6 April, 2022 – 15:04 By Tony Quested
Quixant in Cambridge, which provides tech products principally for the global gaming and broadcast industries, has traded ahead of market expectations for the year to December 31.
In an update ahead of posting its official full-year results, Quixant reports revenues 37 per cent up to $87.1 million and an increase in adjusted pre-tax profit of 315 per cent to $5.4m.
The share price was up almost 10 per cent on the news when the UK markets opened.
Chief executive Jon Jayal is understandably upbeat about future trading. He said: “We are seeing increasing demand for our specialist technology outsource solutions following the recovery in our end markets.
“This has led to a strong improvement in trading in 2021, with revenues reaching pre-pandemic levels in the second half of the year. Demand in the first quarter of 2022 has remained strong with order intake ahead of current year revenues and prior year order book.
“As with all technology businesses, supply chain issues have been a challenge and have impacted margins; however we have demonstrated resilience in 2021 through close customer and supplier management and deployment of our cash to enable strategic stock purchases.
“While we expect these challenges to persist, our financial strength and global supply network position us well to manage these through 2022. There are no structural reasons why our margins will be compromised in the long-term. Our strategic positioning, strength of order book and proven operational effectiveness position us well for sustained growth in 2022 and beyond.”
Quixant ended the year with slightly more cash at $127.6m.