24th Jan 2019 09:33
LONDON (Alliance News) - Quixant PLC on Thursday said it anticipates to report revenue and profit below market expectations for 2018.
The stock was trading 18% lower on Thursday at 285.00 pence a share.
The supplier of gaming platforms, monitors and accessories said its revenue for 2018 will be USD115 million, slightly behind the current market forecasts of USD120 million. In 2017, Quixant generated revenue of USD109.2 million.
Adjusted pretax profit is also anticipated to come in lower than market expectations of USD19.0 million. In 2017, adjusted pretax profit was USD17.7 million.
During the year, Quixant said it was focused on margins improvement in its core gaming monitors business and therefore expects to report a reduction in revenue in this division.
Meanwhile, the company said it saw a strong performance in its core gaming platforms unit, which is expected to achieve a double-digit annual revenue growth.
In addition, revenue from the Densitron Technologies PLC, Quixant's display electronics business, is expected to be flat as the company continues to restructure and refine the product range.
"I am confident we are well positioned to deliver on the significant market opportunity in both gaming and other markets and continue our track record of strong, profitable growth," said Chief Executive Jon Jayal.
The company intends to announce its 2018 results on March 25.
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