Quixant PLC – QXT – Final Results

Quixant PLC – QXT – Final Results

Quixant (AIM:QXT), a leading provider of innovative, highly engineered technology products principally for the global gaming and broadcast industries, announces its final results for the year ended 31 December 2020.

FINANCIAL HIGHLIGHTS

·   

Group revenue of $63.8m (FY 2019: $92.3m)

·   

Quixant Gaming division revenue of $30.3m (FY 2019: $56.2m)

o  Gaming platforms revenue of $27.5m (FY 2019: $46.6m)

o  Gaming monitors revenue of $2.8m (FY 2019: $9.6m)

·   

Densitron division revenue of $33.5m (FY 2019: $36.2m)

·   

Group adjusted pre-tax profit of $1.3m (FY 2019: $10.7m profit)1

·   

Group reported pre-tax loss of $2.0m (FY 2019: $9.4m profit)

·   

Adjusted fully diluted EPS of ($0.0040)/share (FY 2019: $0.1396/share)2

·   

Fully diluted EPS of ($0.0445)/share (FY 2019: $0.1243/share)

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Net cash from operating activities of $4.0m (FY 2019: $14.9m)

·   

Net cash at 31 December 2020 $17.4m (FY 2019: $16.1m)

·   

Dividend of 2.0p per share recommended (2019: Nil)

1. Adjusted by adding back items included in the adjusted PBT reconciliation in note 1 to the financial statements totalling $3.3m (2019: $1.3m).

2. Adjusted by adding back the items included in note 1 above and subtracting the associated tax effect as set out in note 9 to the financial statements. In 2020 these amounted to $2.7m (2019: $1.0m).

 

OPERATIONAL HIGHLIGHTS

·   

Return to profitability in H2 2020 driven by improved performance in Gaming business and continued resilient Densitron trading.

·   

Close customer engagement through the crisis leading to positive net cash generation through the year, improved relationships and increased new business potential.

·   

New gaming business models arising from market disruption due to COVID-19 bringing about opportunities, with a pilot customer due to commence a lease programme of Quixant technology in H2 2021.

·   

New gaming business wins in 2020 expected to contribute in excess of $5m of revenue in 2021.

·   

Densitron sales supported by conversion of pipeline in broadcast and medical sectors which both showed year-on year growth to partially offset declines in other sectors.

·   

106% order coverage of Group internal budget for first six months of the year.

Jon Jayal, Chief Executive Officer of Quixant, commented:

"Considering that our key global gaming market was so materially impacted in 2020 due to the pandemic, I believe that to report an adjusted profit before tax and an improvement in our net cash position from FY 2019 is a remarkable achievement. It reflects the resilience in our Densitron business, the strength of the relationship we have with our customers and a robust balance sheet entering the year."

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