Quixant (QXT) marked its tenth anniversary with record revenues and its first acquisition; investors toasted the occasion by sending its shares up 11 per cent, as the supplier of specialised gaming computing platforms posted a 28 per cent rise in adjusted cash profits to $10.1m (£7.2m) in 2015.
Shipments increased 19 per cent to nearly 34,000 units as Ainsworth and other large gaming machine manufacturers ramped up order volumes. Quixant also grabbed market share and broadened its customer base, driving organic sales up 15 per cent. And its new flagship platform, QMax-1, won over several makers of high end casino products.
Quixant has expanded beyond circuit boards and now develops and sells gaming monitors, giving it a greater share of each gambling machine. It also shelled out £7.7m for Densitron, an electronic display specialist. Management anticipates that the deal will widen the group's global footprint, strengthen its sales force and allow it to address multiple industrial markets.
Analysts at finnCap predict Densitron will double the size of the company. They expect pre-tax profits of $13m in 2016, giving EPS of 15.7¢, up from $9.2m and 11.3¢ last year.
| QUIXANT (QXT) | ||||
|---|---|---|---|---|
| ORD PRICE: | 209p | MARKET VALUE: | £135m | |
| TOUCH: | 205-213p | 12-MONTH HIGH: | 209p | LOW: 133p |
| DIVIDEND YIELD: | 0.5% | PE RATIO: | 30 | |
| NET ASSET VALUE: | 40¢* | NET DEBT: | 31% | |
| Year to 31 Dec | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (¢) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 9.1 | 1.3 | na | nil |
| 2012 | 21.6 | 5.0 | 6.9 | nil |
| 2013 | 24.2 | 6.0 | 7.8 | 1.0 |
| 2014 | 31.9 | 7.1 | 9.5 | 1.2 |
| 2015 | 41.8 | 7.8 | 9.9 | 1.5 |
| % change | +31 | +10 | +5 | +25 |
Ex-div:12 May Payment:19 May *Includes intangible assets of $15.4m, or 24¢ a share £1=$1.41 | ||||
