Business
2019 Trading and COVID-19 update
2019 Trading and COVID-19 update.
About this update from Nexteq Plc
[{"type":"text","content":"\n \n \n RNS Number : 1289I\n Quixant PLC\n 31 March 2020\n \n \n \n \n Quixant plc\n \n \n (\"Quixant\" or the \"Group\")\n \n \n \n \n \n 2019 Trading and COVID-19 update\n \n \n \n \n \n Quixant (AIM: QXT), a leading provider of innovative, highly engineered technology products principally for the global gaming and broadcast industries, today provides highlights of its unaudited financial results for the year ended 31 December 2019 and a trading update in light of COVID-19. As announced on the 27 March the full audited results have been delayed until 6 April, due to the Group's auditors, KPMG LLP, decision not to sign any audit opinions or consents until 5th April 2020. The Group does not expect any deviation from these published figures once the audited results are announced.\n \n \n \n \n \n 2019 Unaudited Financial Highlights\n \n \n · \n Revenue reduced by 20% to $92.3 million (2018: $115.2 million)\n \n \n · \n Quixant Gaming division revenue $56.2m (2018: $77.6m) \n \n \n o \n Gaming Platforms revenue $46.6m (2018: $62.5m)\n \n \n o \n Gaming Monitors revenue $9.6m (2018: $15.1m)\n \n \n · \n Densitron division revenue of $36.2m (2018: $37.5m)\n \n \n · \n Adjusted1 pre-tax profit of $10.7m (2018: $18.2m)\n \n \n · \n Net cash at period end of $16.1m (2018: $9.7m) \n \n \n \n \n \n 2019 Operational Highlights\n \n \n · \n Revenue decline in Gaming due to major customers facing stiff competition which has led to a reduction in demand for our products.\n \n \n · \n No major customers lost during the year. \n \n \n · \n New products launched by Densitron to target the broadcast market expected to generate revenue in 2020. Increased pipeline of new business to $12m.\n \n \n · \n Appointment of key senior management, including a Densitron Managing Director, Densitron Product Director, Gaming Product Director and a new Gaming Global Sales Director.\n \n \n · \n Enhanced systems and sales discipline to improve revenue visibility.\n \n \n · \n Acquisition of IDS to enhance Densitron product offering in Broadcast sector.\n \n \n \n \n \n 2020 YTD Trading and Outlook\n \n \n · \n Group has seen a robust performance in first quarter 2020 trading despite supply chain challenges\n \n \n · \n While Quixant has so far managed the supply chain impact of C...