zytronic PLC

18 August 2022

 

18 August 2022

Zytronic plc

("Zytronic" or the "Company")

Trading Update

Zytronic, a leading specialist manufacturer of touch sensors, provides the following trading update ahead of its 2022 fiscal year end on 30 September 2022 ("FY22").

As anticipated in the interim results statement issued on 17 May 2022, due to continued global economic disruptions, the availability and cost of both raw materials and electronic components have proven to be persistent challenges as the second half of FY22 has progressed. This has had a knock-on effect on the Group's customers and has resulted in a lower than anticipated level of order intake being observed over the second half to date.

As a result of the above and with clearer visibility at this time on revenue generation for the remainder of the fiscal year, management currently considers that reported revenues for FY22 are likely to be in the region of 5% higher than the £11.7m reported for 2021.

Although still a fluid consideration, profitability for the year is currently expected to be ahead of that reported at the pre-tax level for the year to 30 September 2021.

Whilst global and national economic uncertainties appear likely to continue beyond the year end, sales and marketing activities are resuming after a near two-year hiatus.  Working capital expansion is expected to continue in parallel with this resumption of activity and in response to the current operating environment. The Group anticipates maintaining a healthy cash balance at the year-end of approximately £6.0m.

With an improving log of opportunities and the ability to commit further resources to business development and project progression activities, management remains confident in the positioning, ongoing recovery, and longer-term growth prospects for the Group.

This announcement contains inside information and is disclosed in accordance with Article 7 of the UK Market Abuse Regulation. 

Enquiries: Zytronic plc Mark Cambridge, Chief Executive Claire Smith, Group Finance Director 0191 414 5511 Singer Capital Markets (Nominated Adviser and Broker) Aubrey Powell, Rachel Hayes, Amanda Gray 020 7496 3000 About Zytronic Zytronic 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. Zytronic's products employ a sensing solution that is readily configurable and embedded in a laminate core that offers significant durability, environmental stability and optical enhancement benefits to system designers specific requirements. Zytronic has continually developed process and technological know-how and IP since the late 1990's around two sensing methodologies; the first being single touch self-capacitive which Zytronic markets as PCT™ ("Projected Capacitive Technology") and the second being multi-touch, multi-user mutual-capacitive which Zytronic markets as MPCT™ ("Mutual Projected Capacitive Technology"), in which Zytronic holds five granted patents. Zytronic operates from a single site near Newcastle-upon-Tyne in the United Kingdom. Zytronic is relatively unique in the touch eco-system as it offers a complete one-stop solution from processing internally the form and factor of the glass substrates, assembles their touch overlay products to customers specific requirements, in environmentally controlled cleanrooms and develops the bespoke firmware, software and electronic hardware to link the interactive overlays to customer's integrated systems and products.

 

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