Quixant PLC Trading Update and Notice of Results (8271G)
July 29 2021 - 1:00AM
UK Regulatory
TIDMQXT
RNS Number : 8271G
Quixant PLC
29 July 2021
29 July 2021
Quixant plc
("Quixant" or the "Group")
Trading Update and Notice of Results
Strong demand driving growth across all business units
Quixant (AIM:QXT), a leading provider of innovative, highly
engineered technology products principally for the global gaming
and broadcast industries, is pleased to provide an update on
trading for the six months ended 30 June 2021.
The Group expects to report double-digit revenue growth compared
to the same period last year and profits which are comfortably in
line with management expectations for the period. Strong demand
across both Gaming and Densitron businesses drove healthy order
intake over the period. Component shortages and input stock price
inflation continue to present headwinds which the Board has been
actively managing through an elevated strategic stock holding and
customer price increases.
The Group's net cash position at 30 June 2021 was $15.1m (31
December 2020: $17.4m) reflecting the forward purchase of component
stock and payment of a dividend.
Notice of Results
The Board expects to announce its results for the six months
ended 30 June 2021 on 22 September 2021.
Jon Jayal, CEO of Quixant, commented: "We are delighted by the
healthy level of demand experienced in the first half of the year,
resulting in revenue growth for both our Densitron and Gaming
businesses. This provides us with confidence that the recovery is
well underway in the Gaming market and that our strategic
positioning of the Densitron business is delivering results.
Whilst we continue to monitor and manage the challenges
presented by external market factors, we expect to see the recovery
in demand continuing into the second half of the year driving
growth in both revenue and profit."
Quixant plc Tel: +44 (0)1223 892 696
Jon Jayal, Chief Executive Officer
Andrew Jarvis, Interim Chief Financial
Officer
Nominated Adviser and Broker: Tel: +44 (0) 20 7220 0500
finnCap Ltd
Matt Goode / Simon Hicks (Corporate
Finance)
Alice Lane (ECM)
Joint Broker: Tel: +44 (0) 20 7523 8000
Canaccord Genuity Limited
Simon Bridges / Andrew Potts
Financial PR: Tel: +44 (0)20 3405 0205
Alma PR
John Coles / Hilary Buchanan / Kieran
Breheny
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.
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END
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