Quixant PLC Trading Update (7133C)
October 13 2022 - 2:00AM
UK Regulatory
TIDMQXT
RNS Number : 7133C
Quixant PLC
13 October 2022
13 October 2022
Quixant plc
("Quixant" or the "Group")
Trading Update
Quixant (AIM:QXT), a leading provider of innovative, highly
engineered technology products principally for the global gaming
and broadcast industries , provides the following update on trading
for the current financial year, ending 31 December 2022.
The Board is pleased to report that, since the release of the
Group's interim results on 6 September 2022, both Gaming and
Densitron divisions have continued to perform strongly. As a
result, the Group now expects to report full year results ahead of
market expectations(1) with revenues in excess of $115m and
adjusted profit before tax of no less than $10m.
Jon Jayal, CEO of Quixant, commented:
"I am delighted to report a second upgrade in expected revenue
and profit in the current financial year. This has been driven by
ongoing buoyant customer demand, continued recovery in gross
margins and ongoing management of supply risk. The strategy we have
in place across the Group is delivering, as we launch new products,
diversify revenue, and become more closely integrated within our
customers' value-chain.
Supported by robust order intake, we expect strong demand to
continue and while there remain recessionary and supply side risks,
we expect to deliver year on year growth in 2023."
(1) The Board consider the current consensus analyst forecasts
for the year ended 31 December 2022 prior to this announcement are
revenue of $109.5m and adjusted profit before tax of $8.8m.
Quixant plc Tel: +44 (0)1223 892 696
Jon Jayal, Chief Executive Officer
Johan Olivier, Chief Financial Officer
Nominated Adviser and Broker: Tel: +44 (0) 20 7220 0500
finnCap Ltd
Matt Goode / Simon Hicks (Corporate
Finance)
Alice Lane / Charlotte Sutcliffe
(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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