8 September, 2022 – 00:52 By Tony Quested
Gaming and broadcasting technology specialist Quixant has hoisted group revenues by 46 per cent to $53.3 million in the six months to June 30.
Group profit before tax soared 251 per cent to $2.8m and net cash by 20 per cent to $12m.
Jon Jayal, CEO of the AIM-quoted Cambridge company, reports a strong start to the second half. He says this, combined with Quixant’s strength of order coverage “gives us a high degree of confidence in meeting the upgraded full year market expectations.”
He adds that Quixant “continues to see compelling opportunities for long-term growth in the business through disciplined execution of our strategy.”
Jayal reports: “continued excellent trading momentum across all business units, reflecting the widespread demand for our products, the depth and resilience of our customer relationships and our success in navigating the challenging supply environment.
“These trading results support the decision to commit capital to the strategic stock purchase programme in January 2021, which we believe continues to give us a competitive advantage despite resulting in a cash outflow during the first half.”
Significant growth in Gaming and Densitron revenues driven by buoyant customer demand, enhanced customer penetration and proactive management of supply chains.
Densitron achieved its highest revenue since acquisition including double-digit growth from the Broadcast sector.
Quixant says first production orders were received from a new customer in Q3 2022 for turnkey Gaming cabinet solutions which are expected to be delivered during the fourth quarter of 2022 and into 2023.
Supply chain risks are being mitigated through robust management and a strategic stock purchase programme, ensuring customer retention and reduced impact of price inflation.