TIDMZYT
RNS Number : 0254Z
Zytronic PLC
09 January 2024
9 January 2024
Zytronic plc
("Zytronic" or the "Company"
and, together with its subsidiaries, the "Group")
Final Results for the year ended 30 September 2023 (audited)
Zytronic plc, a leading specialist manufacturer of touch sensors
, announces its audited full year results for the period ended 30
September 2023 ("FY23"). Comparative data is provided for the year
ended 30 September 2022 ("FY22").
Overview
-- Decrease in revenues to GBP8.6m (2022: GBP12.3m)
-- Headwinds arise in Gaming and Vending markets over the year
impacting revenue to both. Reduction of Gaming sales of GBP2.3m and
Vending of GBP1.0m
-- Gross margin excluding exceptional costs of 24.5% (2022:
30.5%) and including exceptional costs of 17.4% (2022: 30.5%)
-- LBITDA excluding exceptional costs at GBP0.4m (2022: EBITDA
of GBP1.5m) and including exceptional costs at GBP1.4m (2022:
EBITDA of GBP1.5m) with loss before tax of GBP2.0m (2022: profit
before tax of GBP0.7m)
-- Basic loss per share of 15.4p (2022: earnings per share of
5.6p)
-- Proposed final dividend of 0.0p (2022: 2.2p)
-- Closing net cash of GBP4.7m (2022: GBP6.4m) with interest
earned of GBP0.2m (2022: less than GBP0.1m)
Commenting on current trading and the outlook for the business,
Non-executive Chair, Chris Potts said:
"With the trends exhibited in the second half of FY23 continuing
in the first quarter of FY24, revenues in the current year to date
are lower than the same period last year. Nevertheless, the Group
benefits from a strong balance sheet and has good visibility over
its cost base over the next twelve-month period. With
reinvigoration of the Group's business development function and
differentiated technology and products, there are grounds for
cautious optimism over the medium term."
1. The exceptional figure includes one-off charges of GBP1.0m
relating to previously announced stock and doubtful debt impairment
of GBP0.5m, costs of restructuring of GBP0.3m and goodwill
impairment of GBP0.2m
Enquiries:
Zytronic plc
Mark Cambridge, Chief Executive
Claire Smith, Group Finance Director (0191 414 5511)
Singer Capital Markets (Nominated Adviser
& Broker) (020 7496 3000)
Aubrey Powell, Alex Bond, Finn Gordon
A copy of this announcement can be found on the Group's website
as detailed below. The Annual Report and Accounts for FY23 will be
made available on the website in late January 2024 and posted to
shareholders who have requested a hard copy. A further announcement
will be made in this regard which will also confirm posting of the
Group's notice of Annual General Meeting and proxy voting
forms.
Notes to Editors
The Group's operating subsidiary Zytronic Display Ltd ("ZDL") is
a world-renowned developer and manufacturer of a unique range of
internationally award-winning optically transparent interactive
touch sensor overlay products for use with electronic displays in
industrial, self-service and public access equipment.
ZDL's products employ a sensing solution that is readily
configurable and is embedded in a laminate core which offers
significant durability, environmental stability, and optical
enhancement benefits to meet system-specific design
requirements.
ZDL has continually developed process and technological know-how
and IP since the late 1990's around two projected capacitance
("PCAP") sensing methodologies; trademarked by as PCT(TM)
("Projected Capacitive Technology") and MPCT(TM) ("Mutual Projected
Capacitive Technology"), in which 15 internationally granted
patents are held.
The Group is headquartered at Blaydon-upon-Tyne in the United
Kingdom. ZDL operates from this site, providing its manufactured
products globally through a number of sales channel partners. ZDL
is relatively unique in the touch eco-system as it offers a
complete one-stop solution including processing internally of the
form and factor of glass and film substrates, the assembly of the
associated touch overlay products, in environmentally controlled
cleanrooms to customers' specific requirements and the development
of the bespoke firmware, software and electronic hardware which
links the manufactured touch interactive overlays to customer's
integrated systems and product.
For more information about ZDL's technologies and products
please see www.zytronic.co.uk and for information about the Group,
please see https://www.zytronicplc.com ,
2023 Chair review
Introduction
Since joining the Board in August 2023, I have greatly enjoyed
learning about the business and meeting the team and, I am proud to
take on the role of Non-executive Chair at a British company with
such strong potential, albeit at a challenging time.
Markets and trading
Group performance in FY23 has been disappointing following the
apparent recovery evidenced in FY22. This recovery was a false dawn
which was not sustained in FY23, as demonstrated by the decline in
revenue from all the main contributory markets.
Performance is described in detail in the FY23 Chief Executive
review. In summary the main reasons for the lack of continued
recovery in the year were a major end customer in the Gaming market
entering a voluntary Chapter 11 Bankruptcy, which immediately
suspended all orders and discussions for the remainder of the year;
the continuing effects of electronic component shortages, which
affected both Gaming and Vending; and the lack of trade events in
previous years due to COVID-19, which underpin our interaction with
channel partners and customers, and which has inhibited new
business development in all our key market sectors.
From my early analysis of the situation, there is little doubt
that the lack of sustained recovery is linked to the continuing
impact of international events on the business, which sells into a
complex global sector and where exports are the dominant source of
revenue with 92% of sales outside the UK in FY23 (2022: 95%). The
transnational supply chains and markets in which the Group operates
have been fundamentally affected, and potentially permanently
changed, by the pandemic and its consequences.
In addition, within the Group during the year there have been
resignations of key staff, including the Sales and Marketing
Director, and further restructuring in the operations department,
the reasons for which are explained in the Chief Executive and
Financial reviews.
Summary results and cash position
In summary, the full-year revenue performance was towards the
upper end of the range guided to by the Company in the trading
update issued on 4 May 2023 at GBP8.6m (2022: GBP12.3m). This
reduction was the result of the events described in the trading
update. Gross margin decreased to 24.5% excluding exceptional costs
(2022: 30.5%) and 17.4% including exceptional costs (2022: 30.5%).
Overall, this resulted in the LBITDA excluding exceptional costs at
GBP0.4m and including exceptional costs at GBP1.4m (2022: EBITDA of
GBP1.5m) with loss before tax of GBP2.0m (2022: profit before tax
of GBP0.7m). This is the equivalent of a loss of 15.4p per share
(2022: earnings per share of 5.6p).
Closing net cash was GBP4.7m (2022: GBP6.4m), with further
commentary provided in the Financial review.
Dividends
Based on the FY23 results and in line with the Board's prior
position of not paying dividends other than from profits generated
in the period, the Board is not proposing the payment of a final
dividend for FY23. With no prior payment of an FY23 interim
dividend, full year dividends for FY23 are therefore nil (FY22:
2.2p).
Activity
Despite the disappointing outcome for FY23, the Group has
continued investment in products and future technology, which is an
essential part of maintaining the competitive edge of a high
technology business. This includes development work in new sensor
configurations, further evolution of the AI algorithms, hybrid
sensor designs to incorporate electromechanical devices on and
within its interactive PCAP surface and product initiatives beyond
touch components such as full interactive tables and
ElectroglaZ(TM).
In FY24, it will continue to invest in these, as well as
starting the scoping phase for a new Application Specific
Integrated Circuit ("ASIC"), which is at the heart of its globally
recognised, market leading, PCAP controller technology.
The Group promoted and appointed a new Sales Director during
October 2023, whose first act has been to review carefully all the
sales opportunities in the Customer Relationship Management system.
The number and value of opportunities continues to grow overall,
confirming an encouraging trend. The Group will also recruit
further business development and sales executives and expand the
channel partner network, to ensure the continued growth in the
opportunities pipeline.
Despite a disappointing delay in order and revenue recovery post
COVID-19, the short-term focus will be on continuing product
investment and ensuring that the clear market opportunity reflected
in the sales pipeline is realised through a revitalisation of the
Group's business development activities.
Board structure
My appointment as independent Non-executive Chair has rebalanced
the Board and ended the period of acting and interim Chair
appointments. John Walter, who joined the Board in February 2023 as
a temporary Non-executive Director, has helped us to manage the
situation and led the recruitment process resulting in my
appointment. The Board thanks him for his service, and for his
valuable, considered, and clear input on the issues facing the
business while a Director. John stands down from the Board
immediately following the release of these audited results.
The Board is now comprised of two Executive Directors and two
Independent Non-executive Directors, one of whom is the Chair, with
a casting vote. This provides an efficient and effective Board that
is compliant with the requirements of the QCA Corporate Governance
Code.
Strategic situation
The Group has a 23-year record of innovation and technical
excellence in the field of PCAP touch technology and operates in a
truly global market, with an experienced and professional
leadership team. Most of what we develop, and manufacture is
exported from the UK. I am looking forward to working with the
Board and the management team to build on this enviable foundation
of proven capability and past success.
The Group has experienced the full range of possible changes in
its global markets, covering political, economic, social and
technology elements in recent years. Reflecting on this and all the
points above, the Board recognises that a significant evolution of
its existing strategy is required. The Board is therefore
undertaking a review of the whole business and will lay out a clear
strategy for recovery and the future direction of the Group in due
course.
Current trading and outlook
With a continuation of the trends exhibited in the second half
of FY23 into the first quarter of FY24, revenues in the current
year to date are lower than the same period last year.
Nevertheless, the Group benefits from a strong balance sheet and
has good visibility over its cost base over the next twelve-month
period. With reinvigoration of the Group's business development
function and differentiated technology and products, there are
grounds for cautious optimism over the medium term.
Chris Potts
Non-executive Chair
8 January 2024
2023 Chief Executive review
Introduction
The following provides the 2023 fiscal year ("FY23") review of
sales and marketing, operations and the research and development
("R&D") undertaken by the Group's operational subsidiary
Zytronic Displays Ltd ("ZDL"), drawing appropriate comparisons as
necessary against the prior 2022 fiscal year ("FY22").
FY23 has been hampered by continued operational headwinds,
tempered by an improvement in addressable opportunities as a
consequence of a return towards normality post COVID-19 of the
critical lead generation processes and marketing efforts for
business development and the ongoing innovations around the
projected capacitance ("PCAP") touch sensing technology by the
R&D department.
A number of factors have had an influence on the revenue
generation performance of ZDL over the course of FY23, the largest
being the unpredicted turmoil that occurred with the customers in
the Gaming market, coupled with an overstocking generated in FY22
in the Vending market, which are covered in more detail in this
review.
On 4 May 2023, the Group issued an FY23 trading update, which
explained the effects anticipated to occur by the year end as a
consequence of the above, setting an expected revenue generation
range of between GBP8.0m and GBP8.8m. The year concluded with
reported revenues of GBP8.6m, a reduction of 30% against the
GBP12.3m reported for FY22 but, in the circumstances,
satisfactorily towards the top end of those revised
expectations.
Markets
Of the major five key contributory markets, all have shown
decline in FY23 compared to FY22, the largest being the GBP2.3m
revenue reduction from the Gaming market. This resulted in Gaming
being the second highest revenue generating market, and the Vending
market becoming the highest revenue generating market in FY23.
The table below shows the revenues for each of the
differentiating markets, and the lesser combined markets,
referenced as Other.
Market FY23 FY22
--------- ----------
Vending GBP2.6m GBP3.6m
Gaming GBP2.4m GBP4.7m
Industrial GBP1.2m GBP1.6m
Financial GBP1.1m GBP1.2m
Signage GBP0.6m GBP0.6m
Other GBP0.7m GBP0.6m
----------
Total GBP8.6m GBP12.3m
--------- ----------
Note: values rounded to nearest
GBP0.1m
Sales of products to the Vending market in FY23 have shown a
circa GBP1.0m or 28% decline, compared to FY22. In FY23 sales were
made to 36 independent customers, compared to 47 in FY22. The
largest two contributors in FY22, whose combined revenues accounted
for GBP1.5m of sales, both declined in FY23 by a combined total of
GBP1.1m, with the largest accounting for 76% of the reduction. The
decline in this instance was associated with the US-based,
independently branded fountain drinks dispenser customer, which,
due to fears of electronic component shortages in FY22 overstocked
at that point and therefore reduced its demand in FY23.
On a positive note, an increase was observed in FY23 sales of
GBP0.9m to 21 of the 36 customers supplied, with the value-add
reseller ("VAR") channel partners in Italy and Spain, the latter
particularly in its sales to commercial electric vehicle charging
station customers, accounting for a combined GBP0.3m of the
increase.
The majority of sales revenues from the Gaming market, as a
component supplier, were attributable to three main display
integrator customers all based in South Korea. The supplied design
solutions to these customers, were then used by them to provide an
integrated interactive display module to a number of slot machine
original equipment manufacturers ("OEM") for use within a wide
range of cabinet designs.
The 49% decline in FY23 Gaming market revenues to GBP2.4m was
attributable to several contributory factors, the most notable
being the total demise of the Aruze gaming group ("AGG"). In
February 2023 AGG's casino sales entity Aruze Gaming America Inc.
("AGA") filed for a voluntary petition under Chapter 11 of the
Bankruptcy Code in the United States Bankruptcy Court for the State
of Nevada.
The subsequent effect of the Chapter 11 filing on ZDL was an
inability to recover trade receivables from the AGG affiliate Aruze
Philippines Manufacturing Inc. ("APMI"), the slot cabinet assembler
of AGG and one of its sub-tier suppliers, and work in progress and
finished goods stock for orders placed by the same sub-tier
supplier, which subsequently became undeliverable. The year was
then further affected by a lack of ongoing demand that would have
been expected and deliverable during the second half period.
Details of the financial impairments and actions taken are covered
in more detail in the Financial review.
The business assets of AGA were sold by way of auction in July
2023, the slot operations, including land-based assets and online
gaming, being bought by Play Synergy (in October 2023 re-branded as
Aruze Gaming Global), an Empire Technological Group company, and
the interactive table game assets being bought by Interblock USA.
AGA was then officially wound up on 18 August 2023, which resulted
in the total demise of AGG.
However, as indicated, other factors also contributed to the
decline observed in the Gaming revenues for FY23, including the
COVID-19 effects of "chip" and other electronic component shortages
during FY22, which forced significant controller redesigns.
For one display integrator customer, and one design, which was
reducing in volume as it moved towards end-of-life ("EOL"), the
controller redesign meant the end OEM had to seek new extensive
regulatory approvals, and thereby allowed its approved secondary
source supplier to replace ZDL as primary supplier. The effect of
both the loss of primary supply and reducing total volumes led to a
reduction in comparable FY23 revenues of approximately GBP1.2m.
Sales of product solutions to the Industrial market, which are
generally associated with machine control interfaces and
informational kiosks, were 26% lower in FY23 over the GBP1.6m
reported in FY22. The largest program decline coming from a USA
customer, where the product is used in control dials for industrial
boilers. Regionally, EMEA exhibited the largest monetary decline of
GBP0.3m, which was relatively spread across most western European
countries other than Spain, which exhibited a modest GBP0.1m
increase. In a similar fashion to that of Vending, there are
numerous individual customers that make up the sales generators in
that market, being 49 in both FY23 and FY22. Of the FY23 49
customers, 34 were repeat customers from FY22, accounting for 94%
of the total FY23 sales.
Product sales to the Financial market, historically dominated by
two ATM customers, their affiliated group companies, sub-tier
suppliers and products, have, as indicated in the FY22 review,
achieved a maintenance level of revenue generation, as the products
supplied are low volumes of old version new builds and in-field
replacement spares. FY23 sales were 96% of the GBP1.2m in FY22,
with sales into one ATM entity up by GBP0.2m at GBP1.0m, whilst
sales to the other were down by GBP0.2m at GBP0.2m.
Sales of products to the Signage market in FY23, which comprises
informational systems, wayfinders, street furniture, and tables,
etc. achieved 90% of the GBP0.6m sales reported in FY22, with the
largest individual regional declines experienced in Germany and
France. Signage, is also a market where there are numerous
customers, having made sales to 22 individual entities during FY23,
17 being FY22 repeat customers, with eight of these being channel
partner VARs.
Sales of products to the combined Other general category in
FY23, comprising of smaller individual markets such as Healthcare,
Home Automation, Industrial Telematics, Military, etc. achieved an
increase of 3% on the FY22 GBP0.6m revenues. This was generated
from trading with 38 customers (FY22: 38), 23 of which we had also
traded with in FY22 across those markets. The increase in revenues
came from sales to the UK, offset by a near equal decline in sales
to Germany.
In total across all markets, 43,500 touch sensor units were
supplied in FY23, compared to 60,000 units in FY22. The Group
observed a 19% reduction in small (<=14.9") touch sensors sold
to 14,000 units, a 24% reduction in medium (>=15.0" <=29.9")
touch sensors sold to 22,500 units and, due in the main to the
problems in the Gaming and Vending markets, a 47% reduction in
large (>=30") touch sensors sold to 7,000 units. As a
consequence of the significant drop in large, supplied sensors, the
PCAP units supplied under the trademark MPCT(TM) halved to 9,500
units, whilst curved units supplied reduced by 32% to 4,500 units.
The latter two trends had a particular effect on gross margin, as
they carry premium pricing compared to PCT(TM) flat PCAP
sensors.
Export sales of GBP7.9m reduced as a percentage in FY23 to 92%
(FY22: GBP11.7m, 95%), with an 8% decline in EMEA invoiced sales to
GBP3.4m, a 44% decline in the Americas to GBP1.4m, a 44% decline in
APAC to GBP3.1m and a 10% improvement in the UK to GBP0.7m.
Operations
With the reduced productive workload over the year, manning
levels were under significant operational scrutiny, particularly
over the second half period. As stated in prior years' annual
reports, the multi-skilling and retention of skilled operatives is
key to productivity and efficiencies within the business. It was
for this reason that when a reduced workload became evident as the
Group was entering the second half of FY23, ZDL's operational
management took the decision to reduce the working week and the
manufacturing scheduling was flexed to align with demand and, in an
attempt to retain the skills, a furlough scheme to pay up to 70% of
normal basic pay for non-worked time for affected operatives was
introduced.
However, as the scheme ran longer than management first
anticipated and to align with a return to normal 5-day
manufacturing practices at the start of the new 2024 fiscal year
("FY24"), a restructuring and permanent reduction in the number of
direct labour employees was considered, which resulted in a
14-person reduction to 48 persons during September 2023. Of the 14
persons affected by the redundancy process, ten accepted voluntary
redundancy.
Marketing
As indicated in the opening paragraph of this review, FY23, has
proven to be the first year post the problematic periods associated
with COVID-19, where near-normal business prospecting activities
around sales and marketing are considered to have resumed, other
than the human factor change to working from home permanently or as
hybrid, which has made face-to-face lead generation meetings, other
than at tradeshows particularly in western Europe and the USA, more
difficult than they were pre-COVID-19.
Over the FY23 period, with a return of the increasing calendar
of tradeshow events and pre-pandemic and international attendance
levels, which started with the Global Gaming Expo in October 2022,
ZDL has attended as either exhibitors (in collaboration with
regional channel partners in several instances) or as attendees at
a number of significant market related tradeshows, in the USA,
Spain, the UK, Germany, Taiwan, Japan, Italy and China. The Group
continues to see this as a primary strategy in the return to growth
of the existing organic business, which will continue to be driven
in FY24, as due to the global nature of ZDL sales revenues, a
tradeshow provides a unique opportunity to address a wide range of
existing and new customers in a geographical region in a compact
time period.
At the annual Integrated Systems Europe ("ISE") expo in
February, ZDL won the Best of ISE 2023 award for the Most Creative
Touchscreen Control System Interface for our demonstration unit
where we integrated a curved version of our multi-touch PCAP sensor
product and ZXY500 controller electronics on a new to market
Samsung 49" Odyssey Neo G9 gaming monitor.
Unfortunately, the previously recruited marketing specialist (as
mentioned in the FY22 annual report) resigned from the business in
March 2023, as did the Sales and Marketing Director, in July 2023.
At the start of FY24, Zytronic has internally appointed a new Sales
Director, to drive global business development. The changes
provided the opportunity to re-examine the marketing processes in
place and make, where deemed appropriate, changes and improvements
for FY24. The first improvement has been the commissioning of a new
Zytronic website, in which the Group will now combine the previous
disparate trading ( www.zytronic.co.uk ) and investment (
www.zytronicplc.com ) websites into one addressable entity,
reducing the technology focus to one more aligned with market
applications. It is expected that this process will conclude with
the new website launch circa April 2024.
In combination with this, the Group will also look to change the
way it addresses trade PR to reinforce its markets and associated
applications knowledge and expertise, and its digital PR in
combination with the new website design to focus on the key
business-to-business social media outlets of LinkedIn and
YouTube.
Opportunities log
A key monitored metric in the effectiveness and responsiveness
of ZDL's prospecting activities is the movements in and additions
to the Opportunities Log, which is presently through a Microsoft
Dynamics CRM system, which will transition as part of the move to a
new integrated Epicor enterprise resource planning ("ERP") system
during FY24, to log and monitor leads and opportunities generated
from a combination of tradeshow participation, direct business
development, indirect channel partner engagement and application
directed marketing campaigns.
As it is a dynamic system, inevitably opportunities move from
"Open" to "Closed" on a near-daily basis. A Closed opportunity is
either "won", as it has moved from the CRM system to productive
purchase order(s) (not sampling orders), or "lost", being the point
at which the potential customer has confirmed either it has lost
its opportunity or it no longer has interest in pursuing a ZDL
solution, which can be for reasons of price, specification,
capability, or opportunity duplication through multiple prospective
customers who were pursuing the same end customer. Over the
ten-year period between FY13 and FY23, the volume win rate of
Closed opportunities is at a 34% average.
A snapshot of the CRM system is taken at each month end, to
interrogate, evaluate and report upon the respective month-on-month
movements. It is each business development manager's responsibility
to ensure their individual and regional opportunities are
accurately maintained as additions and changes occur. Consequently,
with the recent appointment of a new Sales Director, they are
undertaking a line-by-line review to identify any discrepancies
that may exist in the Open opportunities, that should have resulted
in them being Closed earlier.
To illustrate the end-of-month volume and value of Open
opportunities, which are the critical fuel for new future revenue
generation, as new opportunities add, which for won opportunities
has an historical average maturation period of two years, the graph
below is presented.
The graph illustrates the dynamic changes in the levels of Open
opportunities at month ends, in both the total quantity and the
total unsensitised customer projected lifetime value ("CPLV"), over
the five-year time frame from the start of FY19, through to the
conclusion of FY23.
As the period covers the COVID-19 pandemic and its aftermath,
the graph illustrates what became an inability to add new
opportunities to the log whilst existing opportunities moved from
Open to Closed, as the numerous global lockdown protocols initiated
from circa January 2020, and new global business prospecting
activities became increasingly difficult. The result was a lagged
decline for nearly two-years, before exhibiting an improvement, as
business development and tradeshow activities in particular started
ZDL on its road to recovery.
However, although the volume of Open opportunities has shown an
improvement to pre-pandemic levels, the recovery in CPLV of those
opportunities lags somewhat behind a full recovery, due in the main
to post-pandemic pricing pressures emanating from Asian-based
competitors.
As of 30 September 2023, there were 564 Open opportunities in
the CRM system, with a CPLV of GBP68.6m (30 September 2022: 484 and
GBP59.0m), the following table provides a split of these Open
opportunities across the reportable markets.
Open Opportunities
---------------------
Market Volume CPLV
--------- ----------
Vending 174 GBP36.9m
Gaming 32 GBP12.0m
Industrial 155 GBP4.6m
Financial 20 GBP3.7m
Signage 92 GBP3.5m
Other 91 GBP7.9m
----------
Total 564 GBP68.6m
-------------- --------- ----------
Note CPLV is rounded to nearest
GBP0.1m
Research and development
In combination with the increased sales and marketing
activities, ZDL's R&D team, was also able to look at more
market and application specific product innovations over the course
of FY23, as the concerns over, and support needed for, the well
documented global issues in electronic components, began to subside
as expected.
Major R&D projects, which have been worked on over the
course of the year, have been:
-- full product designs for shelving and retail tables
incorporating embedded wireless inductive phone charging and
localised spotlight illumination in powered wireless, fully
transparent floating designs, utilising ElectroglaZ(TM) panels;
-- designs and developments for touch integrated round and
square LCD monitors, and their utilisation in full interactive
table design solutions;
-- improvements to our touch controller data processing and
Artificial Intelligence ("AI") algorithms that allows for improved
touch sensing functionality and interfacing with other PCAP sensing
methodologies and materials, which they continue to actively
evaluate as a potential ZDL supplied alternative; and
-- advancements in the incorporation of mechanical devices, such
as buttons, joysticks and rotary dials, as floating elements within
the visible area of a touch display structure, whilst maintaining
full touch interactivity around these devices, enabling designers
with the ability to realise hybrid solutions on a single product
entity.
As the work undertaken with ZDL's technology solutions in the
PCAP environment, is novel, ZDL continues to ensure adequate and
appropriate IP protection is valid and in place, through the filing
of patents, not only in the UK, but in other applicable
international jurisdictions.
Over the course of FY23, granted patent protection has occurred
in the USA (filed on 22 April 2021, granted on 25 October 2022 as
US11,481,057), in Japan (filed on 9 May 2018, granted on 26 June
2023 as JP7302824) and in South Korea (filed on 9 May 2018, granted
on 13 July 2023 as KR10-2556872), under the Display Arrangement
Patent Family (P031248). This now takes the number of ZDL national
and international granted patents to 15, across ten patent
families, with a further ten patents pending, from four of the
patent families, with priority dates ranging from May 2017 through
to October 2021.
In FY24, work will continue on new button format integrations
with the PCAP technology including new sensor configurations, which
is seen as particularly pertinent to the Gaming, Industrial and
Healthcare markets, as well as improved AI algorithms in support of
this. As electronic capabilities are ever advancing, R&D will
also begin a scoping exercise to review design concepts for a new
evolution of a ZDL Application Specific Integrated Chip ("ASIC"),
to incorporate improved design and greater functionality over the
existing ZXY500 Series ASIC, whose initial release was in 2018.
I would finally like to conclude the review, by thanking all
employees of ZDL, who have contributed to the Group over the course
of a difficult FY23 trading period.
Mark Cambridge
Chief Executive
8 January 2024
2023 Financial review
Statutory results
The FY23 results for the year report Group revenue of GBP8.6m
(2022: GBP12.3m), as a result of a difficult year of trading due to
a number of factors. Reported gross margin at 17.4% (2022: 30.5%)
and increased administration expenses at GBP3.5m (2022: GBP2.8m)
both include exceptional items in the year. The statutory reported
loss before tax is GBP2.0m (2022: profit of GBP0.7m).
Group revenue
Group revenue was down 30% year on year to GBP8.6m (2022:
GBP12.3m) and has been impacted by several situations, with the
biggest effect being the unexpected demise of a key end-customer in
the first half of the year in the Gaming market. The circumstances
surrounding this are explained in the earlier CEO's statement, but
following this situation, the Group made no further sales of this
product over the remainder of the year.
Revenues from the Vending market were also negatively impacted
as one of the Group's Vending customers undertook an overstocking
exercise in the previous financial year due to fears of electronic
component shortages at that time, and this subsequently impacted
its demand in FY23.
The split of touch sales to non-touch sales remained consistent
with the prior year at 88% (2022: 89%), despite a reduction in
overall volumes sold. Sales into Europe (excluding UK) of 39% of
total sales (2022: 30%) meant that the region continued to be the
Group's biggest geographical source of revenue, with total exports
across all products accounting for 92% (2022: 95%) of total
revenue. Three major customers exceeded 10% of total revenue for
the year at GBP3.0m (2022: GBP4.1m).
Gross margin
Gross margin suffered over the year and decreased to 24.5%
excluding exceptional costs (2022: 30.5%) and 17.4% including
exceptional costs (2022: 30.5%). A number of headwinds and business
decisions impacted gross margin in FY23, as explained below.
Exceptional costs for the year were GBP0.6m (2022: Nil) with
over GBP0.2m of these costs being the value of the inventory
write-down of finished goods and work-in-progress orders that
occurred in the first half of the year relating to the Gaming
market Chapter 11 event. This work ceased overnight with no
likelihood of recovery at the time. As these parts are specific in
design to that particular end customer (as is normal in the nature
of the Groups' business) they could therefore not be sold to anyone
else. This situation remained unchanged at the year end and the
Group assessed the carrying value of the inventory at that time.
However, post the year end, and following the sale of the related
business assets to Aruze Gaming Global , the Group has subsequently
made sales of some of this inventory in the new financial year, to
new supply chain entities.
The Group also undertook the decision to impair its goodwill of
just over GBP0.2m which related to the operations of Intasolve
Limited (a long-dormant subsidiary). This subsidiary had been
acquired in 2001 to help establish the Group's position in the
touch marketplace but with continued technology advancements in its
PCAP solutions, the incorporated older technology is no longer a
fit. This cost has been classified as exceptional.
Over the course of the year, as the Group foresaw a reduction in
productive workload, it made the decision to reduce the operational
working week and to enable the retention of key skilled operatives,
ran its own in-house furlough scheme, paying up to 70% of normal
basic pay for non-worked time for those operatives that were
affected. However, as the year ran on it became apparent that a
permanent reduction in direct labour numbers was required. In
September 2023, the Group entered into a redundancy process and
made 14 employees redundant prior to the year end, with ten of
those leaving under voluntary acceptance. The cost of this exercise
to the business was over GBP0.1m and is classified as exceptional
due to it being an infrequent occurrence.
The volume of larger format products sold over the year, most of
which are into the Gaming market and were therefore impacted by the
AGA situation, reduced by 47% to 7k units. As these larger format
products attract higher margins, then this had an impact on gross
margin over the period.
Raw material pricing continued to increase in some areas,
particularly in the semiconductor market, as the shortages of
supply remained into FY23 and thereby also negatively impacted
margin as the Group was unable to pass on cost increases in some
instances.
Loss before tax
The loss before tax for the year was GBP2.0m compared to a
profit of GBP0.7m in the previous year. Administration costs
increased by GBP0.7m over the period, with almost GBP0.5m of this
increase being exceptional costs relating to an impairment of
debtors and restructuring costs.
The revalued impairment of debtors at the balance sheet date of
over GBP0.3m relates to the ongoing issue with AGA. APMI owed the
Group over GBP0.2m and its sub tier supplier owed the Group over
GBP0.1m and uncertainty remained over the recoverability of these
balances. However, since the year end the Group has received
payment of part of its debt from the sub tier supplier and is
hopeful that this will now be repaid in full. The Group is
continuing to take steps to recover the balance owed from APMI.
The other exceptional costs of over GBP0.1m relate to internal
restructuring costs over the year which are not expected to be
repeated.
Travel and marketing costs also continued to rise over that of
the previous financial year as the Group continued its focus on its
necessary face-to-face prospecting to enable it to grow its
opportunities log and showcase its new product developments over
several key market and geographical areas.
The investment in the trading company ZDL, by the Parent company
that arose as part of the initial IPO of the Group back in 2000 and
totalled GBP9.7m at the previous year end was also impaired over
the year by GBP4.2m. This was a Parent company impairment only and
had no impact on the reported Group numbers.
Tax
The tax credit arising on the loss before tax totals GBP0.4m
(2022: charge of GBP0.1m). The Group is proposing to carry forward
the trading losses to offset against taxable profits in the future
at this higher rate of UK corporation tax, which was made effective
from 1 April 2023.
Loss per share
The shares in issue at the end of the year remained consistent
with those at the end of the previous year of 10,161,737. As the
Group has not made a profit for the year and reports a loss after
tax of GBP1.6m, the loss per share arising is 15.4p (2022: earnings
per share 5.6p).
Dividend
As a result of a difficult trading year and the Group not making
a profit, the Board has proposed it is in the best interests not to
pay a final dividend for the year (2022: 2.2p) despite there being
sufficient cash and reserves to do so. This is in line with its
previously disclosed position of not paying dividends other than
from profits generated in that year.
Capital expenditure
The Group further invested into capital expenditure over the
year with GBP0.5m being incurred in intangible assets as R&D
development continued into further product offerings and the Group
continued its work on the implementation of a new ERP system.
In continuing to protect the Group's IP, further patent
applications were made in FY23. The Group also spent GBP0.3m on
tangible fixed assets, GBP0.1m of this spend was incurred in
completing the installation of the second laser bonding machine,
enabling both of ZDL's cleanroom units to have this piece of
essential kit. The remainder of the spend was on the replacement of
a number of production items. Depreciation and amortisation
increased in FY23 to GBP1.0m (2022: GBP0.8m), with GBP0.2m being
related to the previously mentioned impairment of Goodwill.
Cash position
Cash at the beginning of the year was GBP6.4m and closed at
GBP4.7m, resulting mainly from the operational loss made by the
Group over the year. Working capital, decreased over the period by
GBP0.5m arising from the decrease in debtors, offsetting the
increase to inventories and the decrease to payables and other
provisions.
The increase in inventories was all in raw materials as a result
of having to purchase ahead for orders that did not arise (the
reduction in sales to the Gaming market is one of the biggest
drivers of the increase and also the increase in controllers stock
for which the order lead time was increased as the suppliers were
previously struggling to satisfy demand). The Group was also issued
with a last-time buy from one of its optical adhesive suppliers,
which was at a preferred price, but had to be received in the
year.
The decrease to debtors of GBP1.7m arises due to a couple of
factors. The FY22 closing position was inflated by GBP0.4m due to a
late paying debtor, who subsequently settled its debt in early
FY23. The reduction in sales during FY23 also means there is less
debt to be collected at the year end. The GBP0.3m of cash
uncollected from the Gaming customers was offset by a provision for
the same amount in the year.
Trade payables at the year-end of GBP0.5m are lower than that
reported in the previous year, impacting the cash position, with
accruals remaining consistent with that of last year at
GBP0.6m.
Cashflow used in investing activities was net GBP0.6m (2022:
GBP0.5m), GBP0.8m related to costs of investment in capital
expenditure offsetting the interest earned from cash deposits of
GBP0.2m. The Group maximised its deposits over different periods of
time and obtained very good market interest rates, whilst
continuing to meet the daily cashflow demands on the business.
The only financing activities to occur over the year related to
the payment of a dividend for the financial year 2022 and costing
GBP0.2m (2022: GBP0.2m).
The Group has recently increased its overdraft facility to
GBP1.5m with its corporate bankers Barclays Bank plc, which is
available for use in any of its three operational currencies (GBP,
USD and EUR) and has again not been utilised over the year.
The Group continues to operate with no debt and has strong cash
levels allowing it to remain in a solid financial position for the
year ahead.
Claire Smith
Group Finance Director
8 January 2024
Consolidated statement of comprehensive income
For the year ended 30 September 2023
2023 2022
Notes GBP'000 GBP'000
----------------------------------------- ------ -------- --------
Group revenue 3 8,610 12,340
Cost of sales (7,109) (8,577)
----------------------------------------- ------ -------- --------
Cost of sales excluding exceptional
items (6,500) (8,577)
Exceptional items - Goodwill impairment (235)
Exceptional items - Other 4(a) (374)
----------------------------------------- ------ -------- --------
Gross profit 1,501 3,763
Distribution costs (159) (258)
Administration expenses (3,547) (2,810)
----------------------------------------- ------ -------- --------
Administration expenses excluding
exceptional items (3,092) (2,810)
Exceptional items 4(b) (455)
----------------------------------------- ------ -------- --------
Group operating (loss)/profit (2,205) 695
Finance revenue 200 10
----------------------------------------- ------ -------- --------
(Loss)/profit before tax (2,005) 705
Tax credit/(expense) 5 441 (94)
----------------------------------------- ------ -------- --------
(Loss)/profit for the year (1,564) 611
Other comprehensive income - -
----------------------------------------- ------ -------- --------
Total comprehensive (loss)/income (1,564) 611
----------------------------------------- ------ -------- --------
(Loss)/earnings per share
Basic 7 (15.4)p 5.6p
----------------------------------------- ------ -------- --------
All activities are from continuing operations
Consolidated statement of changes in equity
For the year ended 30 September 2023
Equity Capital
share Share redemption Retained
capital premium reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- -------- ----------- --------- --------
At 1 October 2021 114 8,994 46 7,611 16,765
Profit for the year - - - 611 611
Repurchase and cancellation
of shares (12) - 12 (2,019) (2,019)
Dividends - - - (170) (170)
-------- -------- ----------- --------- --------
At 30 September 2022 102 8,994 58 6,033 15,187
Loss for the year - - - (1,564) (1,564)
Dividends - - - (224) (224)
----------------------------- -------- -------- ----------- --------- --------
At 30 September 2023 102 8,994 58 4,245 13,399
----------------------------- -------- -------- ----------- --------- --------
Consolidated statement of financial position
For the year ended 30 September 2023
2023 2022
Notes GBP'000 GBP'000
---------------------------------- ------- -------- --------
Assets
Non-current assets
Intangible assets 840 711
Property, plant and equipment 4,958 5,107
5,798 5,818
------------------------------------------ -------- --------
Current assets
Inventories 2,711 2,184
Trade and other receivables 1,252 2,957
Cash and short-term deposits 4,706 6,403
------------------------------------------- -------- --------
8,669 11,544
------------------------------------------ -------- --------
Total assets 14,467 17,362
------------------------------------------- -------- --------
Equity and liabilities
Current liabilities
Trade and other payables 488 1,055
Derivative financial liabilities - 92
Accruals 554 560
1,042 1,707
------------------------------------------ -------- --------
Non-current liabilities
Deferred tax liabilities (net) 26 468
26 468
------------------------------------------ -------- --------
Total liabilities 1,068 2,175
------------------------------------------- -------- --------
Net assets 13,399 15,187
------------------------------------------- -------- --------
Capital and reserves
Equity share capital 102 102
Share premium 8,994 8,994
Capital redemption reserve 58 58
Retained earnings 4,245 6,033
------------------------------------------- -------- --------
Total equity 13,399 15,187
------------------------------------------- -------- --------
Consolidated cashflow statement
For the year ended 30 September 2023
2023 2022
GBP'000 GBP'000
----------------------------------------------- -------- --------
Operating activities
(Loss)/profit before tax (2,005) 705
Finance income (200) (10)
Depreciation of property, plant and equipment 445 543
Amortisation and write-off of intangible
assets 140 223
Impairment of goodwill 235
Amortisation of government grant (26)
Fair value movement on foreign exchange
forward contracts (92) 76
Loss on disposal of asset 2
Working capital adjustments
Increase in inventories (527) (749)
Decrease/(increase) in trade and other
receivables 1,705 (757)
(Decrease)/increase in trade and other
payables and provisions (723) 126
----------------------------------------------- -------- --------
Cash (used in)/generated from operations (1,022) 133
Tax received/(paid) 137 (224)
----------------------------------------------- -------- --------
Net cashflow used in operating activities (885) (91)
----------------------------------------------- -------- --------
Investing activities
Interest received 189 7
Payments to acquire property, plant and
equipment (296) (280)
Payments to acquire intangible assets (481) (201)
----------------------------------------------- -------- --------
Net cashflow used in investing activities (588) (474)
----------------------------------------------- -------- --------
Financing activities
Dividends paid to equity shareholders
of the Parent (224) (170)
Repurchase and cancellation of shares (2,019)
Net cashflow used in financing activities (224) (2,189)
----------------------------------------------- -------- --------
Decrease in cash and cash equivalents (1,697) (2,754)
----------------------------------------------- -------- --------
Cash and cash equivalents at the beginning
of the year 6,403 9,157
----------------------------------------------- -------- --------
Cash and cash equivalents at the year
end 4,706 6,403
----------------------------------------------- -------- --------
Notes to the consolidated financial statements
1. Basis of preparation
The preliminary results for the year ended 30 September 2023
have been prepared in accordance with the recognition and
measurement requirements of International Financial Reporting
Standards ("IFRS") as endorsed by the European Union regulations as
they apply to the financial statements of the Group for the year
ended 30 September 2023. Whilst the financial information included
in this preliminary announcement has been computed in accordance
with the recognition and measurement requirements of IFRS, this
announcement does not itself contain sufficient information to
comply with IFRS. The accounting policies adopted are consistent
with those of the previous year.
The financial information set out in this announcement does not
constitute the statutory accounts for the Group within the meaning
of Section 435 of the Companies Act 2006. The statutory accounts
for the year ended 30 September 2022 have been filed with the
Registrar of Companies. The statutory accounts for the year ended
30 September 2023 will be filed in due course. The auditors' report
on these accounts was not qualified or modified and did not contain
any statement under sections 498(2) or (3) of the Companies Act
2006 or any preceding legislation.
Each of the Directors confirms that, to the best of their
knowledge, the financial statements, prepared in accordance with
international accounting standards in conformity with the
requirements of the Companies Act 2006, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Group and the undertakings included in the consolidation
taken as a whole; and the Group results, Operational review and
Financial review includes a fair review of the development and
performance of the business and the position of the Group and the
undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and
uncertainties that they face
2. Basis of consolidation and goodwill
The Group results comprise the financial statements of Zytronic
plc and its subsidiaries as at 30 September each year. They are
presented in Sterling and all values are rounded to the nearest
thousand pounds (GBP'000) except where otherwise indicated.
3. Group revenue and segmental analysis
Revenue represents the invoiced amount of goods sold and
services provided, stated net of value-added tax, rebates and
discounts.
For management purposes, the Chief Operating Decision Maker (the
Board) considers that it has a single business unit comprising the
development and manufacture of customised optical filters to
enhance electronic display performance. All revenue, profits or
losses before tax and net assets are attributable to this single
reportable business segment.
The Board monitors the operating results of its entire business
for the purposes of making decisions about resource allocation and
performance assessment. Business performance is evaluated based on
operating profits.
All manufacturing takes place in the UK and accordingly all
segment assets are located in the UK. The analysis of segment
revenue by geographical area based on the location of customers is
given below:
30 September 2023 30 September 2022
---------------------------------- ------------------- -------------------
Touch Non-touch Touch Non-touch
---------------------------------- -------- --------- -------- ---------
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- -------- --------- -------- ---------
Sale of goods
- Americas (excluding USA) 207 251 322 15
USA 962 2,015 191
- EMEA (excluding UK and Hungary) 2,468 114 3,153 58
- Hungary 660 124 251 187
- UK 342 373 339 314
- APAC (excluding South Korea) 496 74 283 254
- South Korea 2,483 56 4,586 372
---------------------------------- -------- --------- -------- ---------
7,618 992 10,949 1,391
---------------------------------- -------- --------- -------- ---------
Total revenue 8,610 12,340
---------------------------------- ------------------- -------------------
Individual revenues from three major customers exceeded 10% of
total revenue for the year. The total amount of revenue was GBP3.0m
(2022: GBP4.1m).
The individual revenues from each of these three customers were:
GBP1.0m (2022: GBP1.7m), GBP1.0m (2022: GBP0.8m) and GBP1.0m (2022:
GBP2.4m).
4 (a). Exceptional costs - cost of sales
30 September 30 September
2023 2022
GBP'000 GBP'000
-------------------------------------------------------- ------------ ------------
Write-down of stock impairment associated with doubtful
debt 239 -
Costs of goodwill impairment 235 -
Costs of restructuring 135 -
-------------------------------------------------------- ------------ ------------
Total exceptional costs 609 -
-------------------------------------------------------- ------------ ------------
The write-down of stock in the consolidated statement of
comprehensive income relates to the effects on the Group of AGA
filing a voluntary petition under Chapter 11 of the Bankruptcy Code
in the United States Bankruptcy Court for the State of Nevada.
The goodwill impairment costs of write down relate to the
operations of Intasolve Limited.
The Group undertook a restructuring exercise in the year and
these costs are classed as exceptional as this was a one-off
event.
4 (b). Exceptional costs - administration costs
30
September 30 September
2023 2022
GBP'000 GBP'000
---------------------------- ---------- ------------
Write-down of doubtful debt 332 -
Costs of restructuring 123 -
---------------------------- ---------- ------------
Total exceptional costs 455 -
---------------------------- ---------- ------------
The write-down of debt in the consolidated statement of
comprehensive income relates to the effects on the Group of AGA
filing of a voluntary petition under Chapter 11 of the Bankruptcy
Code in the United States Bankruptcy Court for the State of
Nevada.
The Group undertook a restructuring exercise in the year and
these costs are classed as exceptional as this was a one-off
event.
5. Tax
30 September 30 September
2023 2022
GBP'000 GBP'000
--------------------------------------------------- ------------- -------------
Current tax
UK corporation tax - 40
Tax due on foreign subsidiary 1 -
Corporation tax over provided in prior years - (79)
--------------------------------------------------- ------------- -------------
Total current tax charge/(credit) 1 (39)
--------------------------------------------------- ------------- -------------
Deferred tax
Origination and reversal of temporary differences (435) (24)
Movement related to change in tax rates - 43
Movement related to prior year adjustments (7) 114
--------------------------------------------------- ------------- -------------
Total deferred tax (credit)/ charge (442) 133
--------------------------------------------------- ------------- -------------
Tax (credit)/charge in the statement of
comprehensive income (441) 94
--------------------------------------------------- ------------- -------------
Reconciliation of the total tax (credit)/charge
The effective tax rate of the tax credit in the statement of
comprehensive income for the year is 22% (2022: 13% charge)
compared with the average rate of corporation tax charge in the UK
of 22% (2022: 19%). The differences are reconciled below:
30 September 30 September
2023 2022
GBP'000 GBP'000
-------------------------------------------- ------------- -------------
Accounting (loss)/profit before tax ( 2,005) 705
-------------------------------------------- ------------- -------------
Accounting (loss)/profit multiplied by the
average UK rate of corporation tax of 2
2 % (2022: 19%) (441) 134
Effects of:
Expenses not deductible for tax purposes 73 (4)
Depreciation in respect of non-qualifying
items 18 18
Enhanced tax reliefs - R&D and patent box (33) (99)
Enhanced tax reliefs - super deduction - (27)
Effect of deferred tax rate reduction and
difference in tax rates (52) 37
Tax under-provided in prior years (7) 35
Tax due on foreign subsidiary 1 -
-------------------------------------------- ------------- -------------
Total tax (credit)/expense reported in the
statement of comprehensive income (441) 94
-------------------------------------------- ------------- -------------
Factors that may affect future tax charges
The main rate of corporation tax increased from 19% to 25% from
1 April 2023. The Group has considered the timing of the unwind of
its deferred tax and has calculated its deferred tax balances at
the rates at which they are expected to unwind. This has resulted
in a rate of 25% being applied to deferred tax balances at the year
end. As a result of this increase in the main rate of corporation
tax, the Group expects its effective tax rate to increase in the
medium term. The Group is expecting to carry forward its trading
losses for this year to offset against taxable profits in the
future.
The Patent Box regime allows companies to apply a rate of
corporation tax of 10% to profits earned from patented inventions
and similar intellectual property. Zytronic generates such profits
from the sale of products incorporating patented components. The
Group has determined that all relevant criteria has been satisfied
for bringing income within the regime. While the loss-making
position of the Group in 2023 has meant that there will be no
benefit from the regime at present, the Group will continue to make
Patent Box claims and expects to obtain tax deductions from such
claims going forwards.
6. Dividends
The Directors do not propose the payment of a final dividend for
this year's results. This will bring the total dividend for the
year to Nil (2022: 2.2p).
30 September 30 September
2023 2022
GBP'000 GBP'000
------------------------------------------- ------------- -------------
Ordinary dividends on equity shares
Final dividend of 1.5p per ordinary share
paid on 18 March 2022 170
Final dividend of 2.2p per ordinary share
paid on 24 February 2023 224
224 170
------------------------------------------- ------------- -------------
7. (Loss)/earnings per share
Basic LPS/EPS is calculated by dividing the (loss)/profit
attributable to ordinary equity holders of the Company by the
weighted average number of ordinary shares in issue during the
year. All activities are continuing operations and therefore there
is no difference between LPS/EPS arising from total operations and
LPS/EPS arising from continuing operations.
Weighted Weighted
average average
number number
Loss of shares LPS Profit of shares EPS
30 September 30 September 30 September 30 September 30 September 30 September
2023 2023 2023 2022 2022 2022
GBP'000 Thousands Pence GBP'000 Thousands Pence
--------------- ------------- ------------- ------------- ------------- ------------- -------------
(Loss)/profit
on ordinary
activities
after tax ( 1,564) 10,162 (15.4) 611 10,836 5.6
--------------- ------------- ------------- ------------- ------------- ------------- -------------
Basic LPS/EPS ( 1,564) 10,162 (15.4) 611 10,836 5.6
--------------- ------------- ------------- ------------- ------------- ------------- -------------
There are no dilutive or potentially dilutive instruments.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR QKCBBDBKKDDK
(END) Dow Jones Newswires
January 09, 2024 02:00 ET (07:00 GMT)
Zytronic (LSE:ZYT)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Zytronic (LSE:ZYT)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
