6th Apr 2020 15:47
(Correcting that Quixant's profit fell in 2019, not grew.)
(Alliance News) - Quixant PLC on Monday said it expects its earnings to take a hit from the coronavirus going forward after experiencing lower demand for its products in 2019.
The company, which provides technology for gaming and broadcast industries, said pretax profit in 2019 fell to USD9.4 million from USD14.6 million, as revenue declined by 20% to USD92.3 million from USD115.2 million year-on-year, amid lower demand for the company's products.
Quixant said it sold 16,981 gaming monitors and button decks in 2019 compared with 30,800 in 2018. It also shipped just over 40,000 gaming platforms in 2019 compared to 61,000 in 2018, a reduction of 34%.
Looking ahead, Quixant said new products launched to target the broadcast market expected to generate revenue in 2020 and increased pipeline of new business of USD12 million.
The company said the Covid-19 pandemic will have a significant impact on the business and consequently it has taken a number of actions to weather the storm.
AIM-listed Quixant shares were trading flat in London on Monday at 65.00 pence each.
By Evelina Grecenko; [email protected]
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