TIDMNTX
RNS Number : 4720W
NXT PLC
19 November 2010
19 November 2010
NXT plc
Interim Management Statement
NXT plc ("NXT" or the "Company"), developer of products
utilising its bending wave technology, is today issuing its Interim
Management Statement for the period 1 July 2010 to 18 November 2010
in accordance with the requirements of the Disclosure and
Transparency Rules of the UK Listing Authority.
July to October 2010
The period was dominated by the restructuring of the
organisation, with the introduction of a new business model and a
significant fundraising, following the previous year's poor
financial performance.
The fundraising comprised a GBP5.5 million placing and firm
placing with institutions, and a GBP2.5 million open offer to
existing shareholders which was significantly over-subscribed. The
aggregate proceeds of the fundraising were approximately
GBP7.2million after expenses. The directors would like to express
their thanks to all investors who participated in this round.
The restructuring is now largely complete, and the employee
headcount has been reduced to 24 people. New employees are now
being recruited to fill key roles that will enable the Company to
execute its new business model, commencing with the recent
appointment of a new Financial Controller.
The change in business model will see the Company transitioning
to sales of components that exploit its IP and know-how rather than
only licensing IP to third parties who may choose when and how to
exploit it. Under the latter model financial planning is
precarious, whereas the new business model of component sales
generating revenues with gross profit margins enables far greater
clarity and control.
The directors are confident that the Company's new business
model is already enabling it to engage strongly with potential
customers in the audio sector who recognise the benefits that the
combination of its Audium amplifier and its BMR speaker
technologies can deliver. Access to the burgeoning haptics market
has been strengthened with the development of the haptics control
module that greatly simplifies the design challenges faced by our
prospective customers.
November 2010
In the month since the AGM the Company has quickly settled into
the new structure with the team focused and committed to the
business plan.
The Audio business unit has received the first two purchase
orders for Dyad platforms (two BMR drivers plus one Audium chip).
The components are expected to be shipped in December 2010 and be
incorporated into end products to be on shelves in the New
Year.
The complexity of chip manufacturing as well as BMR assembly
means that forward planning is key as lead times are lengthy. The
significant forward commitment from Trilinq announced in October
enables NXT to work closely with its supply chain, and the
strengthening partnership is enabling shorter lead times and
implementation of cost reductions.
The Haptic business unit has been focusing on the route to
commercialisation for bending wave haptics. Initial feedback from
customers on the recently announced haptic module is positive, and
evaluation kits are enabling our engineers to fully evaluate and
optimise performance.
A new website that will target the Company's technology and
products firmly at engineers and decision makers in prospective
customers will be launched before the end of December.
The Board composition is being addressed, with the need for two
non-executive directors and the announcement by Ian Buckley,
Chairman that he will be stepping down from his position when a
suitable new Chairman has been appointed. First-round interviews
have taken place and the search is well advanced for the first
appointment.
Cash at bank at 15 November was approximately GBP6 million. The
utilisation of funds received from the fundraising was as
previously indicated.
The cash generated by the recent funding round has put the
Company into a position of security from which it can execute its
plan for growth.
Revenue for the period was in line with expectations, being
lower than the same period in 2009 due to the continued decline
from licensing and royalties. Royalties from the legacy business
for automotive exciters and BMRs in TVs, however, are continuing to
make a useful contribution to income. Component sales are doing
well, and revenues from the first Audio platform sales are ahead of
schedule and will feature in the results for current period.
For further information please contact:
NXT plc:
James Lewis, CEO Tel: +44 (0)1223 598 490
Singer Capital Markets Ltd
Claes Spang Tel: +44 (0)20 3205 7500
Media enquiries:
Allerton Communications
Peter Curtain Tel: +44 (0)20 3137 2500
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS:
This announcement contains certain forward-looking statements
which may include reference to one or more of the following: the
Company's financial condition, results of operations, cash flows,
dividends, financing plans, business strategies, operating
efficiencies or synergies, budgets, capital and other expenditures,
competitive positions, growth opportunities for existing products,
plans and objectives of management and other matters. Statements in
this announcement that are not historical facts are hereby
identified as "forward-looking statements". Such forward-looking
statements, including without limitation, those relating to future
business prospects, revenue liquidity, capital needs, interest
costs and income, in each case relating to NXT, wherever they occur
in this announcement, are necessarily based on assumptions
reflecting the views of NXT and involve a number of known and
unknown risks, uncertainties and other factors that could cause
actual results, performance or achievements to differ materially
from those expressed or implied by the forward-looking statements.
Such forward-looking statements should, therefore, be considered in
light of various important factors. Important factors that could
cause actual results to differ materially from estimates or
projections contained in the forward-looking statements include,
without limitation: economic and business cycles, the terms and
conditions of NXT's financing arrangements, foreign currency rate
fluctuations, competition in NXT's principal markets, acquisitions
or disposals of businesses or assets and trends in NXT's principal
industries.
These forward-looking statements speak only as at the date of
this announcement. Except as required by the Listing Rules, the
Disclosure and Transparency Rules, the Prospectus Rules and any
law, NXT does not have any obligation to update or revise publicly
any forward-looking statement, whether as a result of new
information, further events or otherwise. Except as required by the
Listing Rules, the Disclosure and Transparency Rules, the
Prospectus Rules and any law, NXT expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement contained herein to
reflect any change in NXT's expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this
announcement might not occur.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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