Quixant PLC Trading Update (2667N)
19 Maggio 2020 - 8:00AM
UK Regulatory
TIDMQXT
RNS Number : 2667N
Quixant PLC
19 May 2020
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 11(th) 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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May 19, 2020 02:00 ET (06:00 GMT)
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