19th Sep 2018 11:08
LONDON (Alliance News) - Gaming computer maker Quixant PLC said Wednesday its interim profit and revenue dropped due to an unusually strong first half performance in 2017, whilst it expects full-year 2018 results to come in line with market expectations.
For the six months ended June, pretax profit narrowed 30% to USD6.1 million from USD8.7 million the year prior. This was after revenue fell 12% to USD50.3 million from USD56.9 million the year before.
"I am very pleased with the performance of the group in the first six months of the year," Quixant Chief Executive Officer Jon Jayal said. "The business is performing in line with management expectations, and we are on track to achieve market expectations for the full year."
"The first six months of 2017 were unusually strong and reversed the second half weighting we have traditionally experienced," Jayal added. "As previously indicated, this year we expect a return to a second half weighting. A robust group performance in July and August, alongside our record sales pipeline, supports our expectation of second half sales in line with market expectations."
Quixant does not pay an interim dividend. It does have a progressive final dividend policy, however.
"Looking forward, over recent months we have seen positive regulatory developments in a number of key gaming markets, particularly Japan," Jayal continued. "We believe these will result in significant market growth over the medium term that Quixant is well placed to exploit."
"The market across all our customers in gaming remains buoyant, and with a strengthened senior management team, the technical expertise of our staff, and a strong balance sheet, Quixant is in an excellent position to continue to develop new opportunities", Jayal concluded.
Shares in Quixant were 4.3% lower at 458.44 pence on Wednesday.
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