Trading Update and Notice of Results
Updated : 07:00
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 Jon Jayal, Chief Executive Officer Andrew Jarvis, Interim Chief Financial Officer
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Nominated Adviser and Broker: finnCap Ltd Matt Goode / Simon Hicks (Corporate Finance) Alice Lane (ECM)
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Joint Broker: Canaccord Genuity Limited Simon Bridges / Andrew Potts
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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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