Quixant Hikes Dividend On "Record" Revenue, Confident For 2018

22nd Mar 2018 11:49

LONDON (Alliance News) - Quixant PLC on Thursday lifted its return to shareholders on an "excellent" growth in revenue and profit in 2017, as its core gaming business grew market share.

The company increased its dividend for the year by 30% to 2.6 pence from the 2.00p it paid in 2016.

The computer manufacturing company posted a pretax profit of USD15.0 million in 2017, up 29% from USD11.7 million the prior year, as revenue grew 21% to a "record" USD109.2 million from USD90.4 million.

Quixant's Gaming division revenue rose to USD71.1 million from USD53.0 million the year before, driven by the development of existing customer relationships and the broadening of its customer base. In 2017 the Gaming division increased its number of customers to 218 compared with 180 in 2016.

The Densitron division, which sells electronic display solutions, posted slightly improved revenue of USD38.1 million compared with the USD37.4 million reported in 2016.

During the year, Quixant spent USD2.3 million on investment activities, up from USD1.4 million in 2016. The investment in capitalised product development more than doubled to USD1.6 million from the USD700,000 it spent the year before.

"I am delighted to be commenting on another very good year for Quixant with strong revenue and profit growth," said Chief Executive Officer Jon Jayal.

"Densitron performed in line with our expectations and we have identified the broadcast industry as a market to target with innovative new products and are exhibiting bespoke products targeted at this market at several events in 2018."

Looking ahead, Quixant said it is "optimistic" long term revenue growth and margin expansion is achievable.

"We have started 2018 with robust trading performance and are well positioned to deliver full year growth ahead of our previous expectations. The new prospects we are working on give us with confidence in our longer-term growth prospects," Jayal added.

Quixant shares were trading 8.6% higher at 411.45p each on Thursday.

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