| Short-term future at NXT sounds disappointing |
| Written by Business Weekly | |
| Thursday, 31 May 2007 | |
|
Flat-panel speaker specialist NXT has warned of a significant fall in revenues from its stand-alone audio products on the back of ‘disappointing’ sales and licensee shipments during the last two months, precipitating a 25 per cent plummet in the firm's share price.
The Huntingdon-based firm, which develops technology allowing any flat surface to act as a loudspeaker, said that it was engaged in securing alternative revenue to fill the gap, and reviewing its short-term capital requirements and ongoing cost structure. It added that it was bringing forward plans to modify its original business model to ensure continued growth. Within the last two months, NXT has announced a large licensee agreement with Japanese firm Authentic for its latest generation of Distributed Mode Actuator (DMA), and the use of its technology by Korean electronics giant LG. “Given the reduced level of short term revenue generated by stand-alone audio products, the board is considering all strategic alternatives to protect and build shareholder value,” the firm said in a trading statement. Following the announcement, shares in NXT have seen 25 per cent slashed from their value, falling 6.75p to 19.75p. |
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