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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Quixant Plc    QXT   GB00B99PCP71

QUIXANT PLC

(QXT)
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Delayed Quote. Delayed London Stock Exchange - 10/20 11:35:29 am
115 GBX   --.--%
05/19QUIXANT : Trading Update
PU
04/06QUIXANT : Audited Final Results
PU
03/31QUIXANT : 2019 Trading and COVID-19 update
PU
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Quixant : Trading Update

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05/19/2020 | 02:08am EDT

19 May 2020

Quixant plc

('Quixant' or the 'Company' or the 'Group')

Trading Update

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Quixant (AIM: QXT), a leading provider of innovative, highly engineered technology products principally for the global gaming and broadcast industries, is pleased to provide an update on the business in light of the current global disruption caused by COVID-19.

COVID-19 trading update

During this period of disruption to our business, the health and wellbeing of our staff is our highest priority, and we are pleased to report that our staff members continue to operate normally having transitioned smoothly to remote working wherever appropriate.

As previously stated, the global gaming industry remains largely closed down and consequentially demand for Quixant's gaming products has been impacted and receivables collection has been slower than normal. Positive signs of recovery are starting to show and from week commencing 11th May, we started to see the first reopening of venues in the US and robust attendance from players.

The Densitron business is performing well with healthy demand for its products in a range of sectors and coupled with robust gross margins. In keeping with this performance, Densitron has not experienced any material reduction in customer payments.

The Board believes that once we start to see the gradual reopening of more of the economy, multiple opportunities across the Gaming and Densitron businesses to deliver long term growth will present themselves and we are ensuring that the business is in an ideal position to take advantage of these opportunities when they arise.

Working capital position

The Company's balance sheet remains strong with net cash at end April 2020 of $14.8m ($16.1m as at 31 December 2019). In addition, the Board has access to as yet unutilised lines of credit totalling $3.0m. In addition, we are investigating whether it may be possible to access other COVID-19 related Government backed loan schemes.

The Board has taken measures to reduce the Company's overhead base by around 10% compared to the 2020 budget and Board members have taken a minimum of a 25% reduction in salary. We are continuing to review our cost base.

The Board is confident that, with the Company's cash reserves and borrowing facilities, it has sufficient working capital to support a prolonged slowdown in the business should the need arise, and that the Group's balance sheet is sufficiently resilient to withstand the current crisis.

For further information please contact:

Quixant plc

Tel: +44 (0)1223 892 696

Jon Jayal, Chief Executive Officer

Guy Millward, Chief Financial Officer

Nominated Adviser and Broker:

finnCap Ltd

Tel: +44(0)20 7220 0500

Matt Goode / Simon Hicks (Corporate Finance)

Alice Lane (Corporate Broking)

Financial PR:

Tel: +44 (0) 20 3405 0205

Alma PR

John Coles / Susie Hudson / David Ison

Disclaimer

Quixant plc published this content on 19 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2020 06:07:00 UTC


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All news about QUIXANT PLC
05/19QUIXANT : Trading Update
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04/06QUIXANT : Audited Final Results
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03/31QUIXANT : 2019 Trading and COVID-19 update
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03/26QUIXANT : Board Change
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03/18QUIXANT PLC : annual earnings release
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Financials (USD)
Sales 2020 59,5 M - -
Net income 2020 -2,10 M - -
Net cash 2020 15,5 M - -
P/E ratio 2020 -37,1x
Yield 2020 -
Capitalization 76,4 M 99,0 M -
EV / Sales 2020 1,02x
EV / Sales 2021 0,84x
Nbr of Employees 227
Free-Float 61,7%
Chart QUIXANT PLC
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Technical analysis trends QUIXANT PLC
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 2,32 $
Last Close Price 1,15 $
Spread / Highest target 124%
Spread / Average Target 102%
Spread / Lowest Target 80,1%
EPS Revisions
Managers
NameTitle
Jonathan Francis Jayal Chief Executive Officer & Director
Michael John Peagram Non-Executive Chairman
Andrew Jarvis Chief Financial Officer
Nicholas Charles Leopold Jarmany Non-Executive Deputy Chairman
Gary Paul Mullins Executive Director & Director-Strategic Sales
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