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Quixant lights up as results reveal recovery
Gambling tech firm Quixant (QXT:AIM) provided continued evidence of its recovery from the pandemic as casinos and slot machines began to be used more widely again.
The developer of logic boxes which control pay-to-play digital gaming machines saw pre-tax profit for the six months to 30 June of $800,000, compared to losses a year earlier of $3 million.
Revenue rose 31% to $36.5 million and included a 55% improvement in the company’s gaming division.
‘Component shortages and price inflation remain a challenge and we do not anticipate significant improvement in the short term,’ says chief executive Jon Jayal.
‘While our customers have been accepting of essential price rises, nonetheless we expect a period of continued margin volatility. However, our strong cash position and good relationship with suppliers, built up over many years, help to mitigate the impact.’
FinnCap analyst Lorne Daniel comments: ‘We feel these results signpost the end of a difficult two years for the group.
‘We now look forward to a return to sustained growth and profitability for a very high-quality, well managed business.’
SHARES SAYS: More to come. Keep buying.