Quixant revenues 20 per cent higher
Quixant, a Cambridge company that provides technology products principally to the global gaming industry, is flying high globally, according to a buoyant trading update for the year to end-December.
Quixant expects to report revenue for the year of approximately $109 million, an increase of 20 per cent over the prior period.
The board also expects to report adjusted profit before tax in line with market expectations despite a $1.6m write off in relation to a loss resulting from the substitution of a component incorporated into several of its products. Net cash at December 31 was around $4.2m.
Jon Jayal, COO of Quixant, said: “This has been another very good year of growth for the business with a particularly strong performance in our core gaming platforms and gaming monitors.
“Densitron has also performed well as we continue to rationalise its product range to focus on higher margin business.
“I suggested in our interim results the full year was likely to be first half weighted and this has proved to be the case. Despite historically being second half weighted, as the group continues to grow the customer book and broaden the product range we are moving towards a more balanced weighting split.
“During the year we have invested in the business with a number of senior management appointments and a circa 20 per cent increase in the total number of employees. As a result, we are well positioned to continue to grow the group over the long term.”
• PHOTOGRAPH SHOWS: Jon Jayal