REG - Nexteq PLC - AGM Statement

NexteqAnnouncement

16/04/2024 07:00

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RNS Number : 6976K  Nexteq PLC  16 April 2024

16 April 2024

Nexteq plc

("Nexteq" or the "Group")

AGM Statement

 

The Annual General Meeting ("AGM") of Nexteq (AIM: NXQ), a leading technology
solutions provider to customers in selected industrial markets, will be held
today at 10:00am at the Group's offices at The Galleria, Station Road,
Crawley, RH10 1WW.

 

At the AGM, Nexteq Chair, Francis Small, will make the following statement on
current trading:

 

"The Board remains confident in the Group achieving full year market
expectations.(1) As previously announced, order intake is expected to improve
into the second half of the year as customers rebuild inventory.

 

"The robust gross margin performance seen in 2023 has continued into 2024,
mitigating the anticipated subdued revenues seen in the first quarter amid
wider economic uncertainty. We have continued to generate healthy operating
cash flows, leading to a net cash position of $32.0m at 31 March 2024.

 

"Notwithstanding short-term macroeconomic challenges, we believe the business
is well positioned to deliver long-term sustainable growth through execution
of its organic and acquisitive growth strategy."

(1) The current range of forecasts for the year ended 31 December 2024 is
revenue of between $114.8m and $115.9m with a consensus of $115.4m and
adjusted profit before tax of $14.9m.

 

 Nexteq 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

 Cavendish Capital Markets Ltd

 Matt Goode / Simon Hicks (Corporate Finance)

 Tim Redfern / Harriet Ward (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 Strategic Communications

 Hilary Buchanan / Kieran Breheny

 

 

About Nexteq

Nexteq (AIM: NXQ) is a strategic technology solutions provider to customers in
selected industrial markets. Its innovative technology enables the
manufacturers of global electronic equipment to outsource the design,
development and supply of non-core aspects of their product offering. By
outsourcing elements of their technology stack to Nexteq, customers can focus
their product development effort on the most critical drivers of their
business' success.

 

Our solutions are delivered through a global sales team and leverage the
Group's electronic hardware, software, display and mechanical engineering
expertise. Our Taiwan operation is at the heart of Asian supply networks and
facilitates cost effective manufacturing and strategic supply chain
management.

 

The Group operates in six countries and services over 500 customers across 47
countries.

 

Nexteq operates two distinct brands: Quixant, a specialised computer platforms
provider, and Densitron, leaders in human machine interface technology, each
with dedicated sales, account management and product innovation teams. Founded
in 2005, and later floating on the London Stock Exchange's AIM stock market as
Quixant plc, the Group rebranded to Nexteq in 2023.

 

Further information on Nexteq and its divisions can be found at
www.nexteqplc.com (http://www.nexteqplc.com) .

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