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NXT tops million sales mark

12 April 2012

FLAT loudspeaker specialist NXT now has licensing agreements with five of the six major mobile phone makers, having recently signed up OEM. It is now selling more than 1 million loudspeakers to licensees. Economic uncertainty is delaying commitment from some licensees, but sales have grown by 30%, NXT said in a trading statement.

It also revealed that Cyrus Electronics, its hi-fi division, has grown by more than 25%. Its speech technology division has secured a consultancy with Jaguar cars and the company is behind 'eye busy, hands busy' technology which allows text messages to be heard over speakers.

In the past year the group has been reducing its overheads and NXT now has a cash balance of £12m. This will be boosted by £1.5m as a result of an Inland Revenue decision to give the group cash tax credits on its research and development costs. It qualifies as a small or medium enterprise under rules announced in the last Budget.

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