Quixant profits slide as monitor revenues decline

Gambling technology outfit Quixant warned investors on Thursday that revenues and profits would likely fall short of expectations on the back of a decline in gaming monitors.

Quixant said its core business had "performed strongly" with revenue from gaming platforms expected to achieve double-digit annual growth.

The AIM-listed group highlighted the fact that gaming platform revenues were "significantly higher" in the second half than they had been during the same period in 2017.

However, Quixant's efforts to improve margins within its monitors business had led to a reduction in revenues for the year as the group continued to restructure and refine the product range.

All in all, Quixant anticipates revenues of roughly $115m and pre-tax profits of $18.98m - both shy of market expectations.

Chief executive Jon Jayak said: "I am confident we are well positioned to deliver on the significant market opportunity in both gaming and other markets and continue our track record of strong, profitable growth."

"We continue to see a robust market for gaming monitors and, after having made the strategic decision to reduce our exposure to low margin business, I anticipate our monitor business will return to growth with improved margins in the future."

As of 0840 GMT, Quixant shares had tanked 16.55% to 290p.