Quixant is the world's premier company focused exclusively on the design and manufacture of the most advanced PC based computer systems for the global gaming industry. Based in the UK, Quixant currently has subsidiary companies in Italy, USA and Taiwan with customers in every region of the world.

Quixant was established by a core team of individuals with many years experience of the design, manufacture and sales of specialised systems to the global slot machine industry. Our systems are in use by blue chip slot manufacturers all around the world. Our in-depth knowledge of all aspects of gaming machines allows us to bring genuine innovation and significant benefits to our customers. Our systems are not just motherboards, they are complete solutions that solve real problems and deliver maximum value.

The combination of global design and support staff and our own manufacturing facility in Taiwan makes Quixant an unbeatable proposition for any leading edge slot machine vendor. Quixant specialises in working closely together with its customers to enable truly ground breaking results to be achieved.

Quixant’s continuous investment in new technology, products and service are testament to our long-term commitment to be the best supplier in the industry to the world’s premier gaming companies.

(QXT:AIM)

http://www.quixant.com/

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Half-year Report

RNS


RNS Number : 7586J

Quixant PLC

14 September 2016




14 September 2016



Quixant plc
("Quixant", "Group" or the "Company")



Interim Results



Quixant (AIM: QXT), a leading provider of innovative, highly engineered technology products principally to the global gaming industry, is pleased to announce its interim financial results for the six months ended 30 June 2016. The results include a full six month contribution by Densitron Technologies Ltd, acquired in November 2015.



H1 2016 Financial Highlights
•Group Revenue of $41.3m ◦Quixant core gaming division revenue up 56% to $21.2m (1H 2015 $13.6m)
◦Densitron division revenue of $20.1m

•Group Gross Margin 35% ◦Quixant core gaming division gross margin 42% (1H 2015: 44%)
◦Densitron division gross margin 28%

•Group Adjusted EBITDA1 of $6.0m (1H 2015: $3.1m) ◦Quixant core Gaming division up 52% to $4.7m (1H 2015:$3.1m)
◦Densitron division $1.3m

•Group Pre-tax profit of $4.4m (1H: $2.6m)
•Group Adjusted pre-tax profit1 of $4.5m (1H 2015: $2.7m) ◦Quixant core Gaming division up 27% to $3.4m (1H 2015: $2.7m)
◦Densitron division $1.1m

•Fully diluted EPS of $0.052/share (1H 2015 $0.031/share)
•Adjusted fully diluted EPS2 of $0.052/share (1H 2015: $0.032/share)
•Net cash from operating activities of $6.1m (1H 2015: $5.1m)
•Net debt at 30 June 2016 of $3.3m (31 December 2015: $7.9m)



1. Adjusted by adding back $0.150m in respect of share based payments (1H 2015: $0.097m)

2. Adjusted by adding back $0.150m in respect of share based payments and subtracting the associated tax effect of $0.030m (1H 2015: $0.097m adjustment less tax effect of $0.019m).



Operational Highlights
•Commenced volume shipments of gaming platforms to a Tier 1 side project won in 2015
•Secured side project business with another new Tier 1 for gaming platforms
•Strong growth in gaming monitor business with several customers now in mass production, including a Tier 1 customer
•Delivered strong performance from Densitron division and made strategic enhancements to the business to improve long term revenue growth and profitability.



Nick Jarmany, CEO of Quixant commented: "I am delighted with the performance of the Group over the first six months of the year. Our core gaming business is going from strength to strength and has continued its track record of revenue and profit growth. I am particularly pleased to see our progress in the largest gaming machine manufacturers and our increasingly diversified customer base. As we continue to diversify our customer base and revenue streams our historic second half weighting will reduce.



The Densitron division since acquisition in November 2015 has performed well. We have worked hard to leverage the benefits of the combined business and introduced new strategic initiatives which we believe will enhance performance. We are also being introduced to the wider industrial marketplace and seeing opportunities to leverage Quixant's capabilities and infrastructure in a number of sectors.

Quixant is in an excellent position to continue its track record of profitable growth. Our share of the gaming market is growing fast, although in percentage terms is still relatively modest. We have an excellent reputation and are a highly trusted partner of many major gaming machine manufacturers. Densitron has grown strongly and we believe that the enhancements we have introduced will lead to continued growth in both revenue and profits.

We remain on track to achieve full year market expectations and are well placed to continue our record of strong growth."

10:10 14/09/2016
Broker Forecast - finnCap issues a broker note on Quixant

finnCap today reaffirms its corporate investment rating on Quixant (LON:QXT) and raised its price target to 250p (from 220p). Story provided by StockMarketWire.com