Quixant back in the black despite Covid backdrop
Quixant, which provides technology products principally for the gaming and broadcast industries from its Cambridge HQ, reports revenue of $63.8 million with adjusted pre-tax profit of $1.3m for the year to December 31.
The return to profitability has been driven by improved performance in the gaming business and continued resilient trading from its Densitron subsidiary and CEO Jon Jayal says “the board is confident in the future prospects of the group.”
Quixant also had net cash of $17.4m – up from $16.1m year-on-year and has recommended a dividend of 2p per share.
Jayal said: “Considering that our key global gaming market was so materially impacted in 2020 due to the pandemic, I believe that to report an adjusted profit before tax and an improvement in our net cash position from FY 2019 is a remarkable achievement.
“It reflects the resilience in our Densitron business, the strength of the relationship we have with our customers and a robust balance sheet entering the year.
“2021 has started strongly with healthy order intake such that we now have 106 per cent coverage of internal budget for the first half of the year.
“As the gaming industry evolves out the crisis, we are bringing pioneering new offerings to market which we believe will support customers in their recovery.
“It is also pleasing to see double digit growth in our Densitron broadcast business despite the headwinds caused by the pandemic. The electronic component shortages present us with short-term supply chain risks, but we continue to utilise our strong cash position to mitigate the impact of these on 2021 trading.
“The board is confident in the future prospects of the group, which is reflected in our decision to recommend payment of a dividend.”