LONDON (ShareCast) - (Sharecast News) - Gaming machines manufacturer Quixant saw pre-tax profits slip in its last trading year despite the firm improving revenues over the same period.
Quixant saw sales rise 5% to $115.2m in 2018, partially driven by an increase in its global market share from 11% to 13%, and despite some short-term softness, the group believed the outlook for the gaming industry "remains buoyant" with significant long-term opportunities.

However, pre-tax profits were down 5% to $14.3m in 2018 as $3m worth of restructuring costs offset many of the gains seen elsewhere.

Adjusted earnings per share were up 14% year-on-year at $0.26 each.

Net cash from operating activities soared 40% to $11.3m, leaving Quixant with a net cash balance of $9.7m as of 31 December - a marked improvement on the $4.5m that it had on hand at the same time a year earlier.

Looking forward, Quixant said several of its key customers had indicated that their demand for the group's gaming platforms would be more second half weighted than previous years, leading the group to take a "modestly more prudent view" of its anticipated revenues for 2019.

Quixant, which upped its dividend by 19% to 3.1p per share, said its "flexible cost model" would ensure that the consequential impact from the second half weighting on its anticipated profitability for 2019 would be minimised.

Chief executive Jon Jay said: "Following a wealth of organisational enhancements we believe Quixant is excellently positioned for robust long-term growth, with a substantial new business gaming pipeline in excess of $30m for delivery in 2020 and beyond."

As of 1015 GMT, Quixant shares had slumped 7.52% to 307.50p.

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