Quixant growth prospects are no gamble
Quixant, a leading provider of specialised computing platforms and monitors for gaming and slot machine applications, has posted another year of record results to December 31 with revenue from its core gaming platforms up 14 per cent.
The Cambridge-based global company is predicting that 2019 will be second-half weighted but adds that new sales running into multi-millions have been pretty much nailed on.
Total revenue growth was five per cent to $115.2 million with adjusted pre-tax profit up three per cent to $18.2m. The company had net cash at period end of $9.7m.
It is proposing a 19 per cent increase in full year dividend to 3.1p per share.
Quixant added an extra string to its bow with the acquisition of Densitron which has launched new products to target the broadcast market.The print group has also considerably strengthened its management team.
CEO Jon Jayal said: “2018 saw another year of record revenue and profits with revenue for our core gaming platforms up 14 per cent. This was achieved despite softer than expected demand from several of our key customers.
“Market conditions have normalised during 2019, although some of our key customers have indicated to us that their demand for our gaming platforms will be more second half weighted than previous years and we consequently anticipate our performance to mirror this trend.
“In light of this, we are taking a modestly more prudent view of our anticipated revenues for 2019, although our flexible cost model will ensure that the consequential impact on our anticipated profitability for 2019 is minimised.
“Following a wealth of organisational enhancements we believe Quixant is excellently positioned for robust long-term growth, with a substantial new business gaming pipeline in excess of $30m for delivery in 2020 and beyond.
“Our Densitron vertical market focused strategy is delivering results with the order book in the broadcast sector now reaching $4.5m.”