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10 Dec 2020 07:00
10 December 2020
Quixant plc
("Quixant" or "the Group")
Second Half Profitable Trading Exceeds Expectations
Quixant (AIM: QXT), a leading provider of innovative, highly engineered technology products principally for the global gaming and broadcast industries, provides the following update on trading for the current financial year, ending 31 December 2020.
The Board is pleased to report that since the release of the Group's interim results on 30 September 2020, trading in its core gaming market has exceeded expectations. As a result, the Group now expects to report full year adjusted profit before tax of at least $1m on revenue of at least $61m.
Jon Jayal, CEO of Quixant, commented:
"Given the magnitude of the impact of Covid-19 on the global gaming industry, I am delighted that trading has recovered to the extent that we will be able to more than offset the loss in the first half and report a profit for the year. Our business has been supported by the resiliency of Densitron through the pandemic, enabling us to also maintain a strong net cash position.
"While the macro-economic environment remains uncertain, there are encouraging signs our customers are preparing for improving conditions during 2021. With strict financial discipline, a strong balance sheet and close relationships with our customers, I believe we are well-placed to drive long-term, profitable growth."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further information please contact:
Quixant plc | Tel: +44 (0)1223 892 696 |
Jon Jayal, Chief Executive Officer Andrew Jarvis, Interim Chief Financial Officer | |
Nominated Adviser and Broker: | |
finnCap Ltd | Tel: +44(0)20 7220 0500 |
Matt Goode / Simon Hicks (Corporate Finance) | |
Alice Lane (ECM) | |
Financial PR: | Tel: +44 (0)20 3405 0205 |
Alma PR | |
John Coles / David Ison / Kieran Breheny |
About Quixant
Quixant, founded in 2005, designs and manufactures highly optimised computing solutions and monitors principally for the global gaming and broadcast industries. The Company is headquartered in Cambridge in the UK where the global sales function is based. North America sales and sales support is run from their subsidiary in Las Vegas. Quixant has its own manufacturing and engineering operation based in Taiwan and software engineering and customer support team based in Italy. All the specialised products software and manufacturing are produced in-house and Quixant owns all its own IP some of which is protected by patents and design rights.
In November 2015 Quixant acquired Densitron Technologies plc. Densitron has a strong heritage in the sale of electronic display solutions to global industrial markets. Through Densitron's experienced sales team, Quixant has a robust platform to build its business into wider industrial markets. In-depth information on the Company's products, markets, activities and history can be found on the corporate website at www.quixant.com.
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