NXT looks to horizon as losses continue - News - Hi-tech - Business Weekly

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NXT looks to horizon as losses continue

Written by Sam Fountain
Wednesday, 27 February 2008
Ailing flat panel speaker specialist, NXT has seen 10 per cent wiped off its share price, despite producing some upbeat results for the first half, and saying it is well placed for growth. The Huntingdon-based firm posted a £230k narrowing of losses for the six months to December, down to £1.6m on revenues of £1m for the period, up 49 per cent over the previous six months. It said that net operating expenses had fallen to £2.6m from £3.2m last year, and that its cash reserves stood at £1.4m after removing a non-operating cashflow expense of £250k a year by negotiating the surrender of the long-term lease on the previous headquarters. It also said that commercial interest in new applications for its flat panel speaker technology, particularly the patented technology for haptic feedback directly from a touchscreen, continues to be strong, and that it sees financial break even on the horizon. "There is strong and continuing interest in our new technologies and we are pleased with the predicted uptake for BR (Balanced Radiator loudspeakers – NXT's full-range loudspeaker drive unit technology)," said chairman, David MacKay. "Interest in applications using our proven technologies such as SoundVu and SurfaceSound continues to increase as more customers look for low-profile acoustic solutions that deliver on performance and price." "The Board believes the Company is well placed to reach its objective of break even and ultimately, sustained growth and profitability." Despite the confident outlook, shares in the micro-capped company have fallen by over ten per cent, dropping 0.75p to 6.6p. Set as favorite Bookmark Email This Hits: 498 Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form This content has been locked. You can no longer post any comment.