The Nexteq Board proposes a dividend for the year ended 31 December 2023 of 3.3p per share (2022: 3.0p per share). This dividend will be payable on 23 August 2024 to all shareholders on the register on 26 July 2024. The corresponding ex-dividend date is 25 July 2024.
Other financial highlights include:
Materially improved profitability and cash generation through focus on higher margin products.
Group revenues down 5% against a record prior year:
o Quixant revenues down 6%, with growth in board volumes offset by lower monitor sales.
o Densitron revenues broadly in line with 2022, with the Broadcast Technology sector growing 12%, tempered by softer demand in other industrial sectors.
Gross margin improved by 410bps to 36.3%, returning to historic, pre-Covid levels, benefitting from a focus on higher quality revenues and easing of supply chains.
Adjusted profit before tax grew 45% to $14.7m (2022: $10.2m), a margin of 12.9% (2022: 8.5%). Reported profit before tax grew 47% to $12.9m (2022: $8.8m) a margin of 11.3% (2022: 7.3%).
Net cash increased 116% to a record $27.9m, reflecting improved cash generation from trading and positive working capital movement as overall stock levels reduced.
