NXT Plc, provider of sound solutions, today announced itâ€™s Preliminary Results for the year ended 30th June 2006.
In a statement next announced that revenues from continuing operations had seen an increase of 11% from £3.2m to £2.9m. Retained operating loss was reduced down to £3.2m from £5.1m last year, being a drop of 36%.
Net cash was £3.6m, down £3m from last year.
NXT also announced it would be relocating the balance of NXT product design, customer support and commercial activities to Hong Kong. They also mentioned in a statement, â€œStrong progress in automotive business with contract wins and successful application in Toyota Estima in Japan and Toyota FJ Cruiser in the US, with a European manufacturer about to launch.â€
In a statement the Chairman, David McKay said, We anticipate annual potential cost savings approaching £1 million, enabling us to manage cash and resources more effectively. In Hong Kong working more closely with our key supply chain partners, we expect faster time to market
and revenue across the product range.â€