Quixant hikes expectations as strong trading continues

Gaming and broadcast technology company Quixant said in an update on Thursday that, since it announced its interim results on 6 September, both the gaming and Densitron divisions had continued to perform strongly.

The AIM-traded firm said that as a result, it now expected to report full-year results ahead of market expectations.

Revenues were now expected to top $115m, while adjusted profit before tax was anticipated to be no less than $10m.

“I am delighted to report a second upgrade in expected revenue and profit in the current financial year,” said chief executive officer Jon Jayal.

“This has been driven by ongoing buoyant customer demand, continued recovery in gross margins and ongoing management of supply risk.”

Jayal said the strategy the company had in place was delivering, as it launched new products, diversified its revenue, and became “more closely integrated” within the value chain of its customers.

“Supported by robust order intake, we expect strong demand to continue and while there remain recessionary and supply side risks, we expect to deliver year-on-year growth in 2023.”

At 1220 BST, shares in Quixant were up 7.03% at 175p.

Reporting by Josh White at Sharecast.com.