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Trading update - Full year results guidance for the period ending 31 March 2020

Friday 8th May 2020

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The Board wishes to provide further guidance on the expected full year results for the year ended 31 March 2020 (FY20).

QEX generated an improved second half result following a tough first half of the year as reported to the market in November last year. The full year unaudited revenue for FY20 is expected to be $63 million, an increase from $59.4 million in the prior corresponding period (FY19).

EBITDA for the full year is expected to be in the range of $2.8 million to $3.0 million and net profit before tax is expected to be in the range of $1.5 million to $1.7 million. This includes the impact of costs related to establishing the new Australian operations.

QEX has transitioned to the new IFRS 16: Leases financial reporting standard for the first time. Application of this new standard is expected to increase EBITDA by $750,000 and reduce net profit before tax by $50,000 compared to FY19.

The Company is still working to finalise the full year result, which will then be subject to audit. As part of this process, the Company is working to assess any impact of Covid-19 on receivables. The final audited results may be impacted due to these matters.

In Quarter 1 of FY21, following very strong sales in March, revenue in April has returned to similar levels to the prior corresponding period in 2019.

QEX is in a sound financial position and funds raised from its current capital raising initiative will be used to fund the Company’s growth and expansion as outlined in the share purchase plan Offer Booklet.

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