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UK – Quixant CEO praises ‘resilient performance’ ahead of 2020 financials

By - 27 January 2021

Ahead of the company publishing its final results for 2020 on 29 March, Jon Jayal, CEO of Quixant has praised the company’s resilient performance.

Quixant expects to report revenue for the year of $63.8m and has confirmed adjusted profit before tax will be in excess of $1m. Net cash as of 31 December was $17.4m.

“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.

“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,” said Jon Jayal.

“Our approach to handling the crisis has strengthened relationships with all major customers. In the gaming business, our support enabled the customers to reopen more quickly and recommence product development.

“We see new business opportunities arising as a result of the pandemic as gaming manufacturers look to streamline their businesses and reduce working capital intensity for new deployments.

“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.”

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