AGM Statement
Nexteq confirms FY2024 market expectations with continued robust gross margins and net cash of $32.0m.
vs expectations: in line
- Net cash position $32.0m
- FY2024 revenue guidance $114.8m to $115.9m
- FY2024 consensus revenue $115.4m
- FY2024 adjusted PBT guidance $14.9m
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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.
| Joint Broker: Canaccord Genuity Limited Simon Bridges / Andrew Potts | Tel: +44 (0) 20 7523 8000 |
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