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Quixant still expecting large fall in annual profit
StockMarketWire.com
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Gambling and broadcasting technology group Quixant confirmed that it expected to report a slump in annual profit as the pandemic hurt sales.
Adjusted pre-tax profit was still expected to be at least $1 million, with revenue expected to be $63.8 million, the company said.
For 2019, it had reported adjusted pre-tax profit of $10.7 million and revenue of $92.3 million.
The company had in December forecast a fall in adjusted profit to at least $1 million and revenue of at least $61 million.
'I am pleased with our resilient performance during a period which saw disruption of the gaming market during most of the second quarter of 2020 due to Covid-19,' chief executive Jon Jayal said.
'Throughout this period, robust trading from Densitron across the wide range of industries it services has supported the group and enabled us to maintain our healthy cash position.
'We have healthy order coverage for the first half of 2021, although delivery of the order book will clearly be impacted by a tightening of restrictions due to Covid-19.'
'We also face challenges due to the widely reported global shortage of semiconductor components, against which the board has taken decisive action to mitigate the impact on customer deliveries.'
'These short term macro risks aside, our strong balance sheet, streamlined cost base and strengthened customer relationships allied with structural shifts in how some our customers operate positions us for a robust 2021 and longer term healthy growth.'
Story provided by StockMarketWire.com
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