AGM Statement and Proposed Name Change
27/04/2023 07:00
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RNS Number : 6001X Quixant PLC 27 April 2023
The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.
27 April 2023
Quixant plc
("Quixant" or the "Group")
AGM Statement and Proposed Name Change
The Annual General Meeting ("AGM") of Quixant (AIM:QXT), a leading provider of
innovative, highly engineered technology products principally for the global
gaming and broadcast industries, will be held today at 11:00am at the Group's
offices at The Galleria, Station Road, Crawley, RH10 1WW.
At the AGM, Quixant Chair, Francis Small, will make the following statement on
current trading:
"The Group has made a good start to the financial year, with demand for our
products continuing to be strong across both Gaming and Densitron divisions.
Revenue in the first quarter was ahead of the same period in 2022 across
both divisions despite what remains a challenging global supply chain
environment.
The recovery in gross margins that started in 2022 has continued through the
first months of 2023 and has led to further improvements in profitability.
This, combined with normalisation of working capital investments has led to
improved free cash flow generation.
Whilst we remain mindful of recession and inflation risk, the healthy trading
year to date and strong order book give us confidence that we will achieve
full year market expectations for both revenue and profit.
We believe the business is in a strong position to deliver long-term
sustainable growth through its portfolio of specialist outsource technology
solutions focused on certain sectors.
Subject to shareholder approval, following the AGM and as previously outlined,
we will be changing the Group's name to Nexteq plc which reflects the
Company's evolution from a niche vertical supplier to a diversified business
platform supplying multiple products into a range of industries. The Group
will maintain the Quixant brand for the Gaming Business and Densitron for the
Broadcast and Industrial Display Components businesses. The Board believes
this will provide the right structure to support our growth strategy and
clarify our end-markets addressed by our offerings."
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
Hilary Buchanan / Kieran Breheny / Will Ellis Hancock
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.
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