Ahead of reporting its full year figures to June, Nxt (LON:NTX) this morning said it has hired electronics engineer and entrepreneur James Lewis as its new CEO as of August 1. He will oversee some organisation changes at the group including a strengthening of the wider management team. NXT, which makes unique sound solutions and is best known for its flat panel loudspeaker and touch screen technologies, noted that the second half of the financial year had witnessed an improvement on the first half, however a lack of licensing commitments constrained growth. As a result, the company said it was continuing to review its licensing and royalty strategy and was now moving towards a more component sale model. Overall revenues are set to be significantly down on last year, which is set to trigger a post-tax loss as well as pressure on short-term cash flow. The company’s shares fell 11.6% to 9.5p.

Elsewhere, Software Radio Technology (LON:SRT) saw its shares gain 4.6% to 22.5p on news that it had received additional new orders for its AIS products worth a total of US$2.1m. SRT develops identification and tracking technologies used by maritime vessels and the latest orders have been secured from various existing customers addressing markets around the world. The units are all expected to be delivered during the current financial year. As at July 13, SRT's forward order book for products which are expected to be delivered in the current financial year was US$5.7m. In June, SRT reported a 41% increase in annual revenues to £3.56m and an 81% reduction in losses to £221,000.

Finally, shares in Ultra Electronics Hldgs (LON:ULE) edged up nearly 1% to 1585p after the communication and integrated systems business reported that it had been awarded a production contract valued at £76m relating to the End Cryptographic Unit Replacement Programme (ECU RP) – the first phase of the UK Ministry of Defence’s cryptographic modernisation programme. Ultra was selected as the preferred bidder for ECU RP in February and received a contract for risk reduction activities at that time. This new contract could have potential additional value to Ultra if related support activities are awarded. CEO, Douglas Caster, said successful execution of the contract would position Ultra for other key projects in the UK's cryptographic modernisation programme and the wider information assurance market.

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