Quixant expects double digit interim growth
Cambridge’s Quixant plc, whose technology predominantly serves gaming and broadcast markets, expects to report double-digit revenue growth for the six months ended June 30.
The group adds in a trading update that profits will be comfortably in line with management expectations for the period.
Strong demand across both Gaming and Densitron businesses drove healthy order intake over the period. Component shortages and input stock price inflation continue to present headwinds which the board has been actively managing through an elevated strategic stock holding and customer price increases.
The group’s net cash position at June 30, 2021 was $15.1 million (end-December, $17.4m) reflecting the forward purchase of component stock and payment of a dividend. The board expects to announce its interim results on September 22.
CEO Jon Jayal said: “We are delighted by the healthy level of demand experienced in the first half of the year, resulting in revenue growth for both our Densitron and Gaming businesses.
“This provides us with confidence that the recovery is well underway in the Gaming market and that our strategic positioning of the Densitron business is delivering results.
“Whilst we continue to monitor and manage the challenges presented by external market factors, we expect to see the recovery in demand continuing into the second half of the year driving growth in both revenue and profit.”