Trading in Quixant's core gaming market exceeds expectations

Technology products provider Quixant said on Thursday that trading in its core gaming market had exceeded expectations since the release of its interim results back in late September.

As a result, the AIM-listed group now expects to report full-year adjusted pre-tax profits of at least $1.0m, while revenues were projected to be no less than $61.0m.

Quixant was said to have been supported by the "resiliency" of its Densitron unit through the pandemic, which also enabled it to maintain "a strong net cash position".

Chief executive Jon Jayal said: "Given the magnitude of the impact of Covid-19 on the global gaming industry, I am delighted that trading has recovered to the extent that we will be able to more than offset the loss in the first half and report a profit for the year.

"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."

As of 1335 GMT, Quixant shares had shot up 10.40% to 150.70p.