LONDON NXT says its trading results for the year to the end of June will be marginally below the market consensus, despite an increase of 64% in the volume of NXT-based loudspeakers sold during the period.
Annual sales for its continuing operations, in sterling, are approximately 28% ahead of the previous year but t he 64% growth in annual loudspeaker unit sales was lower than expectations, and the company has reviewed its plans and made further cost savings in anticipation of sales growth in sterling for the next year of approximately 45%. It still has around £6.6 million cash resources.
The expanding retail distribution of NXT (Huntingdon, U.K.) products around the world continues to provide a strong measure of business progress. However, the speed of new product roll-out in a number of areas is proving slower than had previously been indicated to us by various licensees.
Senior management from Japanese NXT licensee Authentic Limited (majority owned by Citizen Electronics) will be in London this month for a series of commercial meetings where, together with NXT management, they will also take the opportunity to meet with some of NXT’s major institutional investors. As well as unveiling the Toshiba V501T handset, now on sale in Japan, Authentic will highlight its latest NXT-based developments, including a prototype stereo handset.