Quixant profit falls 5% as restructuring costs weigh

14:03 25/03/2019
StockMarketWire.com - Gambling industry services group Quixant posted a 5% fall in annual profit after rising sales were offset by restructuring costs.

Pre-tax profit for the year through December amounted to $14.3m and included $3.0m restructuring costs.

Revenue rose 5% to $115.2m, while adjusted profit rose 3% to $18.2m.

The company declared a full year dividend of 3.1p per share , up 19% on-year.

'Market conditions have normalised during 2019, although some of our key customers have indicated to us that their demand for our gaming platforms will be more second half weighted than previous years,' chief executive Jon Jayal said.

'In light of this, we are taking a modestly more prudent view of our anticipated revenues for 2019, although our flexible cost model will ensure that the consequential impact on our anticipated profitability for 2019 is minimised.'

'Following a wealth of organisational enhancements we believe Quixant is excellently positioned for robust long-term growth, with a substantial new business gaming pipeline in excess of $30m for delivery in 2020 and beyond.'

'Our Densitron vertical market focused strategy is delivering results with the order book in the broadcast sector now reaching $4.5m.'

At 2:03pm: (LON:QXT) Quixant share price was -31p at 301.5p

Story provided by StockMarketWire.com



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