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Quixant expects to report full-year profit after H2 trading exceeds expectations
StockMarketWire.com
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Quixant, which provides technology products for the global gaming and broadcast industries, expects to report a full-year adjusted profit before tax of at least $1 million after trading recovered in the second half.
According to its update on trading for the current financial year ending 31 December 2020, it predicts to generate revenue of at least $61 million for the full year, after trading in in its core gaming market "exceeded expectations" in the second half.
The firm's CEO Jon Jayal said trading has recovered to the extent that Quixant will be able to more than offset the loss in the first half and report a profit for the year, after Covid-19 heavily impacted the global gaming industry.
He added: "Our business has been supported by the resiliency of Densitron through the pandemic, enabling us to also maintain a strong net cash position. While the macro-economic environment remains uncertain, there are encouraging signs our customers are preparing for improving conditions during 2021.
"With strict financial discipline, a strong balance sheet and close relationships with our customers, I believe we are well-placed to drive long-term, profitable growth."
At 8:35am: (LON:QXT) Quixant share price was 0p at 104.5p
Story provided by StockMarketWire.com
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