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Nexteq plc held its Annual General Meeting on 16 April 2024, where Chair Francis Small provided a statement on current trading. The Group reported a net cash position of $32.0m as of 31 March 2024, and stated that robust gross margin performance continued into 2024. The Board also stated confidence in achieving full-year market expectations, with consensus revenue of $115.4m and adjusted profit before tax of $14.9m for the year ended 31 December 2024.
| Date | 16 Apr 2024 |
| Time | 07:00:06 |
| Category | AGMs and other meetings |
| ID | 6976K |
16 April 2024
Nexteq plc
("Nexteq" or the "Group")
AGM Statement
The Annual General Meeting ("AGM") of Nexteq (AIM: NXQ), a leading technology solutions provider to customers in selected industrial markets, will be held today at 10:00am at the Group's offices at The Galleria, Station Road, Crawley, RH10 1WW.
At the AGM, Nexteq Chair, Francis Small, will make the following statement on current trading:
"The Board remains confident in the Group achieving full year market expectations.1 As previously announced, order intake is expected to improve into the second half of the year as customers rebuild inventory.
"The robust gross margin performance seen in 2023 has continued into 2024, mitigating the anticipated subdued revenues seen in the first quarter amid wider economic uncertainty. We have continued to generate healthy operating cash flows, leading to a net cash position of $32.0m at 31 March 2024.
"Notwithstanding short-term macroeconomic challenges, we believe the business is well positioned to deliver long-term sustainable growth through execution of its organic and acquisitive growth strategy."
1 The current range of forecasts for the year ended 31 December 2024 is revenue of between $114.8m and $115.9m with a consensus of $115.4m and adjusted profit before tax of $14.9m.
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Nexteq plc Jon Jayal, Chief Executive Officer Johan Olivier, Chief Financial Officer
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Tel: +44 (0)1223 892 696 |
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Nominated Adviser and Broker: Cavendish Capital Markets Ltd Matt Goode / Simon Hicks (Corporate Finance) Tim Redfern / Harriet Ward (ECM)
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Tel: +44 (0) 20 7220 0500 |
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Joint Broker: Canaccord Genuity Limited Simon Bridges / Andrew Potts
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Tel: +44 (0) 20 7523 8000 |
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Financial PR: Alma Strategic Communications Hilary Buchanan / Kieran Breheny |
Tel: +44 (0)20 3405 0205 |
About Nexteq
Nexteq (AIM: NXQ) is a strategic technology solutions provider to customers in selected industrial markets. Its innovative technology enables the manufacturers of global electronic equipment to outsource the design, development and supply of non-core aspects of their product offering. By outsourcing elements of their technology stack to Nexteq, customers can focus their product development effort on the most critical drivers of their business' success.
Our solutions are delivered through a global sales team and leverage the Group's electronic hardware, software, display and mechanical engineering expertise. Our Taiwan operation is at the heart of Asian supply networks and facilitates cost effective manufacturing and strategic supply chain management.
The Group operates in six countries and services over 500 customers across 47 countries.
Nexteq operates two distinct brands: Quixant, a specialised computer platforms provider, and Densitron, leaders in human machine interface technology, each with dedicated sales, account management and product innovation teams. Founded in 2005, and later floating on the London Stock Exchange's AIM stock market as Quixant plc, the Group rebranded to Nexteq in 2023.
Further information on Nexteq and its divisions can be found at www.nexteqplc.com.