(Alliance News) - Shares in Quixant PLC plunged on Wednesday as it guided for a drop in profit and revenue for 2019.
Shares in the gaming and broadcasting-focused technology provider were 21% lower at 161.32 pence on Wednesday in London following the announcement.
For the recent year, Quixant expects to report an adjusted pretax profit of USD10.7 million, down 41% from USD18.2 million in 2018, while revenue is set to decline by 20% to USD92.3 million from USD115.2 million.
The company said the majority of the shortfall against expected revenue was experienced in its Gaming division, leading to the impact on profit.
"The previously announced softness in demand from several of our gaming customers has continued for a longer period and been slightly more pronounced than previously anticipated. This has impacted our financial performance in the Gaming division over the second half of the year," said Chief Executive Officer Jon Jayal.
"We are confident in delivering healthy growth in 2020, however, the recent softness has led to having a more conservative view on the level of growth and we are reviewing costs in line with this lower revenue expectation," Jayal added.
Cambridge-focused Quixant will publish its annual results on March 23.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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