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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Quixant Plc | LSE:QXT | London | Ordinary Share | GB00B99PCP71 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 175.00 | 172.00 | 178.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMQXT
RNS Number : 1432A
Quixant PLC
22 March 2017
22 March 2017
Quixant plc
("Quixant" or the "Company")
Final Results
Quixant (AIM: QXT), a leading provider of specialised computing platforms and monitors for gaming and slot machine applications, is pleased to announce its Final Results for the year ended 31 December 2016.
Highlights:
-- Revenue growth of 116% to $90.4 million (2015: $41.8 million)
o Gaming division: $53.0 million (2015: $36.6 million)
o Densitron division: $37.4 million (2015 part year: $5.2 million)
-- Adjusted EBITDA(1) increased 54% to $15.6 million (2015: $10.1 million)
o Gaming division: $12.7 million (2015: $9.8 million )
o Densitron division: $2.9 million (2015 part year: $0.3 million)
-- Adjusted profit before tax(2) increased 50% to $13.8 million (2015: $9.2 million)
o Gaming division: $11.1 million (2015: $9.0 million)
o Densitron division: $2.7 million (2015 part year: $0.2 million)
-- Adjusted fully diluted EPS(3) of $0.166 per share (2015: $0.113 per share) -- Proposed full year dividend of 2.0p per share (2015: 1.5p) -- Net cash from operating activities of $10.1 million (2015: $6.3 million)
1. Adjusted by adding back share based payments and one off non-recurring items of income and expense totalling $0.9 million (2015: share based payments and non-recurring costs of $1.4 million).
2. Adjusted by adding back amortisation of intangibles arising from acquisitions, share based payments and one off non-recurring items of income and expense. In 2016 these amounted to $2.2 million (2015: share based payments and non-recurring costs $1.4 million).
3. Adjusted by adding back amortisation of intangibles arising from acquisitions, share based payments, one off non-recurring items of income and expense and subtracting the associated tax effect. In 2016 these amounted to $1.7 million (2015: share based payments and non-recurring costs $1.4 million).
Operational Highlights:
-- Strong demand from major gaming customers across both gaming board and monitor solutions -- Increased diversification of revenue base and reduced customer concentration
-- Completed gaming platform design-in for a project with a new Tier 1 customer and received first volume orders in 2017
-- Densitron division performed ahead of expectation
-- Strengthened management team and invested in people and infrastructure to support future growth
Nick Jarmany, CEO of Quixant, commented: "I am delighted with the financial and operational performance of the Group in 2016. Our core business continued to grow impressively and, along with strong growth in gaming monitors and the Densitron division performing ahead of expectations, the Group has delivered excellent results for the year.
We have had a good start to 2017 and I am confident that we are well placed to build on this and continue to deliver strong growth for the full year and beyond."
For further information please contact:
Quixant plc Tel: +44 (0) 1223 892696 Nick Jarmany, Chief Executive Jon Jayal, Chief Operating Officer Nominated Adviser and Broker: finnCap Ltd Tel: +44 (0) 20 7220 0500 Matt Goode / Henrik Persson / Simon Hicks (Corporate Finance) Simon Johnson / Alice Lane (Corporate Broking) Financial PR: Tel: +44(0) 20 8004 4218 Alma PR John Coles Hilary Buchanan
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Chairman's Statement
I am pleased to report that Quixant has had another successful year with the Group delivering strong growth in both revenue and profit. This has been the first full year contribution from the acquisitions made in 2015 and it is pleasing to see these businesses performing ahead of expectations, augmenting strong organic growth from Quixant's core gaming platform business.
The Gaming Division performed well as Quixant continues to consolidate its position as the premier supplier of computer platforms to the gaming industry. We continued to broaden our customer base in 2016, winning several new projects with customers across a spectrum of sizes. We expect volume shipments under several of these to commence in 2017. In addition to the growth in new customers, it is pleasing to see robust performance from Quixant's well-established customers.
In 2015 we took the decision to invest in our gaming monitor business and enhanced our product offering and sales resource in this product line. This decision has proved successful with good growth in 2016 and a strong pipeline of orders for delivery in 2017 giving us confidence in our ability to deliver substantial growth in the future. Our belief that gaming platform customers would value the ability to purchase monitors from Quixant as a trusted vendor has proven to be correct.
The Densitron Division has performed ahead of expectations during the year. After a period of assessment of the division following our acquisition in November 2015, several initiatives have been implemented aimed at rationalising and enhancing the business' product and market strategy. We are also injecting a higher degree of intellectual property into the product range and improving operational efficiency which will improve future profitability. We would expect to start to see the benefit of these initiatives resulting in improvements in sales and margins towards the end of 2017.
The decision for the UK to leave the European Union resulted in a significant volatility in exchange rates and uncertainty in the way future business will be conducted between the UK and countries within the European Union. The highly global nature of Quixant's business and operations, combined with the fact that both reporting and the majority of transactions are conducted in US Dollars mitigates the impact that Brexit will have on Quixant. However, the Board will continue to monitor the potential impact as developments unfold.
A dividend of 1.5p per share was paid in May 2016 representing a growth of 25% on the prior period. The Board is pleased to propose a 2017 full year dividend of 2.0p per share, representing an increase of 33% over the previous year. This remains consistent with our progressive dividend policy and the continued strength of the Company's balance sheet and financial performance.
The Group has significant opportunities to continue to grow in all areas of its business. The market for the core gaming platform business remains robust and together with potential new geographical market opportunities provides us with confidence for continued future growth. The introduction of gaming monitors to our product portfolio has successfully uncovered significant opportunity for selling multiple products into each gaming machine and we are confident that the Group's share of this business will continue to grow. We consider that the opportunities for the Densitron division are promising and we expect to see the benefits from the initiatives implemented as 2017 progresses. The Group has had a strong start to 2017 and is well positioned to achieve its growth targets for the year.
Chief Executives Report
I am delighted to report that the Group has delivered excellent financial and operational performance over the year. Both the Gaming and Densitron business divisions performed ahead of expectations, delivering record Group revenue and adjusted profit before tax of $90.4 million (2015: $41.8 million) and $13.8 million (2015: $9.2 million) respectively. The unadjusted profit before tax was $11.7 million (2015: $7.8 million).
The table below shows the growth in revenue from the different elements of the business over the last three years. The growth in the core gaming platform business has underpinned the growth in the organisation as a whole and enabled the introduction of the gaming monitor business in 2014 and the acquisition of Densitron in November 2015.
Hot Features
Premium
Product Group 2014 2015 2016
($m) ($m) ($m)
------------------ ------ ------ ------
Gaming Platforms 32 34 44
------------------ ------ ------ ------
Gaming Monitors 0 3 9
------------------ ------ ------ ------
Densitron 0 5* 37
------------------ ------ ------ ------
* Reflects revenue contribution from Densitron post acquisition in November 2015
Gaming Division
The Gaming Division revenue grew by 45%, from $36.6 million in 2015 to $53.0 million in 2016 principally as a result of a growth in sales to several existing customers, commencement of volume shipments to a number of new accounts and substantial growth in the gaming monitor business.
The cornerstone of our gaming proposition is Quixant's Gaming Ecosystem(R), which encompasses several aspects of the hardware, software and support of our gaming platforms and monitors. Quixant has developed a library of intellectual property aimed at providing customers with a platform which combines compliance with the strict requirements imposed by global gaming regulators with an off-the-shelf solution which accelerates their time to market with new games, provides portability across different markets and supports a simple upgrade path for their next generation of machines. This Gaming Ecosystem(R) is a central part of Quixant's value proposition and differentiates us from the multitude of industrial PC manufacturers operating principally in Asia. It is gratifying to find that even the largest customers in the gaming industry recognise and embrace the value of Quixant's Gaming Ecosystem(R) and are willing to adapt their games to be compatible with it.
We continue to see new market opportunities evolving as governments globally vote to legalise gaming in a regulated environment. Whilst we adopt a cautious stance to the timing or potential value of such market openings, we believe this represents a major opportunity for our customers to supply new machines which in turn provides Quixant with the potential for new business. Brazil is the most recent of such new market opportunities. Quixant has several customers who are well- positioned to address this market with machines and games which have been developed around Quixant gaming platforms.
Gaming Platforms
We shipped over 43,000 gaming platforms in 2016, up from 34,000 shipped in 2015. We continue to occupy a small market share of around 9% of the estimated 475,000 unit annual new/replacement machines deployed globally (based on the 2015 industry survey conducted by G3 Magazine). We continue to have good confidence that we have the ability to considerably increase our market share over time as more customers look to outsource the design and manufacture of their computer gaming platforms and focus their R&D effort on their core competencies.
Our highest volumes continue to be dominated by our higher performance range of products, and in particular the QX-40. We have several customers now transitioning from this onto the next generation QX-50 and newer platforms but we expect to continue to see strong sales of the QX-40 in 2017.
Gaming Monitors
We commenced our business in gaming monitors in 2014 as a means of providing customers with a gaming-optimised product that complements our gaming platforms. The strict regulatory requirement of maintaining a consistent bill-of-materials, something which has been a key criteria in the design of our gaming platforms, is also a requirement for gaming monitors. Quixant has built up years of credibility as a supplier that understands these strict requirements and this has enabled us to be successful in cross-selling monitor products to a number of our existing computer platform customers. In 2016 we shipped over 25,000 gaming monitors, a marked increase on the previous year. Several existing well-established customers have moved to Quixant for their monitor requirements. Touchscreen button decks have also proven to be a strong product line as manufacturers seek to replace traditional mechanical buttons with more interactive input methods on their latest machines. Whilst gaming monitors operate on a structurally lower margin compared to gaming platforms, the design-in period is typically considerably shorter and the intensity of R&D required is lower.
Densitron Division
Following our acquisition of the Densitron in November 2015 our expectation was that the performance during 2016 would be relatively flat compared to its performance for the full year 2015. However, the business has performed ahead of expectations, delivering increased revenues at marginally better gross margin.
During the year we implemented a range of initiatives designed to strengthen the business, making it more streamlined and increasing its product and market focus. We have also invested during the year in headcount, products and marketing. We have recruited additional people in Taiwan to enable better management of quality, improvements in the procurement process and standardising the operational process across divisions. This is expected to continue into 2017.
We have embarked on a rationalisation of the product portfolio which we believe was previously unwieldy and lacked a globally unified strategy. As a result, several product lines were discontinued towards the end of the year and a new team of Global Product Managers has been established. We believe that increasing the intellectual property contained within Densitron's products will improve competitiveness and provide greater opportunity for Densitron into the future. For this reason, in 2017 we have introduced a new team which is responsible for developing Densitron's own low power embedded ARM computing solutions which will be marketed in combination and integrated with its display products.
In the past, Densitron has sold into a large number of different markets, each having their own specific requirements. Leveraging on the experience gained in Quixant, we are in the process of identifying markets in which Densitron's range of products and capabilities offer particular competitive advantages.
Due to product development timescales we do not expect to see an immediate impact resulting from these initiatives but we would anticipate to see progress towards the end of 2017.
Group Infrastructure Enhancements
Given the Group's rapid rate of growth, we believe it is essential that the infrastructure is put in place to not only manage this growth but also to enhance it. During 2016 we have continued to invest in people, by strengthening management resource, and products but also recognised the need to restructure the way in which the Group is managed overall. To do this we have created a divisional structure with several shared service areas which are leveraged across divisions.
We also believe that common systems and processes across the Group are vital to be able to support the business into the future. As such, the Board approved a project at the end of 2016 to implement a common enterprise resource planning (ERP) system across the whole Group which will involve a harmonisation of business and operational processes and creation of a global financial and business analysis infrastructure. This is a substantial project that will involve input from all parts of the business but is essential to ensure efficient management reporting and enable us to leverage our resources as we grow.
The Group has also strengthened the business' management resources, promoting Jon Jayal to Chief Operating Officer of the Group, stepping up responsibilities for several other members of senior management and making a number of senior hires in Taiwan.
Outlook
The outlook for the Group remains extremely positive. The Gaming division continues to offer considerable growth opportunities both from the expansion of its market share in the core gaming platform business and through the new opportunity created in the gaming monitor market. The Densitron division is healthy and profitable and offers potential for growth in several important vertical markets through a more focused and co-ordinated global approach. I am therefore confident in the Group's ability to continue to deliver strong growth in 2017 and beyond.
Financial Review
Revenue
The Quixant Group achieved revenues of $90.4 million in the year, an increase of 116% on 2015 ($41.8 million). The results for 2016 include a full year of the Densitron division while the results for 2015 include the six week period following completion of the acquisition in November 2015. However, excluding the Densitron division, the Gaming division achieved revenue of $53.0 million in the year, an increase of 45% on 2015 ($36.6 million).
The growth in the Gaming division has been driven primarily by continued development of relationships with existing customers, and substantial growth in the gaming monitor sales. We have continued to broaden the customer base and now have 180 customers (2015: 126). The Densitron division has performed ahead of expectations in the year, achieving revenues of $37.4 million.
Profit
Our gross profit for the year was $32.1 million, representing a gross margin of 36%. This compares to a gross profit achieved in 2015 of $17.3 million at a gross margin of 41%. The decrease in gross margin percentage reflects the lower margins achieved in both gaming monitors and the Densitron division.
Adjusted EDITDA on continuing operations increased 54% to $15.6 million (2015: $10.1 million) and adjusted profit before tax increased 50% to $13.8 million (2015: $9.2 million). EBITDA on continuing operations increased 69% to $14.7 million (2015: $8.7 million) and profit before tax increased 50% to $11.7 million (2015: $7.8 million). Adjustments to EBITDA are to add back share based payments and one off non-recurring items of income and expense, in 2016 these totalled $0.9 million (2015: share based payments and non-recurring costs of $1.4 million). Adjustments to profit before tax are to add back amortisation of intangibles arising from acquisitions, share based payments and one off non-recurring items of income and expense. In 2016 these amounted to $2.2 million (2015: share based payments and non-recurring costs $1.4 million).
The share based payment charge has been added back because it was not a cash expense to the Company. It is a benefit to our employees which we are required to expense through the profit and loss account in accordance with IFRS 2.
In order to maintain our market leading position, it is vital that the business continues to invest in product development. During the year, the Group expenditure on research and development was $3.5 million (2015: $2.3 million), representing 11% of gross profit (2015: 14%). These costs relate to investment activities principally undertaken in Taiwan and Italy. $0.7 million of these costs were capitalised (2015: $1.1 million) with amortisation for the year on total capitalised development costs of $0.9 million (2015: $0.4 million).
Managing overheads while ensuring sufficient investment is made to support the business is key, and as such we have strengthened the business across all areas in the year, increasing our headcount to 160 people (2015: 138). Staff costs being the largest contributor to overheads resulted in an overall spend in the year of $11.3 million (2015: $4.6 million).
Taxation
The tax charge in the year amounted to $2.4 million (2015: $1.4 million). This constitutes a corporation tax charge of approximately 20.3% on pre-tax profits (2015: 17.6%). The Group continues to benefit from enhanced tax reliefs available in respect of qualifying research and development expenditure.
Earnings per share
-- Basic earnings per share increased 44% to $0.1430 (2015: $0.0993). -- Fully diluted earnings per share increased 44% to $0.1395 (2015: $0.0967). -- Adjusted fully diluted earnings per share increased 47% to $0.166 (2015: $0.113). -- The calculations of earnings per share are included in Note 3.
Balance Sheet
The Group maintains a strong Balance Sheet with net assets totalling $34.3 million (2015: $25.7 million).
Non-current assets have reduced in the year to $20.9 million (2015: $22.8 million). This is primarily due to the amortisation of intangible assets relating to customer relationships and order backlog following the acquisition of Densitron in 2015.
Current assets principally comprise inventory and trade receivables. Inventory increased to $12.9 million (2015: $9.3 million). This is a significant increase but is in line with the Group's inventory strategy of ensuring that it has sufficient inventory to meet near term production, and a buffer stock of key product lines is maintained. This enables Quixant to react quickly to customer requirements and gives the Group a competitive advantage. Trade and other receivables and trade and other creditors reflect the increase in business in the year, and in the case of trade and other creditors, the growth in inventory. Trade and other receivables are $21.0 million (2015: $19.5 million) and trade and other payables are $17.2 million (2015: $15.3 million).
Cash Flow
The Group continued to generate high levels of cash during the year. The cash generated from operating activities in the year amounted to $10.1 million (2015: $6.3 million).
The Group continued to invest in the business, spending $1.4 million (2015: $12.8 million) on investing activities including $0.7 million (2015: $1.1 million) on capitalised product development. In 2015 $10.6 million was spent on acquisitions, this expenditure has not recurred in 2016.
In the year $2.8 million has been used to repay borrowings including the elimination of more expensive lines of financing. We continue to review banking facilities and treasury arrangements around the Group to ensure that the level and cost of finance is appropriate to the business.
Dividend
The Board intends to maintain its progressive dividend policy whilst continuing to invest in and to develop the Group's businesses. As such, the Board proposes a dividend in respect of the year of 2.00p per share (2015: 1.5p per share) payable on 18 May 2017 to all shareholders on the register at the close of business on 12 May 2017. The corresponding ex-dividend date is 13 May 2017.
Outlook
During 2017 we will continue to invest in the business by strengthening those areas that need it to enable future growth. We shall also be embarking on a project to enhance the structure of the Group going forward by introducing a common enterprise resource planning (ERP) system. This will be a major project which will have an impact on all areas of the business but will ultimately be vital in putting the Group in the position of having a harmonised accounting, reporting and procurement platform which can scale efficiently with the organisation.
The 2017 financial year has started well, giving us confidence that the year will be one of strong growth.
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEARSED 31 DECEMBER 2016 AND 2015
2016 2015
Total Total
$000 $000
Revenue 90,365 41,829
Cost of sales (58,267) (24,503)
_________ _________
Gross profit 32,098 17,326
Administrative expenses (6,853) (3,995)
Other operating expenses (13,211) (5,469)
_________ _________
Operating profit 12,034 7,862
Financial expenses (371) (74)
_________ _________
Profit before tax 11,663 7,788
Taxation (2,370) (1,368)
_________ _________
Profit for the year 9,293 6,420
_________ _________
Other comprehensive income for the year,
net of income tax
Items that are or may be reclassified
subsequently to profit and loss
Minority interests 1 -
Foreign currency translation differences (47) (268)
_________ _________
Total comprehensive income for the year 9,247 6,152
_________ _________
Basic earnings per share $0.1430 $0.0993
_________ _________
Fully diluted earnings per share $0.1395 $0.0967
_________ _________
BALANCE SHEETS
AS AT 31 DECEMBER 2016
Group Company
2016 2015 2016 2015
$000 $000 $000 $000
Non-current assets
Property, plant and
equipment 5,977 5,996 3,570 3,580
Intangible assets 14,045 15,395 2,383 2,905
Investment property 617 740 - -
Investments in group
companies and associated
undertakings - - 11,948 11,875
Deferred tax assets 257 620 100 70
_________ _________ _________ _________
20,896 22,751 18,001 18,430
_________ _________ _________ _________
Current assets
Inventories 12,900 9,285 7,455 5,495
Tax receivable - - - 325
Trade and other receivables 21,003 19,484 12,034 10,002
Cash and cash equivalents 8,853 3,861 1,375 1,401
_________ _________ _________ _________
42,756 32,630 20,864 17,223
_________ _________ _________ _________
Total assets 63,652 55,381 38,865 35,653
_________ _________ _________ _________
Current liabilities
Other interest-bearing
loans and borrowings (2,774) (2,994) (911) (605)
Trade and other payables (17,199) (15,274) (13,190) (10,881)
Tax payable (1,033) (301) (794) (-)
_________ _________ _________ _________
(21,006) (18,569) (14,895) (11,486)
_________ _________ _________ _________
Non-current liabilities
Other interest-bearing
loans and borrowings (6,148) (8,744) (6,251) (8,448)
Provisions (750) (750) (-) (-)
Deferred tax liabilities (1,442) (1,667) (450) (671)
_________ _________ _________ _________
(8,340) (11,161) (6,701) (9,119)
_________ _________ _________ _________
Total liabilities (29,346) (29,730) 21,596 (20,605)
_________ _________ _________ _________
Net assets 34,306 25,651 17,269 15,048
_________ _________ _________ _________
Equity attributable
to equity holders of
the parent
Share capital 105 104 105 104
Share premium 5,676 5,181 5,676 5,181
Share based payments
reserve 782 470 782 470
Retained earnings 28,192 20,299 10,893 9,613
Translation reserve (455) (408) (187) (320)
_________ _________ _________ _________
34,300 25,646 17,269 15,048
Non-controlling interest 6 5 - -
_________ _________ _________ _________
Total equity 34,306 25,651 17,269 15,048
_________ _________ _________ _________
STATEMENT OF CHANGES IN EQUITY
GROUP
Share Total
Share Share Translation Based Retained Parent Non-controlling Total
Capital Premium Reserve Payments Earnings Equity Interest Equity
$000 $000 $000 $000 $000 $000 $000 $000
Balance at 1 January
2015 104 5,181 (140) 273 15,061 20,479 - 20,479
Total comprehensive
income for the period
Profit - - - - 6,420 6,420 - 6,420
Other comprehensive
loss - - (268) - - (268) - (268)
_________ _________ _________ _________ _________ _________ _________ _________
Total comprehensive
income for the period - - (268) - 6,420 6,152 - 6,152
_________ _________ _________ _________ _________ _________ _________ _________
Transactions with
owners,
recorded directly in
equity
Share based payments - - - 197 - 197 - 197
Dividend paid - - - - (1,182) (1,182) - (1,182)
_________ _________ _________ _________ _________ _________ _________ _________
Total contributions
by and distributions
to owners - - - 197 (1,182) (985) - (985)
_______ _______ _______ _______ _______ _______ _______ _______
Transactions with
owners
Acquisition of
subsidiary
with a
non-controlling
interest - - - - - - 5 5
_________ _________ _________ _________ _________ _________ _________ _________
Total transactions
with
owners - - - - - - 5 5
_________ _________ _________ _________ _________ _________ _________ _________
Balance at 31
December
2015 104 5,181 (408) 470 20,299 25,646 5 25,651
_________ _________ _________ _________ _________ _________ _________ _________
Share Total
Share Share Translation Based Retained Parent Non-controlling Total
Capital Premium Reserve Payments Earnings Equity Interest Equity
$000 $000 $000 $000 $000 $000 $000 $000
Balance at 1 January
2016 104 5,181 (408) 470 20,299 25,646 5 25,651
Total comprehensive
income for the period
Profit - - - - 9,293 9,293 1 9,294
Other comprehensive
loss - - (47) - - (47) - (47)
_________ _________ _________ _________ _________ _________ _________ _________
Total comprehensive
income for the period - - (47) - 9,293 9,246 1 9,247
_________ _________ _________ _________ _________ _________ _________ _________
Transactions with
owners,
recorded directly in
equity
Share based payments - - - 312 - 312 - 312
Dividend paid - - - - (1,400) (1,400) - (1,400)
Exercise of options 1 495 - - - 496 - 496
_________ _________ _________ _________ _________ _________ _________ _________
Total contributions
by and distributions
to owners 1 495 - 312 (1,400) (592) - (592)
_________ _________ _________ _________ _________ _________ _________ _________
Balance at 31 December
2016 105 5,676 (455) 782 28,192 34,300 6 34,306
_________ _________ _________ _________ _________ _________ _________ _________
COMPANY
Share Total
Share Share Translation based Retained Parent
Capital Premium Reserve Payments Earnings Equity
$000 $000 $000 $000 $000 $000
Balance at 1 January 2015 104 5,181 (137) 273 8,431 13,852
Total comprehensive income
for the period
Profit - - - - 2,364 2,364
Other comprehensive loss - - (183) - - (183)
_________ _________ _________ _________ _________ _________
Total comprehensive income
for the period - - (183) - 2,364 2,181
_________ _________ _________ _________ _________ _________
Transactions with owners,
recorded directly in equity
Share based payments - - - 197 - 197
Dividend paid - - - - (1,182) (1,182)
_________ _________ _________ _________ _________ _________
Total contributions by and
distributions to owners - - - 197 (1,182) (985)
_________ _________ _________ _________ _________ _________
Balance at 31 December 2015 104 5,181 (320) 470 9,613 15,048
_________ _________ _________ _________ _________ _________
Share Total
Share Share Translation based Retained Parent
Capital Premium Reserve Payments Earnings Equity
$000 $000 $000 $000 $000 $000
Balance at 1 January 2016 104 5,181 (320) 470 9,613 15,048
Total comprehensive income
for the period
Profit - - - - 2,680 2,680
Other comprehensive profit - - 133 - - 133
_________ _________ _________ _________ _________ _________
Total comprehensive income
for the period - - 133 - 2,680 2,813
_________ _________ _________ _________ _________ _________
Transactions with owners,
recorded directly in equity
Share based payments - - - 312 - 312
Dividend paid - - - - (1,400) (1,400)
Exercise of share options 1 495 - - - 496
_________ _________ _________ _________ _________ _________
Total contributions by and
distributions to owners 1 495 - 312 (1,400) (592)
_________ _________ _________ _________ _________ _________
Balance at 31 December 2016 105 5,676 (187) 782 10,893 17,269
_________ _________ _________ _________ _________ _________
CASH FLOW STATEMENTS
FOR THE YEARSED 31 DECEMBER 2016 and 2015
Group Company
2016 2015 2016 2015
$000 $000 $000 $000
Cash flows from operating
activities
Profit for the year 9,293 6,420 2,680 2,363
Adjustments for:
Depreciation, amortisation
and impairment 2,694 871 1,107 684
Taxation expense 2,370 1,368 454 412
Financial expense 371 74 276 53
Equity settled share based
payment expenses 312 197 239 118
_________ _________ _________ _________
15,040 8,930 4,756 3,630
(Increase) in trade and
other receivables (1,292) (2,140) (2,032) (1,406)
(Increase) in inventories (3,436) (1,490) (1,960) (1,487)
Increase in trade and other
payables 1,644 2,166 2,373 6,202
_________ _________ _________ _________
11,956 7,466 3,137 6,939
Interest paid (371) (74) (276) (53)
Tax paid/received (1,489) (1,112) 414 (155)
_________ _________ _________ _________
Net cash from operating
activities 10,096 6,280 3,275 6,731
_________ _________ _________ _________
Cash flows from investing
activities
Acquisition of subsidiary,
net of cash acquired 58 (10,593) - (11,600)
Acquisition of property,
plant and equipment (425) (1,101) (185) (230)
Acquisition of intangible
assets (1,017) (1,151) (321) (1,142)
_________ _________ _________ _________
Net cash from investing
activities (1,384) (12,845) (506) (12,972)
_________ _________ _________ _________
Cash flows from financing
activities
Proceeds from new loan - 7,754 - 7,754
Repayment of borrowings (2,816) (868) (1,891) -
Dividends paid (1,400) (1,182) (1,400) (1,182)
Proceeds from issue of shares 496 - 496 -
_________ _________ _________ _________
Net cash from financing
activities (3,720) 5,704 (2,795) 6,572
_________ _________ _________ _________
Net (decrease)/increase
in cash and cash equivalents 4,992 (861) (26) 331
Cash and cash equivalents
at 1 January 3,861 4,722 1,401 1,070
_________ _________ _________ _________
Cash and cash equivalents
at 31 December 8,853 3,861 1,375 1,401
_________ _________ _________ _________
NOTES
(forming part of the financial statements)
1. General information
Whilst the information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards ("IFRSs") as adopted by the European Union and as issued by the International Accounting Standards Board, this announcement does not itself contain sufficient information to comply with IFRSs. The accounting policies adopted in this preliminary announcement are consistent with the Annual Report for the year ended 31 December 2016.
The financial information set out in this document, which was approved by the Board on 21 March 2017, is derived from the full Group accounts for the year ended 31 December 2016 and does not constitute the statutory accounts within the meaning of section 434 of the Companies Act 2006. The Group accounts on which the auditors have given an unqualified report, which does not contain a statement under section 498(2) or (3) of the Companies Act 2006 in respect of the accounts for 2016, will be delivered to the Registrar of Companies in due course.
The Board of Quixant PLC approved the release of this preliminary announcement on 21 March 2017.
The Annual Report for the year ended 31 December 2016 will be posted to shareholders in due course and will be delivered to the Registrar of Companies following the Annual General Meeting of the Company. The report will also be available on the investor relations page of the Group's website.
Further copies will be available on request and free of charge from the Company Secretary.
2. Analysis of turnover
2016 2015
$000 $000
By geographical market
Asia 12,719 3,958
Australia 11,400 14,479
Europe 27,536 7,274
North America 37,581 15,976
Other 1,129 142
_________ _________
90,365 41,829
_________ _________
The above analysis includes sales to individual countries in
excess of 10% of total turnover:
Australia 11,400 14,479
USA 36,453 15,976
_________ _________
3. Earnings per ordinary share (EPS)
2016 2015
$000 $000
Earnings
Earnings for the purposes of basic and diluted
EPS being
net profit attributable to equity shareholders 9,293 6,420
_________ _________
Number of shares
Number Number
Weighted average number of ordinary shares
for the purpose of basic EPS 65,004,414 64,634,782
Effect of dilutive potential ordinary shares:
Share options 1,614,766 1,810,578
_________ _________
Weighted number of ordinary shares
for the purpose of diluted EPS 66,619,180 66,445,360
_________ _________
Basic earnings per share $0.1430 $0.0993
_________ _________
Fully diluted earnings per share $0.1395 $0.0967
_________ _________
4. Capital and reserves
Share capital
Fully paid ordinary shares of 0.1p per share
Ordinary Share Share
shares Capital premium
Number $000 $000
Balance at 1 January 2015 and 31
December 2015 64,634,782 104 5,181
_________ _________ _________
Balance at 1 January 2016 64,634,782 104 5,181
Issued for cash - - -
Exercise of share options (see note
21) 730,000 1 495
_________ _________ _________
Balance at 31 December 2016 65,364,782 105 5,676
_________ _________ _________
The holders of fully paid ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
730,000 ordinary shares were issued following the exercise of vested options arising from issue 1 in 2013 (2015: nil) (see note 21). Options were exercised at an average price of GBP0.49 per share.
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations.
Dividends
The following dividends were recognised during the period:
2016 2015
$000 $000
1.5p (2015: 1.2p) per qualifying ordinary
share 1,400 1,182
_________ _________
Total dividends recognised in the year 1,400 1,182
_________ _________
After the Balance Sheet date dividends of 2.0p per qualifying ordinary share (2015: 1.5p) were proposed by the Directors. This dividend has not been provided for.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LLFSAVTILFID
(END) Dow Jones Newswires
March 22, 2017 03:00 ET (07:00 GMT)
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