25th Mar 2014 09:38
LONDON (Alliance News) - Quixant PLC announced a maiden total dividend for 2013 as it saw pretax profit rise in its first year since listing on the AIM market, driven by new customer wins.
Quixant provides specialized technology platforms for the gaming and slot machines.
The company proposed a maiden full-year dividend of 1.0 pence per share, and expressed its intention to maintain a progressive dividend policy.
Quixant posted a pretax profit of USD6.0 million, up from USD5.0 million in the previous year, as revenue rose to USD24.2 million from USD21.6 million in the previous year, although this was partly offset by higher operating expenses. Quixant added new customers during the year, taking its total number of customers to 82 from 63.
The company's largest customer, Ainsworth Game Technology, accounted for 72% of the company's total revenues.
The company said that it had benefited from a heightened profile after listing on AIM in May 2013. It raised USD5.9 million from its initial public offering.
Quixant shipped around 21,800 boards during the year, up from 18,500 in 2012, but said that it thinks that this is less than a 5% share of the market, estimating that there's been around 450,000 to 500,000 new replacement machines installed in the market in recent years.
2014 has started in line with expectations, Quixant said, as volume sales commenced with one of its new Tier 2 customers. Quixant said its current order book, as of the end of March, is over double that of the previous year.
Shares in Quixant were trading up 2.1% at 146.50 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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